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Lownds CFPB 3 of 3

Lownds CFPB 3 of 3

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Date Created:January 30, 2012

Date Uploaded to the Library:February 20, 2014

Tags:recipients, banks, ustreasury, Consumer, elizabeth, protection, Cheney, USDA, Amnesty, bureau, DOMA, house, Department of the Treasury, GSA, warren, cfpb, ACLU, HHS, Congress, mortgage, DHS, Frank, Pentagon, ATF, Obama, State Department, FBI, White House, DOJ, federal, American, Supreme Court, office, EPA, IRS, ICE, CIA, financial


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From: Deutsch, Rebecca (CFPB)  
To: Lownds, Kevin (CFPB)  
Cc: 
Bcc: 
Subject: RE: 1063(i) Questions 
Date: Mon May 2011 17:27:08 EDT 
Attachments: 
Thanks Kevin. This very helpful. Much appreciated! 
Rebecca Deutsch Attorney-Advisor 
Office General Counsel 
Consumer Financial Protection Bureau 
rebecca.deutsch@treasury.gov 
Office: (202) 435-7091 
From: Lownds, Kevin (CFPB) Sent: Monday, May 02, 2011 4:54 PMTo: Deutsch, Rebecca (CFPB) Cc: Glaser, Elizabeth (CFPB); Kitt, Brett (CFPB); Osborn, Meredith (CFPB); Scanlon, ThomasSubject: 1063(i) Questions Rebecca, Fridays meeting the 1063(i) project, you asked that check into several provisions for inclusion the list further analysis. Elizabeth and have examined these provisions today and have draftedresponses your questions the attached document. Please let know you have any questions would like discuss any our answers further. 
Thanks, 
Kevin Kevin Lownds Review Analyst Consumer Financial Protection Bureau 
(202) 435-7399 
From: Slagter, Dennis (CFPB)  
To: _DL_CFPB_AllHands  
Cc: 
Bcc: 
Subject: Welcome our New Hires! 
Date: Mon May 2011 17:08:25 EDT 
Attachments: image001.jpg 
Colleagues, 
Please join welcoming the following new team members our family CFPB! you have not already met our newest additions, please stop and introduce yourself. April 25, welcomed: 
2011 PP09 Cohort 042511 
Left Right after Wally: Allison Brown, Attorney-Advisor, Non-Bank Supervision, 520 Katie Worthman, Attorney-Advisor, Fair Lending, 7704 Kristen Donoghue, Attorney-Advisor, Enforcement, 547 Kristina Betts, Attorney-Advisor, Enforcement, 547 John Starr, Physical Security Specialist, Operations Facilities, 7513 Not Pictured:
 Jesse Leary, Economist, Research, 504 May 2nd, also welcomed (not pictured): Ethan Levisohn, Attorney-Advisor, Enforcement, 547 Alicia McDonald, Attorney-Advisor, General Counsel, 508 Dennis, 
Below our welcome email for this pay periods new hires! Please let know you need any other information support sending this out all-hands. 
Thanks much, Emily 
Emily Herchen Human Capital Team Consumer Financial Protection Bureau 
(p)
 202-435-7519 

