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CFPB 2013 061 F

CFPB 2013 061 F

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Date Created:April 23, 2013

Date Uploaded to the Library:February 20, 2014

Tags:2013, cfpb


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From: Howard, Jennifer (CFPB)  
To: cdougherty6@bloomberg.net  
Cc: 

Bee: 

Subject: Re: Where hte actual rule now? site? Fed Reg? 
Date: Thu Jan 2013 16:40:06 EST 

Attachments: the link the press release. 

-----Original Message ----From: Carter Dougherty (BLOOMBERG/ NEWSROOM:) [mailto:cdougherty6@bloomberg.net] 
Sent: Thursday, January 10, 2013 04:30 
To: Howard, Jennifer (CFPB) 
Subject: Where hte actual rule now? site? Fed Reg? 

Carter Dougherty 

Bloomberg News 

Consumer Finance Reporter -DC 202 624 1907 

From: Vahey, Moira (CFPB)  
To: kmhowley@bloomberg.net 
 Cc: Bee: Subject: FW: decision? Date: Wed Jan 2013 18:32:08 EST Attachments: image001.jpg 
Kathleen, had embargoed press call today that available recording here: replay the recording the 1/9/13 press call: 
Dial: 866-350-7008 
Passcode: 2372 
I'm sorry you didn't receive the materials. Happy discuss I'm 202-435-9151 
EMBARGOED Release and Fact sheet pasted below -these are embargoed until midnight. 
cid:image001 .jpg@01 CDEE61 .E4FFF330 
EMBARGOED UNTIL 12:01 A.M. EST: January 10, 2013 
CONTACT: 

From: Howard, Jennifer (CFPB)  
To: Carter Dougherty 
 Cc: Bee: Subject: RE: Simplified U.S. Mortgage Document Coming Summer, Cordray Date: Thu Jan 2013 :37:50 EST Attachments: 
Can you say "aiming for late summer, early fall"? Just don't want set circumstance where people expecting something July and then somehow we've "delayed" this arbitrary deadline that randomly said tv. 
Jen Howard Consumer Financial Protection Bureau Jennifer. Howard@cfpb.gov 

-----Original Message----From: Carter Dougherty (BLOOMBERG/ NEWSROOM:) [mailto:cdougherty6@bloomberg.net] Sent: Thursday, January 10, 2013 :32 To: Howard, Jennifer (CFPB) Subject: Re: Simplified U.S. Mortgage Document Coming Summer, Cordray may able tweak this. What can take the bank? Early fall? think said late summer, but the late was dropped editing. 
Carter Dougherty Bloomberg News 

-----Original Message ----From: Jennifer.Howard@cfpb.gov To: CARTER DOUGHERTY (BLOOMBERG/ NEWSROOM:) At: Jan 2013 07:25:22 
Not necessarily the summer .... might have mispoke. think more like the fall. 
-----Original Message ----From: CARTER DOUGHERTY (BLOOMBERG/ NEWSROOM:) [mailto:cdougherty6@bloomberg.net] Sent: Thursday, January 10, 2013 07:06 To: cdougherty6@bloomberg.net  Subject: Simplified U.S. Mortgage Document Coming Summer, Cordray More mortgage news the summer. 

Bests, Carter 
Sent from Bloomberg Anywhere for iPhone 
+------------------------------------------------------------------------------+ 
Simplified U.S. Mortgage Document Coming Summer, Cordray Says 2013-01-10 :00:00.0 GMT Carter Dougherty Jan. (Bloomberg) --The Consumer Financial Protection Bureau will unveil plans for simplified mortgage disclosure this summer, its director, Richard Cordray, said interview. 
"We have some quantitative consumer testing that really get the finish line," Cordray said interview with Bloomberg Television that will air today. think that will game changer the market because consumers will able see single document the main key points they need know without all the fine print that has often obscured and confused consumers." 
Under mandate the Dodd-Frank law 2010, the consumer bureau had propose July 21, 2012, simplified mortgage shopping sheet that aimed enable comparisons. The 1,099-page proposal subsequently drew strong criticism from lawmakers and smaller banks. 
For Related News and Information: 
Today's top financial stories: FTOP  financial regulation: FINREG  Stories 
Richard Cordray: ?15428821  

--Editors: Anthony Gnoffo, Russell Ward contact the reporter this story: 
Carter Dougherty Washington +1-202-624-1907 cdougherty6@bloomberg.net 

Office Communications Tel: (202) 435-7170 
CONSUMER FINANCIAL PROTECTION BUREAU ISSUES RULE PROTECT CONSUMERS FROM IRRESPONSIBLE MORTGAGE LENDING 
Rule Requires Lenders Ensure Borrowers Have the Ability Repay Their Mortgage 
WASHINGTON, D.C. -Today the Consumer Financial Protection Bureau (CFPB) adopted new rule that will protect consumers from irresponsible mortgage lending requiring lenders ensure prospective buyers have the ability repay their mortgage. The rule also protects borrowers from risky lending practices such "no doc" and "interest only" features that contributed many homeowners ending delinquency and foreclosure after the 2008 housing collapse. 
"When consumers sit down the closing table, they shouldn't set fail with mortgages they can' afford," said CFPB Director Richard Cordray. "Our Ability-to-Repay rule protects borrowers from the kinds risky lending practices that resulted many families losing their homes. This commonsense rule ensures responsible borrowers get responsible loans." 
Leading the mortgage crisis, certain lenders originated mortgages consumers without considering their ability repay the loans. The gradual deterioration underwriting standards led dramatic increases mortgage delinquencies and rates foreclosures. What followed was the collapse the housing market 2008 and the subsequent financial crisis. The 2010 Dodd-Frank Wall Street Reform and Consumer Protection Act created broad-based changes how creditors make loans and included new ability-to-repay requirements, which the CFPB charged with implementing. 
Ability Repay the years leading the financial crisis, lenders too often offered mortgages consumers who could not afford them. Under the Ability-to-Repay rule announced today, all new mortgages must comply with basic requirements that protect consumers from taking loans they don't have the financial means pay back. Among the features the new rule: 

Financial information has supplied and verified: Lenders must look consumer's financial information. lender generally must document: borrower's employment status; income and assets; current debt obligations; credit history; monthly payments the mortgage; monthly payments any other mortgages the same property; and monthly payments for mortgage-related obligations. This means that lenders can longer offer no-doc, low-doc loans, where lenders made quick sales not requiring documentation, then offloaded these risky mortgages selling them investors. borrower has have sufficient assets income pay back the loan: Lenders must evaluate 

and conclude that the borrower can repay the loan. For example, lenders may look the consumer's debt-to-income ratio -their total monthly debt divided their total monthly gross income. Knowing how much money consumer earns and expected earn, and knowing how much they already owe, helps lender determine how much more debt consumer can take on. 

Teaser rates can longer mask the true cost mortgage: Lenders can't base their evaluation consumer's ability repay teaser rates. Lenders will have determine the consumer's ability repay both the principal and the interest over the long term -not just during introductory period when the rate may lower. 
Qualified Mortgages 
Lenders will presumed have complied with the Ability-to-Repay rule they issue "Qualified Mortgages." These loans must meet certain requirements which prohibit limit the risky features that harmed consumers the recent mortgage crisis. lender complies with the clear criteria Qualified Mortgage, consumers will have greater assurance that they can pay back the loan. Among the features Qualified Mortgage: excess upfront points and fees: Qualified Mortgage limits points and fees including those used compensate loan originators, such loan officers and brokers. When lenders tack excessive points and fees the origination costs, consumers end paying lot more than planned. toxic loan features: Qualified Mortgage cannot have risky loan features, such terms that exceed years, interest-only payments, negative-amortization payments where the principal amount increases. the lead the crisis, too many consumers took risky loans that they didn't understand They didn't realize their debt payments could increase, that they weren't building any equity the home. 
Cap how much income can toward debt: Qualified Mortgages generally will provided people who have debt-to-income ratios less than equal percent. This requirement helps ensure consumers are only getting what they can likely afford. Before the crisis, many consumers took mortgages that raised their debt levels high that was nearly impossible for them repay the mortgage considering all their financial obligations. For temporary, transitional period, loans that not have percent debt-to-income ratio but meet government affordability other standards -such that they are eligible for purchase the Federal National Mortgage Association (Fannie Mae) the Federal Home Loan Mortgage Corporation (Freddie Mac) -will considered Qualified Mortgages. 
There are two kinds Qualified Mortgages that have different protective features for consumer and different legal consequences for the lender. The first, Qualified Mortgages with rebuttable presumption, are higher-priced loans. These loans are generally given consumers with insufficient weak credit history. Legally, lenders that offer these loans are presumed have determined that the borrower had ability repay the loan. Consumers can challenge that presumption, though, proving that they did not, fact, have sufficient income pay the mortgage and their other living expenses. 

The second, Qualified Mortgages that have safe harbor status, are generally lower-priced loans. They are generally prime loans that are given consumers who are considered less risky. They will also offer lenders the greatest legal certainty that they are complying with the new Ability-to-Repay rule. Consumers can legally challenge their lender they believe the loan does not meet the definition Qualified Mortgage. 
The Ability-to-Repay rule does not affect the rights consumer challenge lender for violating any other federal consumer protection laws. 
Today, the CFPB also releasing proposed amendments its Ability-to-Repay rule. These amendments would, among other things, exempt certain nonprofit creditors that work with low-and moderate-income consumers. The proposed amendments would also make exceptions for certain homeownership stabilization programs -such those that offer loans made connection with the Making Home Affordable program -which help consumers avoid foreclosure. The proposed amendments would also provide Qualified Mortgage status for certain loans made and held portfolio small creditors, such community banks and credit unions. Finally, today's proposed amendments invite comment how calculate loan origination compensation under the points and fees provision Qualified Mortgages. 
The proposed amendments, adopted, would finalized this spring and into effect the same time the Ability-to-Repay rule January 2014. The CFPB dedicated working with industry and consumers for smooth transition the new rule. help creditors with compliance, the CFPB will, among other things, publishing plain-language translations the regulation for lenders booklet and video form, issuing implementation guides, and, coordination with other agencies, releasing materials that help lenders understand supervisory expectations. the effective date approaches, the 
CFPB will give consumers information about their new rights under these rules. 
The rule and proposed amendments will available Thursday at: http://www.consumerfinance. gov/regulations factsheet further explaining the new rule at: http://files.consumerfinance.gov/f/201301_cfpb_abilityto-repay-factsheet. pdf summary the final Ability-to-Repay rule at: http://files.consumerfinance.gov/f/201301_cfpb_abilityto-repay-summary.pdf 

The Consumer Financial Protection Bureau 21st century agency that helps consumer finance markets work making rules more effective, consistently and fairly enforcing those rules, and empowering consumers take more control over their economic lives. For more information, visit www. consumerfinance.gov. 
-----Original Message----From: Kathleen Howley (BLOOMBERG/ NEWSROOM:) [mailto:kmhowley@bloomberg.net] 
Sent: Wednesday, January 09, 2013 4:10 
To: Vahey, Moira (CFPB) 
Subject: decision? 

