On July 21, 2011, the Consumer Finance Protection Bureau kicks into high gear, when it will take over regulatory control of certain sectors of the economy that are now overseen by seven other agencies. It will take some power away from the (1) Federal Reserve, (2) FDIC, (3) Office of the Comptroller of the Currency, (4) Office of Thrift Supervision.(5) National Credit Union Administration, (6) FTC, and (7) HUD. From telemarketing, mail order sales to fair credit practices to land registration to mortgage assistance relief, the CFPB will be in control. This is the agency that the regressive leaning, stubborn Elizabeth Warren wants to run.
Some of the powers that will be transferred to the CFPB are listed below (Note some of the sector powers may be limited, but not many):
From the Federal Reserve
Equal Credit Opportunity Act
Home Mortgage Disclosure
Registration of Residential Home Loan Originators
Consumer Leasing
Privacy of Financial Information
Fair Credit Reporting
Truth in Lending
Truth in Savings
From the Federal Deposit Insurance Corporation
Fair Credit Report
From the Officer of the Comptroller
Adjustable Rate Mortgages
From the Office of Thrift Supervision
Adjustments to Home Loans
Alternative Mortgage Transactions
From the National Credit Union Administration
Loans to members and lines of credit
Requirements for Insurance
From the Federal Trade Commission
Telemarketing Sales Rules
Disclosure Requirements for Depositary Institutions not covered by the FDIC Insurance
Mortgage Assistance Relief Services
Rules for Cooling off periods for sales made at homes and certain other locations
Credit Practices
Mail or Telephone Order Merchandise
Disclosure requirements and prohibitions concerning franchises
Disclosure requirements and prohibitions concerning business opportunities
From the Department of Housing and Urban Development
Civil Money Penalties as applied to Real Estate settlement and Interstate Land sales
Land registration
Purchasers revocations, sales practices and standards
Real Estate settlement procedures
And the good thing is, it only took them 3 years to put this all in place! Imagine if we had had another recession between then and now without the CFPB to protect us...
ReplyDeleteWe would've been dunzo.
jamie vs ben ?
ReplyDeletehttp://money.cnn.com/2011/06/07/news/economy/jamie_dimon_bernanke_dodd_frank/?section=money_latest
Bankers:'Let it be established. By and by, we will get one of our guys in charge of it then.... (shrugs)
ReplyDelete