(f)
 202-435-7329 

From: Lownds, Kevin (CFPB)  
To: Deutsch, Rebecca (CFPB)  
Cc: Glaser, Elizabeth (CFPB); Kitt, Brett (CFPB); Osborn, Meredith(CFPB) ; Scanlon, Thomas 
Bcc: 
Subject: 1063(i) Questions 
Date: Mon May 2011 16:54:23 EDT 
Attachments: Outstanding Rules List Questions 5-2-11.docx Rebecca, Fridays meeting the 1063(i) project, you asked that check into several provisions for inclusion the list further analysis. Elizabeth and have examined these provisions today and have draftedresponses your questions the attached document. Please let know you have any questions would like discuss any our answers further. 
Thanks, Kevin 
Kevin Lownds Review Analyst Consumer Financial Protection Bureau 
(202) 435-7399 
From: Slagter, Dennis (CFPB)  
To: _DL_CFPB_AllHands
  Cc: Bcc: Subject: New Jobs for Posting CFPB Web Site Distribution Date: Mon May 2011 15:19:16 EDT Attachments: 
Colleagues, 
The CFPB Human Capital Team has posted the following new vacancy announcements the USAJOBS website. the end this message you will find the job title, grade level, and link for each announcement. you know great candidates who might interested joining our team, please sharethis information with them! 
Information Technology Specialist (INFOSEC), Cyber Threat Security Analyst,CN-2210-5C Office: Chief Information Officer Vacancy Announcement 11-CFPB-177DH Announcement Closes: May 2011 Who May Apply: All U.S. Citizens Link: 11-CFPB-177DH 
Information Technology Specialist (INFOSEC), Information Systems Security Manager, CN-2210-5C Office: Chief Information Officer Vacancy Announcement 11-CFPB-165DH Announcement Closes: May 2011 Who May Apply: All U.S. Citizens Link: 11-CFPB-165DH 
Paralegal Specialist CN-0950-4B/5B Office: General Counsel Supervision Enforcement Vacancy Announcement 11-CFPB-175P Announcement Closes: May 2011 Who May Apply: Applications will accepted from U.S. citizens. Link: 11-CFPB-175P 
Paralegal Specialist CN-0950-4B/5B Office: General Counsel Supervision Enforcement Vacancy Announcement 11-CFPB-174 Announcement Closes: May 2011 Who May Apply: Candidates with permanent competitive service status, non-competitive eligibles, and
special appointment eligibles. Link: 11-CFPB-174 
Human Capital Support Assistant CN-303-3C Office: Chief Human Capital Office Vacancy Announcement #:11-CFPB-194 Announcement Closes: May 2011 Who May Apply: Candidates with permanent competitive service status, non-competitive eligibles, and special appointment eligibles Link:11-CFPB-194 
Human Capital Support Assistant CN-303-3C Office: Chief Human Capital Office Vacancy Announcement #:11-CFPB-195P Announcement Closes: May 2011 Who May Apply: Applications will accepted from U.S. citizens Link: 11-CFPB-195P Consumer Response Specialist CN-0301-5B/5C Office: Consumer Response Center Vacancy Announcement #:11-CFPB-182 Announcement Closes: May 16, 2011 Who May Apply: Candidates with permanent competitive service status, non-competitive eligibles, and special appointment eligibles Link: 11-CFPB-182 
Consumer Response Specialist CN-0301-5B/5C Office: Consumer Response Center Vacancy Announcement #:11-CFPB-183P Announcement Closes: May 16, 2011 Who May Apply: Applications will accepted from U.S. citizens Link: 11-CFPB-183P 
Dennis Slagter Chief Human Capital Officer Consumer Financial Protection Bureau 202-435-7143 (1801 St) 