Hi, Moira. Has there been release yet? When there is, can you please send me? Would 
appreciate. Kathleen 

Kathleen Howley Mortgage Columnist Bloomberg News 

From: Patrick Reap (BLOOMBERG/ NEWSROOM:)  
To: Vahey, Moira (CFPB)  
Cc: 
Bee: 
Subject: RE: Fwd:JANUARY 10: CFPB Host Public Field Hearing Baltimore, Md. 
Date: Wed Jan 2013 17:11 :28 EST 
Attachments: 

Hey Moira ... hope all's well. Everything still sked today for Peter Cook and Mr. Cordray? Thanks. 

-----Original Message ----
From: Moira.Vahey@cfpb.gov 
To: PATRICK REAP (BLOOMBERG/ NEWSROOM:), COLLEEN WORDOCK (BLOOMBERG/ 
NEWSROOM:) 
At: Jan 2013 16:42:45 

Sure thing. We'll also send you embargoed press release and fact sheet ahead time. 

-----Original Message----From: PATRICK REAP (BLOOMBERG/ NEWSROOM:) [mailto:preap@bloomberg.net] 
Sent: Tuesday, January 08, 2013 4:15 
To: cwordock@bloomberg.net; Vahey, Moira (CFPB) 
Subject: RE: Fwd:JANUARY 10: CFPB Host Public Field Hearing Baltimore, Md. 

Thanks Moira. 

Sent From Bloomberg Mobile MSG 

----Original Message ---From: Moira Vahey  
At: 1/8/2013 16:08 

Either will Jennifer Howard. What the best for call should need it? Thanks 

-----Original Message----From: Colleen Wordock (BLOOMBERG/ NEWSROOM:) [mailto:cwordock@bloomberg.net] 
Sent: Tuesday, January 08, 2013 3:48 
To: Vahey, Moira (CFPB) 
Cc: preap@bloomberg.net 
Subject: RE: Fwd:JANUARY 10: CFPB Host Public Field Hearing Baltimore, Md. 

Peter Cook will the interview. are the 11th floor. You have stop the lobby get the 
elevator unlocked. Will you with him? Producer Pat reap will here greet you. cc'd him 

-----Original Message ----
From: Moira.Vahey@cfpb.gov 
To: COLLEEN WORDOCK (BLOOMBERG/ NEWSROOM:) 

At: Jan 2013 14:58:09 
Yes, plan interviews embargoed basis tomorrow. 
-----Original Message----From: Colleen Wordock (BLOOMBERG/ NEWSROOM:) [mailto:cwordock@bloomberg.net] 
Sent: Tuesday, January 08, 2013 2:49 
To: Vahey, Moira (CFPB) 
Subject: RE: Fwd:JANUARY 10: CFPB Host Public Field Hearing Baltimore, Md. 

Thanks are you doing several interviews wed and are they all embargoed til 6am? will get you 
host name asap 

-----Original Message ----
From: Moira.Vahey@cfpb.gov 
To: COLLEEN WORDOCK (BLOOMBERG/ NEWSROOM:) 
At: Jan 2013 14:44:49 

Can the interview 5:30 tomorrow your studio? The embargo would lift Thursday 6am. 

Also, who would the host for the interview? Thanks! 

-----Original Message----From: Colleen Wordock (BLOOMBERG/ NEWSROOM:) [mailto:cwordock@bloomberg.net] 
Sent: Tuesday, January 08, 2013 12:15 
To: Howard, Jennifer (CFPB); Vahey, Moira (CFPB) 
Subject: RE: Fwd:JANUARY 10: CFPB Host Public Field Hearing Baltimore, Md. 

Yes that possibility. What time would embargo lift? And would bale come our studio? 
1399 ave -one block from Treasury 

-----Original Message ----
From: Moira.Vahey@cfpb.gov 
To: COLLEEN WORDOCK (BLOOMBERG/ NEWSROOM:), Jennifer.Howard@cfpb.gov 
At: Jan 2013 12: 13:21 Colleen, may able set interview tomorrow sometime between 4:30-6pm. The interview would 
need taped and embargoed until Thursday. Would that possibility? 

Thanks, 
-Moira 

-----Original Message----From: Howard, Jennifer (CFPB) 
Sent: Tuesday, January 08, 2013 :54 
To: 'Colleen Wordock'; Vahey, Moira (CFPB) 
Subject: RE: Fwd:JANUARY 10: CFPB Host Public Field Hearing Baltimore, Md. Colleen-

Looping Moira, who handling our interviews. 

Jen Howard 
Consumer Financial Protection Bureau Jennifer.Howard@cfpb.gov 

-----Original Message----From: Colleen Wordock (BLOOMBERG/ NEWSROOM:) [mailto:cwordock@bloomberg.net] 
Sent: Tuesday, January 08, 2013 10:48 
To: Howard, Jennifer (CFPB) 
Subject: Fwd:JANUARY 10: CFPB Host Public Field Hearing Baltimore, Md. 

Hi-can set live interview with Cordray Thursday morning before the announcement? We'd 
love his first interview the day. can arrange from before heads Baltimore. 
Thanks Colleen Wordock 

-----Original Message ----From: Mallory.McLean@cfpb.gov 
To: press@consumerfinance.gov 
At: Jan 201311:31:01 

[cid:image001 .jpg@01 CDEA65.6F046D50] 

FOR PLANNING PURPOSES ONLY: 

Friday, January 2013 

CONTACT: 

Office Communications 

Tel: (202) 435-7170 

***MEDIA ADVISORY*** 
CONSUMER FINANCIAL PROTECTION BUREAU HOST PUBLIC FIELD HEARING 
BALTIMORE, 

WASHINGTON, D.C. -On Thursday, January 10, the Consumer Financial Protection Bureau (CFPB) 
will convene public field hearing Baltimore, Md., discuss mortgage policy. The field event will 
feature remarks CFPB Director Richard Cordray, followed panel discussion with consumer 
groups, industry stakeholders, and financial experts, moderated Deputy Director Raj Date. 

This public event part the CFPB's commitment regularly engage with communities across the 
country. The CFPB has traveled Philadelphia, Pa., Minneapolis, Minn., Cleveland, Ohio, Birmingham, 
Ala., New York, N.Y., Sioux Falls, S.D., Durham, N.C., Detroit, Mich., St. Louis, Mo., Seattle, Wash., 
and Mountain View, Calif., convene field hearings and town halls focused consumer financial 
products and services. 

WHAT: Field Hearing Mortgage Policy 

WHO: Richard Cordray, Director, CFPB 
Raj Date, Deputy Director, CFPB 
CFPB staff 

WHEN: :00 a.m. EST, Thursday, January 10, 2013 
WHERE: Westminster Hall 519 Fayette Street Baltimore, Md. 21201 
Media Notes: These events are open the media. attend, media must RSVP contacting Mallory McLean mallory.mclean@cfpb.gov 7:00 p.m. EST, Wednesday, January 

The Consumer Financial Protection Bureau 21st century agency that helps consumer finance markets work making rules more effective, consistently and fairly enforcing those rules, and empowering consumers take more control over their economic lives. For more information, visit www. Cons merF inance .gov< http://www. Cons merF inance .gov>. 

From: Vahey, Moira (CFPB)  
To: Carter Dougherty 
 Cc: Bee: Subject: RE: Did you get the voice file? Date: Wed Jan 2013 18:34:46 EST Attachments: 
Yes and works! Thanks much. 

-----Original Message----From: Carter Dougherty (BLOOMBERG/ NEWSROOM:) [mailto:cdougherty6@bloomberg.net] 
Sent: Wednesday, January 09, 2013 6:23 
To: Vahey, Moira (CFPB) 
Subject: Did you get the voice file? 

Carter Dougherty 
Bloomberg News 
Consumer Finance Reporter -DC 202 624 1907 

From: Mclean, Mallory (CFPB)  
To: Howard, Jennifer (CFPB) ; KAREN WEISE ; CFPBPress  
Cc: 
Bee: 
Subject: RE: Re:EMBARGOED UNTIL 12:01 EST: CFPB Issues Rule Protect Consumers 
from Irresponsible Mortgage Lending 
Date: Wed Jan 2013 13:32:24 EST 
Attachments: 

Karen, 

Thank you for your RSVP. 

Dial: (877) 601-3553 
Passcode: CFPB 

Mallory Mclean 
CFPB External Affairs 
Mallory.Mclean@cfpb.gov 
202 435 7955 (Direct Dial) 

-----Original Message----From: Howard, Jennifer (CFPB) 
Sent: Wednesday, January 09, 2013 :32 
To: 'KAREN WEISE'; CFPBPress; Mclean, Mallory (CFPB) 
Subject: RE: Re:EMBARGOED UNTIL 12:01 EST: CFPB Issues Rule Protect Consumers from 
Irresponsible Mortgage Lending 

Mallory will send you. 

