Elizabeth Warren and the Consumer Financial Protection Bureau
Last Updated: December 12, 2011
Synopsis
President Barack Obama’s “Consumer Czar” Elizabeth Warren was appointed by Obama to help set up and, many fear, to eventually run the new Consumer Financial Protection Bureau (CFPB). In March 2011, Warren testified to Congress about the CFPB’s role in a 50-state settlement underway with the nation’s largest mortgage lenders related to alleged improper foreclosure procedures.
Through the Freedom of Information Act (FOIA) and the open records laws of the states, Judicial Watch obtained documents that show that Warren’s and the CFPB’s involvement in the mortgage settlement negotiations is much greater than she told Congress. Following the release of these documents, the House Financial Services Committee and the Oversight and Government Reform Committee sent a letter to Department of the Treasury Secretary Timothy Geithner requesting more documents regarding the mortgage settlement.
President Barack Obama’s “Consumer Czar” Elizabeth Warren was appointed by Obama to help set up and, many fear, to eventually run the new Consumer Financial Protection Bureau (CFPB). In March 2011, Warren testified to Congress about the CFPB’s role in a 50-state settlement underway with the nation’s largest mortgage lenders related to alleged improper foreclosure procedures.
Through the Freedom of Information Act (FOIA) and the open records laws of the states, Judicial Watch obtained documents that show that Warren’s and the CFPB’s involvement in the mortgage settlement negotiations is much greater than she told Congress. Following the release of these documents, the House Financial Services Committee and the Oversight and Government Reform Committee sent a letter to Department of the Treasury Secretary Timothy Geithner requesting more documents regarding the mortgage settlement.
Congressional Testimony
Press Releases
Weekly Updates
Original CFPB Requests & Appeal:
Freedom of Information Act requests to the U.S. Departments of Treasury and Consumer Financial Protection Bureau implementation team seeking all records of CFPB communications with members of congress, each state’s attorney general, and consumer advocates in accordance with Elizabeth Warren’s congressional testimony regarding CFPB’s activities since September 17, 2010.
Administrative appeal to Treasury with supporting exhibits demonstrating CFPB’s failure to turn over all documents in its possession that would have been responsive to Judicial Watch’s request.
State Acknowledgments & Denials:
Acknowledgment of receipt and, in some cases, notice of refusal to fulfill public records requests to each state’s attorney general seeking communications with CFPB and/or Elizabeth Warren.
Delaware Production:
The Attorney General’s office of Delaware provided a wide range of responsive documents.
State Request Fulfillments:
Records submitted by nearly two dozen states showing communication with or about CFPB and/or Elizabeth Warren.
State Highlights:
Documents which seem to undermine Elizabeth Warren’s public statements and congressional testimony regarding CFPB’s level of involvement in a 50-state mortgage foreclosure settlement.
Audits & Term Sheets:
Freedom of Information Act requests to the U.S. Departments of Treasury, Housing & Urban Development (HUD), Justice (DOJ), and the Office of the Comptroller of Currency (OCC) seeking:
- a set of audits accusing “the nation’s five largest mortgage companies of defrauding taxpayers in their handling of foreclosures on homes purchased with government-backed loans”;
- a term sheet outlining a plan for “the creation of a federal account funded by the nation’s 14 largest mortgage firms to help distressed borrowers avoid foreclosure and settle ongoing probes into faulty mortgage practices.”
Federal Travel:
Freedom of Information Act requests to the Secretary of the U.S. Air Force (USAF) seeking military travel information for Elizabeth Warren and:
- Hollister K. (“Holly”) Petraeus regarding a January 6, 2011, trip to Lackland Air Force Base in San Antonio, Texas;
- Senator Olympia Snowe (R-ME) regarding a January 12, 2011, trip to Portland, Maine.
Key Personnel:
Freedom of Information Act requests to the U.S. Department of Treasury, Consumer Financial Protection Bureau implementation team, and Office of Government Ethics (OGE) seeking documentation regarding key CFPB staff showing:
- Identity and qualifications;
- Pay grade and appointment authorization;
- Financial disclosure forms and divestiture of assets in potential conflicts of interest;
- Confirmation of public trust and security clearances.
McHenry-Warren:
Freedom of Information Act requests to the U.S. Departments of Treasury and Consumer Financial Protection Bureau implementation team seeking scheduling information and communications for Elizabeth Warren on and around May 24, 2011. During congressional testimony on that day, Ms. Warren expressed great distress when the hearing lasted longer than one hour.
Mortgage Symposia:
Freedom of Information Act requests to the U.S. Departments of Treasury and Consumer Financial Protection Bureau implementation team seeking details of at least two mortgage symposia held in Washington, D.C., at taxpayer expense.
Rajeev Date:
Pay and appointment information for CFPB’s Associate Director of Research, Markets, and Regulations.
Securities & Exchange Commission (SEC) documents showing financial and legal trouble in the online borrowing network of which Rajeev Date was a director until his CFPB appointment.
Press Coverage