This e-mail may contain Privacy Act/Sensitive Data, which intended only for the individual which itis addressed. may contain information that privileged, confidential, otherwise protected from disclosure under applicable laws. not disclose sensitive data others within outside CFPBunless they have legitimate need for the information based their official duties. you are unsure the appropriateness information disclosure, please contact the General Counsel the Privacy Teamfor guidance. 
From: Adeyemo, Adewale (Wally) (CFPB)  
To: Abney, Wilson (CFPB) ; Adeyemo, Adewale(Wally) (CFPB) ; Alag, Sartaj; Antonakes, Steve(CFPB) ; Antonellis, Sherry (CFPB) ; Assebab, Catherine (CFPB) ; Bach, Mary(Stacey)(CFPB) ; Basham, Stephanie(CFPB) ; Bateman, Jon; Bernstein, Ethan (CFPB) ; Betts, Kristina (CFPB) ; Black, Brad; Blanton, Mary ; Blenkinsopp, Alexander (CFPB) ; Blow, Marla (CFPB) ; Blumenthal, Pamela(CFPB) ; Boateng, W.(Kwadwo)(CFPB) ; Boenau, Susan(CFPB) ; Botelho, Michael (CFPB) ; Breslaw, April (CFPB) ; Brolin, John(CFPB) ; Brown, Allison(CFPB) ; Brown, Amy (CFPB); Brown, Charles (CFPB) ; Brown, Robert (CFPB) ; Brown,Trina (CFPB) ; Burniston, Tim (CFPB) ; Burton, Matthew (CFPB) ; Callan, Nicole(CFPB) ; Campbell, Michael(CFPB) ; Canfield, Anna(CFPB) ; Cantrell, Diane(CFPB) ; Chandler, Deidra (CFPB) ; Chanin, Leonard (CFPB) ; Chopra, Rohit(CFPB) ; Chow, Edwin (CFPB); Chuhaj, Yuri J; Cochran,Kelly (CFPB) ; Coleman, John(CFPB) ; Coney, Steven(CFPB) ; Cordray, Richard (CFPB) ; Coyle, Raymond (CFPB) ; Craft,Nadine (CFPB) ; Cronan, Russell (CFPB) ; Cronin, Katherine (CFPB) ; Cumpiano, Flavio (CFPB) ; D'Amico,Christina ; Darling, Eben(CFPB) ; Date, Rajeev(CFPB) ; Davidson, Terri ; Decker,Sharon (CFPB) ; Deutsch, Rebecca(CFPB) ; Dickman, Marilyn (CFPB) ; DiPalma, Nikki (CFPB) ; Dokko, Jane(CFPB) ; Donoghue, Kristen  (CFPB) ; Dorsey, Darian(CFPB) ; Duncan, Timothy(CFPB) ; Egerman, Mark (CFPB) ; Elliott, Brandace (CFPB) ; English, Jared (CFPB) ; English,Leandra (CFPB) ; Fay, Andrew(CFPB) ; Forrest, David (CFPB); Fravel, Wesley (CFPB) ; Frotman, Seth (CFPB) ; Fuchs, Meredith(CFPB) ; Galicki, Joshua(CFPB) ; Gao, Jane (CFPB); Geary, John (CFPB) ; Geldon, Daniel (CFPB) ; Gelfond, Rebecca(CFPB) ; Glaser, Elizabeth(CFPB) ; Goldfarb, Rachael(CFPB) ; Gonzalez,Roberto (CFPB) ; Gordon, Michael (CFPB) ; Gorski, Stephanie (CFPB) ; Gragan, David (CFPB); Granat, Rochelle; Gregorio, Laurie (CFPB) ;Grover, Eric (CFPB) ; Gupta, Neeraj (CFPB) ; Hammonds, Jamice (CFPB) ; Hancock, Gary(CFPB) ; Hannah, Stephen  (Rick)((CFPB) ; Harpe, Pam (CFPB); Hart, Maria (CFPB); Harvey, Imani(CFPB) ; Haynes-Gholar,Tywana (CFPB) ; Healey, Jean(CFPB) ; Herchen, Emily(CFPB) ; Herring, Maia ; Hillebrand, Gail (CFPB) ; Holmes,Cordelia (CFPB) ; Horan, Kathleen(CFPB) ; Horn, Richard (CFPB) ; Howard, Jennifer(CFPB) ; Hrdy, Alice(CFPB) ; Hupp, James (CFPB); Jackson, Monica (CFPB) ; Jackson, Peter (CFPB) ; Johnson,Christopher ; Keane, Micheal(CFPB) ; Kearney, Thomas; Kennedy, Leonard(CFPB) ; Kern, Shaun (CFPB) ; Kim, Lynn ; Klein, Heather (CFPB); Krafft, Nicholas(CFPB) ; Kunin, Noah (CFPB); Ladd, Christine ; Lauderdale, Steve (CFPB) ; Leary, Jesse(CFPB) ; Leiss, Wayne  (CFPB) ; Lepley, Richard(CFPB) ; Lev, Ori (CFPB); Lilly, Antona ; Logan, Amanda(CFPB) ; Lombardo,Christopher ;Lopez-Fernandini, Alejandra (CFPB) ; Lownds,Kevin (CFPB) ; Mann, Benjamin; Mann, Seth (CFPB); Markus, Kent; Marshall, Mira(CFPB) ; Martin, Alyssa (CFPB) ; Martinez, Adam (CFPB) ; Martinez, Zixta(CFPB) ; McCoy, Patricia(CFPB) ; McQueen, Suzanne(CFPB) ; Megee,Christine (CFPB) ; Mestre, Juan (CFPB); Meyer, Erie (CFPB); Michalosky, Martin(CFPB) ; Middlebrook, Jack (CFPB) ; Miller, Kimberly (CFPB) ; Morris, Lucy(CFPB) ; Mosena, Lea(CFPB) ; Munz, Daniel(CFPB) ; Nelson, Sheila ; Osborn,Meredith (CFPB) ; Patross, Whitney(CFPB) ; Pearl, Joanna (CFPB) ; Perry, Vanessa (CFPB) ; Petersen, Cara (CFPB) ; Petraeus, Holly(CFPB) ; Plunkett,Alexander (CFPB) ; Pluta,Scott (CFPB) ; Prince, Victor(CFPB) ; Proctor, Althea ; Puri, Angela(CFPB) ; Reeder, Garry (CFPB); Reese, Angelique (CFPB) ; Reilly, Deb (CFPB) ; Reilly, Elizabeth(CFPB) ; Rexroth, Mariana(CFPB) ; Riley, Jeffrey(CFPB) ; Royster, Felicia (CFPB) ; Ruihley, Joshua (CFPB) ; Sanford, Paul(CFPB) ; Scala, Courtney(CFPB) ; Scanlon, Thomas; Sealy, William (CFPB) ; Selden, Colgate(CFPB) ; Sena, Theresa(CFPB) ; Sensiba, Vicki(CFPB) ; Shue, Jeffrey (CFPB) ; Silberman, David (CFPB) ; Skinner,Cathaleen (CFPB) ; Slagter,Dennis (CFPB) ; Smith, Rorey(CFPB) ; Smullin, Rebecca (CFPB) ; Smyth, Nick (CFPB) ; Sobczak, Greg ; Sokolov, Dan; Stapleton, Claire (CFPB) ; Stark, Paula-Rose (CFPB) ; Starr, John (CFPB) ; Sterken, Nathan(CFPB) ; Stone, Bayard(Corey) (CFPB) ; Suess, Robert(CFPB) ; Taiwo, Ebunoluwa (CFPB) ; Tamberrino, Mary (CFPB) ; Taylor, Doug(CFPB) ; Tierney, Patrick(CFPB) ; Tingwald, James(CFPB) ; Trueblood, Andrew (CFPB) ; Tucker, Kevin (CFPB) ; Turenne, Jeannine(CFPB) ; Twohig, Peggy(CFPB) ; Vail, Amber (CFPB) ; Vale, Elizabeth (CFPB) ; Van Loo, Rory (CFPB); Vanderslice, Julie(CFPB) ; VanMeter,Stephen (CFPB) ; Vinton, Merici (CFPB) ; Wanderer, Agnes (CFPB) ; Wang, Shou(CFPB) ; West, Catherine(CFPB) ; Williams, Anya(CFPB) ; Williams, Kevin (CFPB) ; Witt, Michael (CFPB) ; Worthman, Katherine (CFPB) ; Young,Christopher ; Yuda, John (CFPB); Zapanta, Victor(CFPB)  
Cc: 
Bcc: 
Subject: CFPB Weekly Report 5/2 
Date: Mon May 2011 14:33:41 EDT 
Attachments: 