Jen Howard 
Consumer Financial Protection Bureau Jennifer.Howard@cfpb.gov 202-435-7454 
-----Original Message----
From: KAREN WEISE (BLOOMBERG/ NEWSROOM:) [mailto:kweise@bloomberg.net] 
Sent: Wednesday, January 09, 2013 :31 
To: CFPBPress; Howard, Jennifer (CFPB) 
Subject: Re: EMBARGOED UNTIL 12:01 EST: CFPB Issues Rule Protect Consumers from 
Irresponsible Mortgage Lending 
Thanks. there dial-in number for the call? didn't get that email. 

Karen 
-----Original Message ----From: Jennifer.Howard@cfpb.gov To: press@consumerfinance.gov At: Jan 2013 13:06:46 
[cid:image001 .jpg@01 CDEE65.B4F44F70] 
EMBARGOED UNTIL 12:01 A.M. EDT: 
January 10, 2013 
CONTACT: 
Office Communications 
Tel: (202) 435-7170 
CONSUMER FINANCIAL PROTECTION BUREAU ISSUES RULE PROTECT CONSUMERS FROM IRRESPONSIBLE MORTGAGE LENDING Rule Requires Lenders Ensure Borrowers Have the Ability Repay Their Mortgage 
WASHINGTON, D.C. -Today the Consumer Financial Protection Bureau (CFPB) adopted new rule that will protect consumers from irresponsible mortgage lending requiring lenders ensure prospective buyers have the ability repay their mortgage. The rule also protects borrowers from risky lending practices such "no doc" and "interest only" features that contributed many homeowners ending delinquency and foreclosure after the 2008 housing collapse. 
"When consumers sit down the closing table, they shouldn't set fail with mortgages they can' afford," said CFPB Director Richard Cordray. "Our Ability-to-Repay rule protects borrowers from the kinds risky lending practices that resulted many families losing their homes. This commonsense rule ensures responsible borrowers get responsible loans." 
Leading the mortgage crisis, certain lenders originated mortgages consumers without considering their ability repay the loans. The gradual deterioration underwriting standards led dramatic increases mortgage delinquencies and rates foreclosures. What followed was the collapse the housing market 2008 and the subsequent financial crisis. The 2010 Dodd-Frank Wall Street Reform and Consumer Protection Act created broad-based changes how creditors make loans and included new ability-to-repay requirements, which the CFPB charged with implementing. 
Ability Repay the years leading the financial crisis, lenders too often offered mortgages consumers who could not afford them. Under the Ability-to-Repay rule announced today, all new mortgages must comply with basic requirements that protect consumers from taking loans they don't have the financial means pay back. Among the features the new rule: 

Financial information has supplied and verified: Lenders must look consumer's financial information. lender generally must document: borrower's employment status; income and assets; current debt obligations; credit history; monthly payments the mortgage; monthly payments any other mortgages the same property; and monthly payments for mortgage-related obligations. 

This means that lenders can longer offer no-doc, low-doc loans, where lenders made quick sales not requiring documentation, then offloaded these risky mortgages selling them investors. borrower has have sufficient assets income pay back the loan: Lenders must evaluate and conclude that the borrower can repay the loan. For example, lenders may look the consumer's debt-to-income ratio -their total monthly debt divided their total monthly gross income. Knowing how much money consumer earns and expected earn, and knowing how much they already owe, helps lender determine how much more debt consumer can take on. 
Teaser rates can longer mask the true cost mortgage: Lenders can't base their evaluation consumer's ability repay teaser rates. Lenders will have determine the consumer's ability repay both the principal and the interest over the long term -not just during introductory period when the rate may lower. 
Qualified Mortgages Lenders will presumed have complied with the Ability-to-Repay rule they issue "Qualified Mortgages." These loans must meet certain requirements which prohibit limit the risky features that harmed consumers the recent mortgage crisis. lender complies with the clear criteria Qualified Mortgage, consumers will have greater assurance that they can pay back the loan. Among the features Qualified Mortgage: excess upfront points and fees: Qualified Mortgage limits points and fees including those used compensate loan originators, such loan officers and brokers. When lenders tack excessive points and fees the origination costs, consumers end paying lot more than planned. toxic loan features: Qualified Mortgage cannot have risky loan features, such terms that exceed years, interest-only payments, negative-amortization payments where the principal amount increases. the lead the crisis, too many consumers took risky loans that they didn't understand They didn't realize their debt payments could increase, that they weren't building any equity the home. 
Cap how much income can toward debt: Qualified Mortgages generally will provided people who have debt-to-income ratios less than equal percent. This requirement helps ensure consumers are only getting what they can likely afford. Before the crisis, many consumers took mortgages that raised their debt levels high that was nearly impossible for them repay the mortgage considering all their financial obligations. For temporary, transitional period, loans that not have percent debt-to-income ratio but meet government affordability other standards -such that they are eligible for purchase the Federal National Mortgage Association (Fannie Mae) the Federal Home Loan Mortgage Corporation (Freddie Mac) -will considered Qualified Mortgages. 
There are two kinds Qualified Mortgages that have different protective features for consumer and different legal consequences for the lender. The first, Qualified Mortgages with rebuttable presumption, are higher-priced loans. These loans are generally given consumers with insufficient weak credit history. Legally, lenders that offer these loans are presumed have determined that the borrower had ability repay the loan. Consumers can challenge that presumption, though, proving that they did not, fact, have sufficient income pay the mortgage and their other living expenses. 

The second, Qualified Mortgages that have safe harbor status, are generally lower-priced loans. They are generally prime loans that are given consumers who are considered less risky. They will also offer lenders the greatest legal certainty that they are complying with the new Ability-to-Repay rule. Consumers can legally challenge their lender they believe the loan does not meet the definition Qualified Mortgage. 
The Ability-to-Repay rule does not affect the rights consumer challenge lender for violating any other federal consumer protection laws. 
Today, the CFPB also releasing proposed amendments its Ability-to-Repay rule. These amendments would, among other things, exempt certain nonprofit creditors that work with low-and moderate-income consumers. The proposed amendments would also make exceptions for certain homeownership stabilization programs -such those that offer loans made connection with the Making Home Affordable program -which help consumers avoid foreclosure. The proposed amendments would also provide Qualified Mortgage status for certain loans made and held portfolio small creditors, such community banks and credit unions. Finally, today's proposed amendments invite comment how calculate loan origination compensation under the points and fees provision Qualified Mortgages. 
The proposed amendments, adopted, would finalized this spring and into effect the same time the Ability-to-Repay rule January 2014. The CFPB dedicated working with industry and consumers for smooth transition the new rule. help creditors with compliance, the CFPB will, among other things, publishing plain-language translations the regulation for lenders booklet and video form, issuing implementation guides, and, coordination with other agencies, releasing materials that help lenders understand supervisory expectations. the effective date approaches, the 
CFPB will give consumers information about their new rights under these rules. 
The rule and proposed amendments will available Thursday at: http://www.consumerfinance. gov/regulations factsheet further explaining the new rule at: http://files.consumerfinance.gov/f/201301_cfpb_abilityto-repay-factsheet. pdf summary the final Ability-to-Repay rule at: http://files.consumerfinance.gov/f/201301_cfpb_abilityto-repay-summary.pdf 

The Consumer Financial Protection Bureau 21st century agency that helps consumer finance markets work making rules more effective, consistently and fairly enforcing those rules, and empowering consumers take more control over their economic lives. For more information, visit www. consumerfinance.gov. 

From: CARTER DOUGHERTY (BLOOMBERG/ NEWSROOM:)  
To: Vahey, Moira (CFPB)  
Cc: 
Bee: 
Subject: have additional questions, please call 
Date: Wed Jan 2013 14:32:25 EST 
Attachments: 

202 624 1907 

Carter Dougherty 
Bloomberg News 
Consumer Finance Reporter -DC 

0.+1 202 624 1907 
-----Original Message ----
From: Moira.Vahey@cfpb.gov 
To: CARTER DOUGHERTY (BLOOMBERG/ NEWSROOM:) 
At: Jan 2013 18:43:22 

Yes. The hearings always run late hard say, but about minutes should doable. 
Also, can generally stick the topic mortgage rules? Thanks! 

-----Original Message----From: Carter Dougherty (BLOOMBERG/ NEWSROOM:) [mailto:cdougherty6@bloomberg.net] 
Sent: Tuesday, January 08, 2013 4:23 
To: Vahey, Moira (CFPB) 
Subject: RE: Rich 

Yes, what's yoru definition little. 15? 

Carter Dougherty 
Bloomberg News 
Consumer Finance Reporter -DC 

0.+1 202 624 1907 
-----Original Message ----
From: Moira.Vahey@cfpb.gov 
To: CARTER DOUGHERTY (BLOOMBERG/ NEWSROOM:) 
At: Jan 2013 16:22:37 

We've got little time right after the hearing -want hold that for you? 

-----Original Message----From: Howard, Jennifer (CFPB) Sent: Tuesday, January 08, 2013 4:21 To: 'Carter Dougherty'; Vahey, Moira (CFPB) Subject: RE: Rich 
Ok, sounds good. will with him and coordinate something ... 
Jen Howard Consumer Financial Protection Bureau Jennifer.Howard@cfpb.gov 

-----Original Message----From: Carter Dougherty (BLOOMBERG/ NEWSROOM:) [mailto:cdougherty6@bloomberg.net] Sent: Tuesday, January 08, 2013 4:21 To: Howard, Jennifer (CFPB) Subject: RE: Rich 
That would work. Better actually. I've blocked out the whole day for Balmore and will there minutes before. 
Lemme know. 
Carter Dougherty Bloomberg News Consumer Finance Reporter -DC 

-----Original Message ----From: Jennifer.Howard@cfpb.gov To: CARTER DOUGHERTY (BLOOMBERG/ NEWSROOM:) Cc: Moira.Vahey@cfpb.gov At: Jan 2013 16:19:42 
His schedule too tight and are only doing broadcast interviews (embargoed for Thursday am). Are you coming Baltimore? Maybe could squeeze you there? 
Jen Howard Consumer Financial Protection Bureau Jennifer. Howard@cfpb.gov 

-----Original Message----From: Carter Dougherty (BLOOMBERG/ NEWSROOM:) [mailto:cdougherty6@bloomberg.net] 
Sent: Tuesday, January 08, 2013 4:12 
To: Howard, Jennifer (CFPB) 

Subject: Rich see our folks have dragooned Rich here tomorrow (Wed). Without mentioning advance. Can the poor scribbler grab him for 5-1 
Carter 
Carter Dougherty Bloomberg News Consumer Finance Reporter -DC 
0.+1 202 624 1907 worries. understand. We're going run their numbers and make the sourcing clear that comes from them. 

