Consumer Financial Protection Bureau Set to Take Flight July 21, 2011

September 21, 2010 – The Obama administration designated July 21, 2011 as the date the Consumer Financial Protection Bureau (CFPB) will take over enforcement of federal consumer protection laws, including TILA and RESPA, that impact mortgage bankers.  The announcement was included in a Federal Registry Notice.   Effective July 21, 2011, the CFPB will have full authority to prescribe rules or issue orders … Continue Reading

Creation of Consumer Financial Protection Agency One Step Closer with House Financial Services Committee Vote

In a 39-29 vote, on October 22, 2009 the House Financial Services Committee approved legislation (H.R. 3126) establishing an independent federal agency charged with overseeing financial products and services. Under the legislation, the Consumer Financial Protection Agency (CFPA) would be an independent agency headed by a Presidentially-appointed and Congressionally-approved Director appointed to a five year term.  The CFPA’s … Continue Reading