Thanks for your help all this. 
Karen 
-----Original Message ----From: Jennifer.Howard@cfpb.gov To: KAREN WEISE (BLOOMBERG/ NEWSROOM At: Jan 2013 17:27:36 
Today was just too insane .... couldn't get anyone calculate the number verify. 
Jen Howard Consumer Financial Protection Bureau Jennifer.Howard@cfpb.gov 
-----Original Message----From: Person, Michelle (CFPB) Sent: Wednesday, January 09, 2013 5:26 To: Karen Weise; Howard, Jennifer (CFPB); CFPBPress Subject: RE: Quick follow 
Hi! Karen, 
Sorry for the delay .... l've checked and, off the record, are not able confirm comment the Davis Polk statement. 
Thanks! Michelle 
Michelle Muth Person Office Communications Consumer Financial Protection Bureau Office: 202-435-7857 Email: michelle. person@cfpb.gov CFPB Website: www.consumerfinance.gov 
From: 
To: 
Cc: 
Bee: 
Subject: 
Date: 
Attachments: 

Karen Weise (BLOOMBERG/ NEWSROOM:)  
Howard, Jennifer (CFPB)  
RE: Quick follow 
Wed Jan 2013 17:32:39 EST -----Original Message----From: Karen Weise (BLOOMBERG/ NEWSROOM:) [mailto:kweise@bloomberg.net] Sent: Wednesday, January 09, 2013 10:39 To: Person, Michelle (CFPB) Subject: Quick follow Michelle, just did some quick fact checking with Jen and she had one thing she asked ask you check on. Davis Polk says that Dodd-Frank tasked the CFPB with writing rules, publishing reports, and conducting studies. wanted check those numbers with you all--does that look right? 
Thanks, Karen 

kweise@bloomberg.net @kyweise twitter 

From: CARTER DOUGHERTY (BLOOMBERG/ NEWSROOM:)  
To: Vahey, Moira (CFPB)  
Cc: 
Bee: 
Subject: RE: Rich 
Date: Tue Jan 2013 19:47:37 EST 
Attachments: 

I'll have mercy. I've talked him just after hearings etc. before. And needs check detail before 
saying definitively, will reasonable. 

Sent from Bloomberg Anywhere for iPhone 
-----Original Message ----From: Moira.Vahey@cfpb.gov 
To: CARTER DOUGHERTY 
At: Jan 2013 7:27:09 problem. Only thing I'd ask that able give the Director reasonable idea what expect 
since will steeped the mortgage rules and may have shift gears. there are other key issues 
you think beforehand please let know. Thx 

-----Original Message----From: CARTER DOUGHERTY (BLOOMBERG/ NEWSROOM:) [mailto:cdougherty6@bloomberg.net] 
Sent: Tuesday, January 08, 2013 7:08 
To: Vahey, Moira (CFPB) 
Subject: RE: Rich 

He's talking mortgage rule 
We've never had conditions before 
Sent from Bloomberg Anywhere for iPhone -----Original Message ----From: Moira.Vahey@cfpb.gov To: CARTER DOUGHERTY At: Jan 2013 6:43:22 
Yes. The hearings always run late hard say, but about minutes should doable. Also, can generally stick the topic mortgage rules? Thanks! 
-----Original Message----From: Carter Dougherty (BLOOMBERG/ NEWSROOM:) [mailto:cdougherty6@bloomberg.net] Sent: Tuesday, January 08, 2013 4:23 To: Vahey, Moira (CFPB) Subject: RE: Rich 
Yes, what's yoru definition little. 15? 

Carter Dougherty Bloomberg News Consumer Finance Reporter -DC 202 624 1907 
-----Original Message ----
From: Moira.Vahey@cfpb.gov 
To: CARTER DOUGHERTY (BLOOMBERG/ NEWSROOM:) 
At: Jan 2013 16:22:37 

We've got little time right after the hearing -want hold that for you? 

-----Original Message----From: Howard, Jennifer (CFPB) 
Sent: Tuesday, January 08, 2013 4:21 
To: 'Carter Dougherty'; Vahey, Moira (CFPB) 
Subject: RE: Rich 

Ok, sounds good. will with him and coordinate something ... 

Jen Howard 
Consumer Financial Protection Bureau Jennifer.Howard@cfpb.gov 

-----Original Message----From: Carter Dougherty (BLOOMBERG/ NEWSROOM:) [mailto:cdougherty6@bloomberg.net] Sent: Tuesday, January 08, 2013 4:21 To: Howard, Jennifer (CFPB) Subject: RE: Rich 
That would work. Better actually. I've blocked out the whole day for Balmore and will there minutes before. 
Lemme know. 
Carter Dougherty Bloomberg News Consumer Finance Reporter -DC 
-----Original Message ----From: Jennifer.Howard@cfpb.gov To: CARTER DOUGHERTY (BLOOMBERG/ NEWSROOM:) Cc: Moira.Vahey@cfpb.gov At: Jan 2013 16:19:42 
His schedule too tight and are only doing broadcast interviews (embargoed for Thursday am). 

Are you coming Baltimore? Maybe could squeeze you there? 
Jen Howard Consumer Financial Protection Bureau Jennifer.Howard@cfpb.gov 

-----Original Message----From: Carter Dougherty (BLOOMBERG/ NEWSROOM:) [mailto:cdougherty6@bloomberg.net] Sent: Tuesday, January 08, 2013 4:12 To: Howard, Jennifer (CFPB) Subject: Rich see our folks have dragooned Rich here tomorrow (Wed). Without mentioning advance. Can the poor scribbler grab him for 5-1 
Carter 
Carter Dougherty Bloomberg News Consumer Finance Reporter -DC 

From: Vahey, Moira (CFPB)  
To: Howard, Jennifer (CFPB) ; Colleen Wordock  
Cc: 
Bee: 
Subject: RE: Fwd:JANUARY 10: CFPB Host Public Field Hearing Baltimore, Md. 
Date: Tue Jan 2013 12:13:11 EST 
Attachments: Colleen, may able set interview tomorrow sometime between 4:30-6pm. The interview would 
need taped and embargoed until Thursday. Would that possibility? 

Thanks, 
-Moira 

-----Original Message----From: Howard, Jennifer (CFPB) 
Sent: Tuesday, January 08, 2013 :54 
To: 'Colleen Wordock'; Vahey, Moira (CFPB) 
Subject: RE: Fwd:JANUARY 10: CFPB Host Public Field Hearing Baltimore, Md. Colleen-

Looping Moira, who handling our interviews. 

Jen Howard 
Consumer Financial Protection Bureau Jennifer.Howard@cfpb.gov 

-----Original Message----From: Colleen Wordock (BLOOMBERG/ NEWSROOM:) [mailto:cwordock@bloomberg.net] 
Sent: Tuesday, January 08, 2013 10:48 
To: Howard, Jennifer (CFPB) 
Subject: Fwd:JANUARY 10: CFPB Host Public Field Hearing Baltimore, Md. 

Hi-can set live interview with Cordray Thursday morning before the announcement? We'd 
love his first interview the day. can arrange from before heads Baltimore. 
Thanks Colleen Wordock 

-----Original Message ----From: Mallory.McLean@cfpb.gov To: press@consumerfinance.gov At: Jan 201311:31:01 [cid:image001 .jpg@01 CDEA65.6F046D50] 

FOR PLANNING PURPOSES ONLY: 
Friday, January 2013 
CONTACT: 
Office Communications 
Tel: (202) 435-7170 
***MEDIA ADVISORY*** CONSUMER FINANCIAL PROTECTION BUREAU HOST PUBLIC FIELD HEARING BALTIMORE, 
WASHINGTON, D.C. -On Thursday, January 10, the Consumer Financial Protection Bureau (CFPB) will convene public field hearing Baltimore, Md., discuss mortgage policy. The field event will feature remarks CFPB Director Richard Cordray, followed panel discussion with consumer groups, industry stakeholders, and financial experts, moderated Deputy Director Raj Date. 
This public event part the CFPB's commitment regularly engage with communities across the country. The CFPB has traveled Philadelphia, Pa., Minneapolis, Minn., Cleveland, Ohio, Birmingham, Ala., New York, N.Y., Sioux Falls, S.D., Durham, N.C., Detroit, Mich., St. Louis, Mo., Seattle, Wash., and Mountain View, Calif., convene field hearings and town halls focused consumer financial products and services. 
WHAT: Field Hearing Mortgage Policy 
WHO: Richard Cordray, Director, CFPB Raj Date, Deputy Director, CFPB CFPB staff 
WHEN: :00 a.m. EST, Thursday, January 10, 2013 
WHERE: Westminster Hall 519 Fayette Street Baltimore, Md. 21201 
Media Notes: These events are open the media. attend, media must RSVP contacting Mallory Mclean mallory.mclean@cfpb.gov 7:00 p.m. EST, Wednesday, January 

The Consumer Financial Protection Bureau 21st century agency that helps consumer finance markets work making rules more effective, consistently and fairly enforcing those rules, and empowering consumers take more control over their economic lives. For more information, visit www. 
Cons merF inance .gov< http://www. Cons merF inance .gov>. 

From: Howard, Jennifer (CFPB)  
To: cdougherty6@bloomberg.net 
 Cc: Bee: Subject: Re: quick question Date: Wed Jan 2013 12:31 :27 EST Attachments: 
Nope. briefings today. 
-----Original Message ----From: Carter Dougherty (BLOOMBERG/ NEWSROOM:) [mailto:cdougherty6@bloomberg.net] Sent: Wednesday, January 09, 2013 12:17 To: Howard, Jennifer (CFPB) Subject: quick question 
For planning purposes, are you briefing the industry/consumer crowd this today they have wait? Some them are already pinging ... and don't understand why. 
Carter 
Carter Dougherty Bloomberg News Consumer Finance Reporter -DC 
0.+1 202 624 1907 

From: Howard, Jennifer (CFPB)  
To: Carter Dougherty  
Cc: Vahey, Moira (CFPB)  
Bee: 
Subject: RE: Re:Quick question Date: Mon Jan 2013 14:59:49 EST 
Attachments: 
Thanks! 
Jen Howard Consumer Financial Protection Bureau Jennifer. Howard@cfpb.gov 

-----Original Message----From: Carter Dougherty (BLOOMBERG/ NEWSROOM:) [mailto:cdougherty6@bloomberg.net] 
Sent: Monday, January 07, 2013 2:43 
To: Howard, Jennifer (CFPB) 
Cc: Vahey, Moira (CFPB) 
Subject: Re: Re:Quick question 

Clea's coming into the office later she'll check out. 

Carter Dougherty 
Bloomberg News 

-----Original Message ----From: Jennifer.Howard@cfpb.gov 
To: CARTER DOUGHERTY (BLOOMBERG/ NEWSROOM:) 
Cc: Moira.Vahey@cfpb.gov 
At: Jan 2013 12:04:05 

Well, just want sure its correct. 

-----Original Message ----From: Carter Dougherty (BLOOMBERG/ NEWSROOM:) [mailto:cdougherty6@bloomberg.net] 
Sent: Monday, January 07, 2013 :46 
To: Howard, Jennifer (CFPB) 
Cc: Vahey, Moira (CFPB) 

Subject: RE: Re:Quick question 

From the lazy reporters who can't check FHFA data themselves. Argh! 

-----Original Message ----From: Jennifer.Howard@cfpb.gov To: CARTER DOUGHERTY (BLOOMBERG/ NEWSROOM:) Cc: Moira.Vahey@cfpb.gov At: Jan 2013 :45:55 thanks .... just not number are using, I'm sure will get questions about where your number came from and whether can confirm. 
Jen Howard Consumer Financial Protection Bureau Jennifer.Howard@cfpb.gov 

-----Original Message----From: Carter Dougherty (BLOOMBERG/ NEWSROOM:) [mailto:cdougherty6@bloomberg.net] 
Sent: Monday, January 07, 2013 :45 
To: Howard, Jennifer (CFPB) 
Cc: Vahey, Moira (CFPB) 
Subject: Re:Quick question 

That was from FHFA data online, can get more info for you from our housing person (Clea) but she's 
out today. Give few, ok? 

Carter Dougherty 
Bloomberg News 

-----Original Message ----From: Jennifer.Howard@cfpb.gov To: CARTER DOUGHERTY (BLOOMBERG/ NEWSROOM:) Cc: Moira.Vahey@cfpb.gov At: Jan 2013 :42:13 
Hey CarterHow did you reach this calculation from your story: 

About percent loans backed Fannie Mae (FNMA), Freddie Mac government insurers such the Federal Housing Administration would qualify for legal safe harbor under the bureau's plan, according data from the Federal Housing Finance Agency. 
Jen Howard Consumer Financial Protection Bureau Jennifer. Howard@cfpb.gov 202-435-7454 

From: Howard, Jennifer (CFPB)  
To: Carter Dougherty 
 Cc: Bee: Subject: RE: P.S. Date: Tue Jan 2013 17:21 :55 EST Attachments: 
yep 
Jen Howard Consumer Financial Protection Bureau Jennifer. Howard@cfpb.gov 

-----Original Message----From: Carter Dougherty (BLOOMBERG/ NEWSROOM:) [mailto:cdougherty6@bloomberg.net] Sent: Tuesday, January 08, 2013 5:22 To: Howard, Jennifer (CFPB) Subject: RE: P.S. 
1201 embargo? 
Carter Dougherty Bloomberg News 

-----Original Message ----From: Jennifer.Howard@cfpb.gov To: CARTER DOUGHERTY (BLOOMBERG/ NEWSROOM:) At: Jan 2013 17:21 :23 
Oh, looks like she didn't send .... she's sending now. It's 
Jen Howard Consumer Financial Protection Bureau Jennifer.Howard@cfpb.gov 

-----Original Message----From: Carter Dougherty (BLOOMBERG/ NEWSROOM:) [mailto:cdougherty6@bloomberg.net] 

Sent: Tuesday, January 08, 2013 5:19 To: Howard, Jennifer (CFPB) Subject: RE: P.S. 
Got email about the Thursday hearing. Aren't you planning some briefing Wednesday (tomorrow) with the highlights? thought that's what you told me. 
Carter Dougherty 
Bloomberg News 

-----Original Message ----From: Jennifer.Howard@cfpb.gov To: CARTER DOUGHERTY (BLOOMBERG/ NEWSROOM:) At: Jan 2013 17:18:32 
Didn't you get Mallory's email? 
Jen Howard Consumer Financial Protection Bureau Jennifer.Howard@cfpb.gov 202-435-7454 
-----Original Message----From: Carter Dougherty (BLOOMBERG/ NEWSROOM:) [mailto:cdougherty6@bloomberg.net] Sent: Tuesday, January 08, 2013 5:18 To: Howard, Jennifer (CFPB) Subject: P.S. what time you anticipate the briefing tomorrow? For planning purposes. assume 12:01 Thursday embargo? 
Carter 
Carter Dougherty Bloomberg News Consumer Finance Reporter -DC 202 624 1907 From: 

To: 
Cc: 
Bee: Subject: 
Date: Attachments: 
Colleen Wordock (BLOOMBERG/ NEWSROOM:)  
Vahey, Moira (CFPB)  
preap@bloomberg.net  
RE: Fwd:JANUARY 10: CFPB Host Public Field Hearing Baltimore, Md. Tue Jan 2013 16:10:12 EST 

-----Original Message ----From: Moira.Vahey@cfpb.gov 
To: COLLEEN WORDOCK (BLOOMBERG/ NEWSROOM:) 
Cc: PATRICK REAP (BLOOMBERG/ NEWSROOM:) 
At: Jan 2013 16:08:31 

Either will Jennifer Howard. What the best for call should need it? Thanks 

-----Original Message----From: Colleen Wordock (BLOOMBERG/ NEWSROOM:) [mailto:cwordock@bloomberg.net] 
Sent: Tuesday, January 08, 2013 3:48 
To: Vahey, Moira (CFPB) 
Cc: preap@bloomberg.net 
Subject: RE: Fwd:JANUARY 10: CFPB Host Public Field Hearing Baltimore, Md. 

Peter Cook will the interview. are the 11th floor. You have stop the lobby get the 
elevator unlocked. Will you with him? Producer Pat reap will here greet you. cc'd him 

-----Original Message ----
From: Moira.Vahey@cfpb.gov 
To: COLLEEN WORDOCK (BLOOMBERG/ NEWSROOM:) 
At: Jan 2013 14:58:09 

Yes, plan interviews embargoed basis tomorrow. 

-----Original Message----From: Colleen Wordock (BLOOMBERG/ NEWSROOM:) [mailto:cwordock@bloomberg.net] 
Sent: Tuesday, January 08, 2013 2:49 
To: Vahey, Moira (CFPB) 
Subject: RE: Fwd:JANUARY 10: CFPB Host Public Field Hearing Baltimore, Md. 

Thanks are you doing several interviews wed and are they all embargoed til 6am? will get you 
host name asap 

-----Original Message ----
From: Moira.Vahey@cfpb.gov 
To: COLLEEN WORDOCK (BLOOMBERG/ NEWSROOM:) 
At: Jan 2013 14:44:49 

Can the interview 5:30 tomorrow your studio? The embargo would lift Thursday 6am. 
Also, who would the host for the interview? Thanks! 
-----Original Message----From: Colleen Wordock (BLOOMBERG/ NEWSROOM:) [mailto:cwordock@bloomberg.net] 
Sent: Tuesday, January 08, 2013 12:15 
To: Howard, Jennifer (CFPB); Vahey, Moira (CFPB) 
Subject: RE: Fwd:JANUARY 10: CFPB Host Public Field Hearing Baltimore, Md. 

Yes that possibility. What time would embargo lift? And would bale come our studio? 
1399 ave -one block from Treasury 

-----Original Message ----
From: Moira.Vahey@cfpb.gov 
To: COLLEEN WORDOCK (BLOOMBERG/ NEWSROOM:), Jennifer.Howard@cfpb.gov 
At: Jan 2013 12: 13:21 Colleen, may able set interview tomorrow sometime between 4:30-6pm. The interview would 
need taped and embargoed until Thursday. Would that possibility? 

Thanks, 
-Moira 

-----Original Message----From: Howard, Jennifer (CFPB) 
Sent: Tuesday, January 08, 2013 :54 
To: 'Colleen Wordock'; Vahey, Moira (CFPB) 
Subject: RE: Fwd:JANUARY 10: CFPB Host Public Field Hearing Baltimore, Md. Colleen-

Looping Moira, who handling our interviews. 

Jen Howard 
Consumer Financial Protection Bureau Jennifer.Howard@cfpb.gov 

-----Original Message----From: Colleen Wordock (BLOOMBERG/ NEWSROOM:) [mailto:cwordock@bloomberg.net] 
Sent: Tuesday, January 08, 2013 10:48 
To: Howard, Jennifer (CFPB) 
Subject: Fwd:JANUARY 10: CFPB Host Public Field Hearing Baltimore, Md. 

Hi-can set live interview with Cordray Thursday morning before the announcement? We'd 
love his first interview the day. can arrange from before heads Baltimore. 
Thanks Colleen Wordock 

-----Original Message ----From: Mallory.McLean@cfpb.gov 

To: press@consumerfinance.gov At: Jan 201311:31:01 
[cid:image001 .jpg@01 CDEA65.6F046D50] 
FOR PLANNING PURPOSES ONLY: 
Friday, January 2013 
CONTACT: 
Office Communications 
Tel: (202) 435-7170 
***MEDIA ADVISORY*** CONSUMER FINANCIAL PROTECTION BUREAU HOST PUBLIC FIELD HEARING BALTIMORE, 
WASHINGTON, D.C. -On Thursday, January 10, the Consumer Financial Protection Bureau (CFPB) will convene public field hearing Baltimore, Md., discuss mortgage policy. The field event will feature remarks CFPB Director Richard Cordray, followed panel discussion with consumer groups, industry stakeholders, and financial experts, moderated Deputy Director Raj Date. 
This public event part the CFPB's commitment regularly engage with communities across the country. The CFPB has traveled Philadelphia, Pa., Minneapolis, Minn., Cleveland, Ohio, Birmingham, Ala., New York, N.Y., Sioux Falls, S.D., Durham, N.C., Detroit, Mich., St. Louis, Mo., Seattle, Wash., and Mountain View, Calif., convene field hearings and town halls focused consumer financial products and services. 
WHAT: Field Hearing Mortgage Policy 
WHO: Richard Cordray, Director, CFPB Raj Date, Deputy Director, CFPB CFPB staff 
WHEN: :00 a.m. EST, Thursday, January 10, 2013 
WHERE: Westminster Hall 519 Fayette Street Baltimore, Md. 21201 
Media Notes: These events are open the media. attend, media must RSVP contacting Mallory McLean mallory.mclean@cfpb.gov 7:00 p.m. EST, Wednesday, January 

The Consumer Financial Protection Bureau 21st century agency that helps consumer finance markets work making rules more effective, consistently and fairly enforcing those rules, and empowering consumers take more control over their economic lives. For more information, visit www. 

Cons merF inance .gov< http://www. Cons merF inance .gov>. 

From: Howard, Jennifer (CFPB)  
To: cdougherty6@bloomberg.net 
 Cc: Bee: Subject: Re: hear Date: Fri Jan 2013 15:54:08 EST Attachments: all rules? When this planned for? 
-----Original Message ----From: Carter Dougherty (BLOOMBERG/ NEWSROOM:) [mailto:cdougherty6@bloomberg.net] Sent: Friday, January 04, 2013 03:45 To: Howard, Jennifer (CFPB) Subject: RE: hear 
Hey, are doing mortgage walkup this subject, you should hear about it. Give call? 
Thanks, Carter 
Carter Dougherty Bloomberg News Consumer Finance Reporter -DC 

From: Jennifer.Howard@cfpb.gov To: CARTER DOUGHERTY (BLOOMBERG/ NEWSROOM:) At: Dec 2012 09:13:29 
Not confirming .... 
Jen Howard Consumer Financial Protection Bureau Jennifer.Howard@cfpb.gov 

-----Original Message----From: CARTER DOUGHERTY (BLOOMBERG/ NEWSROOM:) [mailto:cdougherty6@bloomberg.net] Sent: Monday, December 2012 8:31 To: Howard, Jennifer (CFPB) Subject: hear Jan with explanation-field hearing Baltimore. Similar drill for servicing Atlanta. 
True? 
Carter 
Sent from Bloomberg Anywhere for iPhone 

From: Howard, Jennifer (CFPB)  
To: Carter Dougherty 
 Cc: Bee: Subject: RE: hear Date: Fri Jan 2013 17:13:35 EST Attachments: 
yep 
Jen Howard Consumer Financial Protection Bureau Jennifer. Howard@cfpb.gov 

-----Original Message----From: Carter Dougherty (BLOOMBERG/ NEWSROOM:) [mailto:cdougherty6@bloomberg.net] Sent: Friday, January 04, 2013 5:09 To: Howard, Jennifer (CFPB) Subject: Re: hear 
Whoops, forgot ask ... I'll put you down comment, unless you say otherwise 
Carter Dougherty Bloomberg News 

-----Original Message ----From: Jennifer.Howard@cfpb.gov To: CARTER DOUGHERTY (BLOOMBERG/ NEWSROOM:) At: Jan 2013 16:03:43 
Ok, will call when get out this meeting. 
-----Original Message ----From: Carter Dougherty (BLOOMBERG/ NEWSROOM:) [mailto:cdougherty6@bloomberg.net] Sent: Friday, January 04, 2013 03:55 To: Howard, Jennifer (CFPB) Subject: Re: hear 
Dependson our conversation and servicing mainly Carter Dougherty Bloomberg News Consumer Finance Reporter -DC 

-----Original Message ----From: Jennifer.Howard@cfpb.gov To: CARTER DOUGHERTY (BLOOMBERG/ NEWSROOM:) At: Jan 2013 15:54:26 all rules? When this planned for? 
-----Original Message ----From: Carter Dougherty (BLOOMBERG/ NEWSROOM:) [mailto:cdougherty6@bloomberg.net] Sent: Friday, January 04, 2013 03:45 To: Howard, Jennifer (CFPB) Subject: RE: hear 
Hey, are doing mortgage walkup this subject, you should hear about it. Give call? 
Thanks, Carter 
Carter Dougherty Bloomberg News Consumer Finance Reporter -DC 

-----Original Message ----From: Jennifer.Howard@cfpb.gov To: CARTER DOUGHERTY (BLOOMBERG/ NEWSROOM:) At: Dec 2012 09:13:29 
Not confirming .... 
Jen Howard Consumer Financial Protection Bureau Jennifer.Howard@cfpb.gov 

-----Original Message----From: CARTER DOUGHERTY (BLOOMBERG/ NEWSROOM:) [mailto:cdougherty6@bloomberg.net] Sent: Monday, December 2012 8:31 To: Howard, Jennifer (CFPB) Subject: hear Jan with explanation-field hearing Baltimore. Similar drill for servicing Atlanta. 
True? 
Carter 
Sent from Bloomberg Anywhere for iPhone 

alt_body.html for Printed Item: (Attachment 

 Ability Repay: Under the Dodd-Frank Act, authority finalize the Ability Repay rule 
transferred from the Federal Reserve the CFPB. The Fed had 	
comment rule that would require creditors determine consumer's ability repay mortgage before making the loan and would establish minimum mortgage underwriting standards. The Fed also sought comment how define "qualified mortgage." 
 Mortgage Servicing: August, the Bureau rules under TILA and RESPA that 
would establish standards, among other things, prevent mistakes and surprises mortgage servicers. The proposed rules under TILA would provide, among other things, consumers with clear and timely information about their mortgages and bring greater transparency the market. The proposed rules under RESPA would, among other things, impose requirements for maintaining policies and procedures reasonably designed achieve certain objectives, correcting errors, responding information requests, and evaluating borrowers for options avoid foreclosure. 
 Loan originator compensation: August, the Bureau rules that would bring 
greater accountability the mortgage loan origination market. The proposed rules would prohibit payment steering incentives mortgage loan originators, set qualification and screening standards, and place restrictions arbitration clauses and financing credit insurance. 

 	High-Risk Appraisals: August, six federal financial issued rule establish new appraisal requirements for "higher-risk mortgage loans." The 
proposed rule would require creditors use licensed certified appraiser who prepares written report based physical inspection the interior the property. The proposed rule also would require creditors disclose applicants information about the purpose the appraisal and provide consumers with free copy any appraisal report. 
 
Equal Credit Opportunity Act Appraisals: August, the CFPB released rule that would require lenders provide home loan applicants with copy written appraisals and other valuations developed connection with the application. The rule would ensure that applicants receive information prior closing about how the property's value was determined. 

 
Escrows: Under current regulations, creditors are required establish escrow accounts for certain higher-priced mortgage loans for one year. The Dodd-Frank Act made changes that 

alt_body.html for Printed Item: (Attachment 

generally extend the required amount time for escrow account such mortgage loans 

from one year minimum five years. The Federal Reserve 
comment rule implement these changes, and authority finalize the rule transferred the Bureau under the Dodd-Frank Act. The Bureau will issue final rule address these changes. 
 HOEPA: July, the CFPB rule that would implement Congress's expansion the Home Ownership and Equity Protection Act (HOEPA) with respect mortgages with high interest rates, fees, prepayment penalties. The proposed rule would expand what considered "high-cost mortgage" and provide more protections consumers who take out those loans. 
Jen Howard 
Consumer Financial Protection Bureau Jennifer.Howard@cfpb.gov 202-435-7454 

-----Original Message----From: Karen Weise (BLOOMBERG/ NEWSROOM:) [mailto:kweise@bloomberg.net] Sent: Thursday, January 03, 2013 To: CFPBPress; Vahey, Moira (CFPB); Howard, Jennifer (CFPB); Person, Michelle (CFPB) Subject: RE: request for interview early January 2013 
Bummer. there anyone else could speak with the record? assume Raj Date isn't doing interviews anymore, but maybe the head one the divisions perhaps? seems strange have story about the agency without having the agency represented somehow ... 
alt_body.html for Printed Item: (Attachment 

Karen 

-----Original Message ----

At: Jan 2013 15:04:06 

Hi! Karen, 
Unfortunately, aren't able work interview into Rich's schedule right now. could 

provide quote from Rich and I'm sending you summary highlights for 2012 that think you 
will find useful. Please keep touch. 
Thanks! 
Michelle 

2012: YEAR REVIEW 

CFPB the Numbers $343.3 Million: CFPB's budget for 2012 $425 Million: Amount money refunded result 2012 CFPB enforcement actions consumers who had been subjected deceptive practices 
alt_body.html for Printed Item: (Attachment Million: Number consumers who received refunds because 2012 CFPB enforcement actions $101.5 Million: Amount obtained the Bureau 2012 through civil penalties from companies subject Bureau enforcement actions 7,519,709: Total unique page views for all content the site from January 2012 through December 17, 2012 3,512, 151: Total website visits 1,955,508: Total unique visitors website 1,965,759: Total unique page views complaints website 89,600: Number complaints CFPB received between January 2012 and December 27, 2012. The breakdown issues reported consumers: percent: mortgages percent: credit cards percent: bank products and services percent: student loans percent: credit reporting percent: consumer loans percent: other 354: Total number employees who joined between January 2012 and December 2012 1,046: Total number CFPB employees December 2012 
alt_body.html for Printed Item: (Attachment 916: Number questions and answers Ask CFPB December 13, 2012 320,973: Total unique page views Ask CFPB between January 2012 and December 17, 2012 575 Number colleges voluntarily adopting the Financial Aid Shopping Sheet developed the CFPB and the U.S. Department Education 153: Number banks underthe CFPB's supervisory authority December 17, 2012 40: States visited the CFPB's Consumer Education and Engagement offices 2012 32: Number military installations visited the Office Servicemember Affairs 2012 Number public town halls, field hearings, and other events CFPB has held 2012 in: January 19, 2012; Payday lending; Birmingham, Alabama February 22, 2012; Overdrafts; New York City, New York April 11, 2012; Financial Aid Comparison Shopper; Sioux Falls, South Dakota May 23, 2012; Prepaid Cards; Durham, North Carolina July 16; Credit Reporting; Detroit, Michigan September 27, 2012; Consumer Advisory Board; St. Louis, Missouri October 24; Debt Collection; Seattle, Washington November 14, 2012; Project Catalyst (innovation); Mountain View, California 

Michelle Muth Person 

alt_body.html for Printed Item: (Attachment 

Office Communications Consumer Financial Protection Bureau Office: 202-435-7857 

-----Original Message----
From: Karen Weise (BLOOMBERG/ NEWSROOM:) 

Sent: Wednesday, January 02, 2013 5:36 To: Person, Michelle (CFPB) Subject: RE: request for interview early January 2013 
Great. Monday still works, but becomes much harder it's any later because the magazine closes Wednesday. 
Thanks, Karen 
-----Original Message ----

To: KAREN WEISE (BLOOMBERG/ NEWSROOM:) At: Jan 2013 17:34:10 
alt_body.html for Printed Item: (Attachment 

Hi! Karen, 
What your deadline? Rich's schedule really packed and may not able this interview until Monday. 
Thanks! Michelle 
Michelle Muth Person Office Communications Consumer Financial Protection Bureau Office: 202-435-7857 

-----Original Message----
From: Karen Weise (BLOOMBERG/ NEWSROOM:) 

Sent: Wednesday, January 02, 2013 5:30 
To: CFPBPress; Vahey, Moira (CFPB); Howard, Jennifer (CFPB); Person, Michelle (CFPB) 

Subject: RE: request for interview early January 2013 

Great. Glad hear this. I've been getting lot push back from editors about clearing quotes. Would possible have the interview (or least part the interview) the record, then can certainly background any point for specific topic wants? 
alt_body.html for Printed Item: (Attachment 

And yes, that's the idea behind the story. 

I'm New York but with enough notice would able run down for the interview. 

Cheers, Karen 
-----Original Message ----
From: 
To: KAREN WEISE (BLOOMBERG/ NEWSROOM:), Moira. 

At: Jan 2013 15:38:15 
Hi! Karen, haven't forgotten you! I'm checking Rich's schedule ... would you all able this interview background with cleared quotes? 
And just sure that have the interview topic correct. believe you'd like discuss what the 
CFPB did 2012 that was not mortgage related, correct? 
Thanks for your patience 
Michelle 

Michelle Muth Person 
Office Communications 

Consumer Financial Protection Bureau 

alt_body.html for Printed Item: (Attachment 

Office: 202-435-7857 

-----Original Message----
From: Karen Weise (BLOOMBERG/ NEWSROOM:) 

Sent: Wednesday, January 02, 2013 12:41 To: Person, Michelle (CFPB); Howard, Jennifer (CFPB); Vahey, Moira (CFPB); CFPBPress Subject: RE: request for interview early January 2013 Michelle, 
Welcome back. Hope you had good New Years. wanted follow this interview request. we're still planning this story for the issue the magazine that closes week. 
Thanks, 
Karen 

-----Original Message ----From: KAREN WEISE (BLOOMBERG/ NEWSROOM:) 

At: Dec 2012 14:40:36 

alt_body.html for Printed Item: (Attachment Michelle, 

Hope you you had good holidays. wanted cycle back this and see it's possible schedule interview for late next week ... 
Thanks, Karen 
-----Original Message ----
From: 
To: KAREN WEISE (BLOOMBERG/ NEWSROOM:), Moira. 

At: Dec 2012 13:47:33 
Hi! Karen, 
I've checked and, off the record, we'd like work with you, we're just not able commit interview this time. 
Please check with when you get back after the holidays. 
Thanks! 
Michelle 

Michelle Muth Person 

alt_body.html for Printed Item: (Attachment 

Office Communications Consumer Financial Protection Bureau Office: 202-435-7857 

-----Original Message----
From: Karen Weise (BLOOMBERG/ NEWSROOM:) 

Sent: Monday, December 17, 2012 :27 To: Person, Michelle (CFPB) Subject: Re:CFPB Releases Exam Procedures for Student Loans 
Thanks, Michelle. I'll take look. 
Did you chance get chance talk with Jen about doing story for early Jan? leave town Thursday for long weekend and was hoping get rough game plan place before then. Again, Jan would ideal dates for ... 
Cheers, Karen 
-----Original Message ----

To: KAREN WEISE (BLOOMBERG/ NEWSROOM:) 

alt_body.html for Printed Item: (Attachment 

At: Dec 2012 12:23:24 
Hi! thought you'd interested the release below about exam procedures for student loans. Please let know you have any questions. 
Thanks! Michelle 
Michelle Muth Person Office Communications Consumer Financial Protection Bureau Office: 202-435-7857 

CFPB Website: 

1CDDC5 1.3CA5C 150] 
FOR IMMEDIATE RELEASE: December 17, 2012 
CONTACT: Office Communications Tel: (202) 5-7170 
alt_body.html for Printed Item: (Attachment 

CONSUMER FINANCIAL PROTECTION BUREAU RELEASES EXAM PROCEDURES FOR STUDENT LOANS CFPB Examiners Verify that Student Lenders are Following the Law 
WASHINGTON, D.C. -Today, the Consumer Financial Protection Bureau (CFPB) published the procedures will use examining student lenders. The Student Lending Examination Procedures are extension the CFPB's General Supervision and Examination Manual and will used field guide CFPB examiners ensure that private student lenders comply with federal consumer financial laws. 
"For many borrowers, student loan may their first major financial decision," said CFPB Director Richard Cordray. "With student debt topping trillion dollars, will working ensure consumers are treated fairly and lenders are held accountable." 
The Student Lending Examination Procedures can found here: 

The CFPB has the authority supervise large banks, well nonbanks, that make private student loans, and the procedures released today may used examine both types lenders. Examiners will assessing whether student lenders have the appropriate processes place prevent harm borrowers. Examiners will looking verify that lenders are complying with requirements federal consumer financial law, including: 
Using accurate, nondiscriminatory advertising marketing: Examiners will evaluate marketing and advertising materials, such mail and text messages, telephone solicitation scripts, and agreements and disclosures for the products and services make sure the materials are not deceptive, misleading, discriminatory. 
alt_body.html for Printed Item: (Attachment 
Making appropriate disclosures: Examiners will assess whether the lender service provider makes proper, clear disclosures about loan costs and terms the time the consumer's application, loan approval, and loan disbursement required under special rules for education lending. 
Providing borrowers with accurate account information: Examiners will determine ifthe lender service provider, required so, supplies the borrower with periodic statements that include such information monthly payment requirements, charges, fees, and interest rate changes. 
Handling borrower inquiries and complaints: Examiners will determine lender service provider has adequate and effective channels receive customer questions and complaints. Examiners will also evaluate the systems, procedures, and policies used the company for tracking, handling, investigating, and resolving consumer inquiries, disputes, and complaints. general, CFPB supervision activities will include gathering reports from and conducting examinations supervised entities. The examination process will ongoing process preexamination scoping and review information, data analysis, onsite examinations, and regular communication with supervised entities, well follow-up monitoring. When necessary, examiners will coordinate and work closely with the CFPB's enforcement staff take appropriate enforcement actions address harm consumers. 
The CFPB has also recently published reports the student loan 

Report the CFPB Student Loan Student-Loan-Ombudsmanabout private student loan complaints, and The Next servicemember-student-loanwhich addresses student loan servicing issues faced military families. 
alt_body.html for Printed Item: (Attachment 

The CFPB working arm consumers with information make better financial decisions about paying for college. part its Know Before You Owe student loan initiative, the CFPB worked with the Department Education "financial aid shopping sheet." More than 500 colleges have already agreed use this format improve information for students and families when making decisions about student loans. 
The Bureau also developing suite new consumer tools, including: 
Guides for students and families shopping for student 

from multiple schools; and new web tool help student loan borrowers navigate their repayment 

Consumers can take advantage these tools today and provide 

alt_body.html for Printed Item: (Attachment 

### 
The Consumer Financial Protection Bureau 21st century agency that helps consumer finance markets work making rules more effective, consistently and fairly enforcing those rules, and empowering consumers take more control over their economic lives. For more 
information, visit 

From: Person, Michelle (CFPB)  
To: Karen Weise ; Howard, Jennifer (CFPB) ; CFPBPress ; Vahey, Moira (CFPB)  
Cc: 
Bee: 
Subject: RE: request for interview early January 2013 
Date: Thu Jan 2013 15:03:46 EST 
Attachments: 

Hi! Karen, 
Unfortunately, aren't able work interview into Rich's schedule right now. could provide 
quote from Rich and I'm sending you summary highlights for 2012 that think you will find useful. 
Please keep touch. 
Thanks! 
Michelle 

2012: YEAR REVIEW 

CFPB the Numbers 

$343.3 Million: CFPB's budget for 2012 

$425 Million: Amount money refunded result 2012 CFPB enforcement actions consumers 
who had been subjected deceptive practices Million: Number consumers who received refunds because 2012 CFPB enforcement actions 

$101 Million: Amount obtained the Bureau 2012 through civil penalties from companies subject Bureau enforcement actions 

7,519,709: Total unique page views for all content the site from January 2012 through December 
17, 2012 
03,512,151: Total website visits ,955,508: Total unique visitors website ,965,759: Total unique page views complaints website 

89,600: Number complaints CFPB received between January 2012 and December 27, 2012. The 
breakdown issues reported consumers: 
050 percent: mortgages 
020 percent: credit cards 
017 percent: bank products and services percent: student loans percent: credit reporting percent: consumer loans percent: other 

1,046: Total number CFPB employees December 2012 0354: Total number employees who joined between January 2012 and December 2012 
916: Number questions and answers Ask CFPB December 13, 2012 0320,973: Total unique page views Ask CFPB between January 2012 and December 17, 2012 
575: Number colleges voluntarily adopting the Financial Aid Shopping Sheet developed the CFPB and the U.S. Department Education 
153: Number banks under the CFPB's supervisory authority December 17, 2012 
40: States visited the CFPB's Consumer Education and Engagement offices 2012 
32: Number military installations visited the Office Servicemember Affairs 2012 Number public town halls, field hearings, and other events CFPB has held 2012 in: oJanuary 19, 2012; Payday lending; Birmingham, Alabama oFebruary 22, 2012; Overdrafts; New York City, New York oApril 11, 2012; Financial Aid Comparison Shopper; Sioux Falls, South Dakota oMay 23, 2012; Prepaid Cards; Durham, North Carolina oJuly 16; Credit Reporting; Detroit, Michigan oSeptember 27, 2012; Consumer Advisory Board; St. Louis, Missouri oOctober 24; Debt Collection; Seattle, Washington oNovember 14, 2012; Project Catalyst (innovation); Mountain View, California 
Michelle Muth Person 
Office Communications 
Consumer Financial Protection Bureau 
Office: 202-435-7857 
Email: michelle. person@cfpb.gov 
CFPB Website: www.consumerfinance.gov 

-----Original Message----From: Karen Weise (BLOOMBERG/ NEWSROOM:) [mailto:kweise@bloomberg.net] 
Sent: Wednesday, January 02, 2013 5:36 
To: Person, Michelle (CFPB) 
Subject: RE: request for interview early January 2013 

Great. Monday still works, but becomes much harder it's any later because the magazine closes 
Wednesday. 

Thanks, 
Karen 

-----Original Message ----From: Michelle.Person@cfpb.gov 
To: KAREN WEISE (BLOOMBERG/ NEWSROOM:) 
At: Jan 2013 17:34:10 

Hi! Karen, 
What your deadline? Rich's schedule really packed and may not able this interview 
until Monday. 

Thanks! 
Michelle 

Michelle Muth Person 
Office Communications 
Consumer Financial Protection Bureau 
Office: 202-435-7857 
Email: michelle. person@cfpb.gov 
CFPB Website: www.consumerfinance.gov 

-----Original Message----From: Karen Weise (BLOOMBERG/ NEWSROOM:) [mailto:kweise@bloomberg.net] 
Sent: Wednesday, January 02, 2013 5:30 
To: CFPBPress; Vahey, Moira (CFPB); Howard, Jennifer (CFPB); Person, Michelle (CFPB) 
Subject: RE: request for interview early January 2013 

Great. Glad hear this. I've been getting lot push back from editors about clearing quotes. 
Would possible have the interview (or least part the interview) the record, then can 
certainly background any point for specific topic wants? 

And yes, that's the idea behind the story. 

I'm New York but with enough notice would able run down for the interview. 

Cheers, 
Karen 

-----Original Message ----From: Michelle.Person@cfpb.gov 
To: KAREN WEISE (BLOOMBERG/ NEWSROOM:), Jennifer.Howard@cfpb.gov, Moira.Vahey@cfpb. 
gov, press@consumerfinance.gov 
At: Jan 2013 15:38:15 

Hi! Karen, haven't forgotten you! I'm checking Rich's schedule ... would you all able this interview 
background with cleared quotes? 

And just sure that have the interview topic correct... believe you'd like discuss what the CFPB 
did 2012 that was not mortgage related, correct? 
Thanks for your patience! 
Michelle 

Michelle Muth Person 
Office Communications 
Consumer Financial Protection Bureau 
Office: 202-435-7857 
Email: michelle. person@cfpb.gov 
CFPB Website: www.consumerfinance.gov 

-----Original Message----From: Karen Weise (BLOOMBERG/ NEWSROOM:) [mailto:kweise@bloomberg.net] 
Sent: Wednesday, January 02, 2013 12:41 
To: Person, Michelle (CFPB); Howard, Jennifer (CFPB); Vahey, Moira (CFPB); CFPBPress 

Subject: RE: request for interview early January 2013 Michelle, 
Welcome back. Hope you had good New Years. wanted follow this interview request...we're 
still planning this story for the issue the magazine that closes week. 

Thanks, 
Karen 

-----Original Message ----From: KAREN WEISE (BLOOMBERG/ NEWSROOM:) 
To: press@consumerfinance.gov, Moira.Vahey@cfpb.gov, Jennifer.Howard@cfpb.gov, Michelle. 
Person@cf pb.gov 
At: Dec 2012 14:40:36 Michelle, 

Hope you you had good holidays. wanted cycle back this and see it's possible schedule 
interview for late next week ... 

Thanks, 
Karen 

-----Original Message ----From: Michelle.Person@cfpb.gov 
To: KAREN WEISE (BLOOMBERG/ NEWSROOM:), Jennifer.Howard@cfpb.gov, Moira.Vahey@cfpb. 
gov, press@consumerfinance.gov 
At: Dec 2012 13:47:33 

Hi! Karen, 
I've checked and, off the record, we'd like work with you, we're just not able commit interview this time. 

Please check with when you get back after the holidays. 
Thanks! 
Michelle 

Michelle Muth Person 
Office Communications 
Consumer Financial Protection Bureau 
Office: 202-435-7857 
Email: michelle. person@cfpb.gov 
CFPB Website: www.consumerfinance.gov 

-----Original Message----From: Karen Weise (BLOOMBERG/ NEWSROOM:) [mailto:kweise@bloomberg.net] 
Sent: Monday, December 17, 2012 :27 
To: Person, Michelle (CFPB) 
Subject: Re:CFPB Releases Exam Procedures for Student Loans 

Thanks, Michelle. I'll take look. 

Did you chance get chance talk with Jen about doing story for early Jan? leave town Thursday for long weekend and was hoping get rough game plan place before then. Again, Jan would ideal dates for ... 
Cheers, Karen 
-----Original Message ----From: Michelle.Person@cfpb.gov To: KAREN WEISE (BLOOMBERG/ NEWSROOM:) At: Dec 2012 12:23:24 
Hi! thought you'd interested the release below about exam procedures for student loans. Please let know you have any questions. 
Thanks! Michelle 
Michelle Muth Person Office Communications Consumer Financial Protection Bureau Office: 202-435-7857 Email: michelle. person@cf pb.gov CFPB Website: www.consumerfinance.gov 
[cid:image001 .jpg@01 CDDC51 .3CA5C150] 
FOR IMMEDIATE RELEASE: December 17, 2012 
CONTACT: Office Communications Tel: (202) 435-7170 
CONSUMER FINANCIAL PROTECTION BUREAU RELEASES EXAM PROCEDURES FOR STUDENT LOANS CFPB Examiners Verify that Student Lenders are Following the Law 
WASHINGTON, D.C. -Today, the Consumer Financial Protection Bureau (CFPB) published the procedures will use examining student lenders. The Student Lending Examination Procedures are extension the CFPB's General Supervision and Examination Manual and will used field guide CFPB examiners ensure that private student lenders comply with federal consumer financial laws. 
"For many borrowers, student loan may their first major financial decision," said CFPB Director Richard Cordray. "With student debt topping trillion dollars, will working ensure consumers are treated fairly and lenders are held accountable." 
The Student Lending Examination Procedures can found here: http://files.consumerfinance. gov/f/201212_cfpb_educationloanexamprocedures.pdf 
The CFPB has the authority supervise large banks, well nonbanks, that make private student loans, and the procedures released today may used examine both types lenders. Examiners will assessing whether student lenders have the appropriate processes place prevent harm borrowers. Examiners will looking verify that lenders are complying with requirements federal consumer financial law, including: 
Using accurate, nondiscriminatory advertising marketing: Examiners will evaluate marketing and advertising materials, such mail and text messages, telephone solicitation scripts, and agreements and disclosures for the products and services make sure the materials are not deceptive, misleading, discriminatory. 
Making appropriate disclosures: Examiners will assess whether the lender service provider makes proper, clear disclosures about loan costs and terms the time the consumer's application, loan approval, and loan disbursement required under special rules for education lending. 
Providing borrowers with accurate account information: Examiners will determine the lender service provider, required so, supplies the borrower with periodic statements that include such information monthly payment requirements, charges, fees, and interest rate changes. 
Handling borrower inquiries and complaints: Examiners will determine lender service provider has adequate and effective channels receive customer questions and complaints. Examiners will also evaluate the systems, procedures, and policies used the company for tracking, handling, investigating, and resolving consumer inquiries, disputes, and complaints. general, CFPB supervision activities will include gathering reports from and conducting examinations supervised entities. The examination process will ongoing process pre-examination scoping and review information, data analysis, onsite examinations, and regular communication with supervised entities, well follow-up monitoring. When necessary, examiners will coordinate and work closely with the CFPB's enforcement staff take appropriate enforcement actions address harm consumers. 
The CFPB has also recently published reports the student loan marketplace, the Annual Report the CFPB Student Loan Ombudsman



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