CFPB Weekly Report 

5/2/2011 

Overview 

Elizabeth Warren will travel Arkansas Thursday for meeting with local consumer advocates and
community bankers. She will also deliver lecture the middle class and the CFPB the William 
Clinton Presidential Center. The lecture open the public. 

The CFPB will launch its mortgage disclosure project  Know Before You Owe  online 
ConsumerFinance.gov. The CFPB will also release its second quarterly spending report online. 

Professor Warren will visit with members Congress Tuesday afternoon and Wednesday morning. Wednesday, Holly Petraeus will meet with Senator Lindsey Graham (R-SC) Capitol Hill.
Petraeus will travel North Carolina Friday visit Fort Bragg with Senator Kay Hagan (D-NC). 
They will hold availability with local media discuss the CFPBs Office Servicemember Affairs.
Petraeus will lead three separate events: roundtable will military service providers, town hall with 
junior enlisted servicemembers and their spouses, and separate town hall with senior enlisted
servicemembers and officers. Saturday, Petraeus will deliver the commencement address Methodist University Fayetteville,
NC. 

Policy 
Cards 
Last week, held quarterly update meetings with two the top credit card issuers. will conclude these meetings this week and put together quarterly industry update. will also begin conversations this week with several issuers around steps simplify credit card agreements. met with the Center for Financial Services Innovation and will meeting next week with Green Dot obtain additional information prepaid card usage patterns. will also meet with Ace Cash Express, one the largest distributors prepaid cards. have completed round mystery shopping and are working options memo. 
Mortgages 
The TILA/RESPA team launching the outreach campaign and completing the design and content forthe first prototype consolidated disclosure forms into testing. The Mortgage Markets team began planning research event access credit, researched data needs, and began designing aresponse capability for distressed mortgage borrowers who contact consumer response. Additionally, Mortgage Markets staff met with representatives from the HAMP program, Consumer Bankers ofAmerica, and the American Enterprise Institute. 
Other Policy Developments the field deposits, met with the two largest depository institutions and are meeting this week with one the large regional banks continue research this market. 
The CFPB signed information-sharing MOU with the Federal Financial Institutions ExaminationCouncil (FFIEC) April 22. 
This week, will complete primer the remittances market conjunction with visit WesternUnions CEO. will visited this week Equifaxs senior vice president government relations. 
This week, Vantage Score will present results its recent study credit card line reductions that took place during 2009 and their impact consumers credit scores and defaults. 
This week, have calls scheduled with regulators two states  West Virginia and Texas  that have implemented disclosure requirements for international remittances, learn about the costs andbenefits these disclosures and how they are enforced. 
This week, will make our first official requests state regulators for information about theirsupervision certain non-depository institutions. 
Corey Stone and Rohit Chopra will meet with Deputy Assistant Secretary Education MichaelBergeron and staff the Office Postsecondary Policy discuss the student loan marketplace. will also meet with staff overseeing the National Student Loan Data System, the central database theFederal student loan program. 
The Enforcement team continues plan for e-discovery and other systems that will support its work.Last week, the team received demonstrations several case management systems. 
Outreach 
This week, Elizabeth Warren and Elizabeth Vale are meeting with community bankers from Arkansas, Illinois, Connecticut, Georgia, Oklahoma, Tennessee, Texas, Minnesota, New York, and theIndependent Community Bankers Association. Warren will speak with the Credit Union National Association. Tuesday, Professor Warren will sit for interview with Ylan Mui the Washington Post. She will also meet with Congressman Waxman and Quigley. Thursday, CFPB staff will hold meeting with the Consumer Federation American payday lending and prepaid cards. Also Thursday, Rich Cordray will participate Chamber CommerceRoundtable with FTC Bureau Director David Vladeck discuss enforcement coordination between the two agencies. These meetings are closed the press. 
Jean Ann Fox from the Consumer Federation America will brief CFPB personnel internet paydaylending. 
Management The CFPB received FOIA request regarding information related Ron Howards video promotion. 
The contract for our consumer response bridge solution has been awarded Buan Consulting. 
Procurement will issue solicitation for regional office space. hope transmit fourth transfer request the Fed for funding through September 30, 2011. also aim launch internal staff directory soon. 
Professor Warren Week Ahead Monday, May 2011 Meeting Arkansas Bankers Meeting Independent Community Bankers Asso (ICBA) Meeting Illinois Bankers DSilberman Meeting PNC DSilberman Call Green Dot 
Tuesday, May 2011 Call CUNA NAFCU Meeting Georgia Bankers ICBA Reception 
Wednesday, May 2011 Little Rock, Arkansas Meeting Consumer/Civil Rights groups Little Rock, RDate Remarks Morgan Stanley Services Conference 
HPetraeus Meeting CUNA 
EVale Meeting Bankers Asso 

Thursday, May 2011 Little Rock, Meeting Community Bankers Remarks William Clinton School the University Arkansas. Open Press. Meeting Independent Bankers Asso Texas (IBAT) 
RCordray Meeting Chamber Commerce 
CStone GHillebrand attending Consumer Data Industry Asso Briefing 
Credit Reporting Accuracy 
PTwohig Meeting Consumer Federation America (CFA) 
DSilberman Meeting CFA 
CStone Meeting Equifax Meeting Community Bankers 

Friday, May 2011 Calls Community Bankers 

LAST WEEK: 
Events Meetings External Groups Apr 25-29, 2011 

Monday, April 25, 2011 DSilberman Meeting NetSpend 

Tuesday, April 26, 2001 
DSilberman Quarterly Update Chase 
CWest Meeting Bank CEOs 

EVale Meeting 100 community bankers Connecticut Banking Commissioner Hartford, 
Wednesday, April 27, 2011 MBlow Meeting Center for Financial Services Innovation GHillebrand Meeting AARP ZQM Quarterly Meeting Interagency Community Affairs PTwohig Meeting Consumer Financial Services Association PMcCoy Meeting Consumer Bankers Asso PMcCoy Meeting American Enterprise Institute EVale RChopra Meeting Credit Union Student Choice EVale Meeting former ABA President Yingling 
Thursday, April 28, 2011 keynote AFL-CIO Lawyers Conference Meeting Community Bankers DSilberman Meeting Wells Fargo DSilberman EVale Meeting Citibank 
Friday, April 29, 2011 Meeting Americans for Financial Reform DSilberman Quarterly Meeting Bank America North Carolina HPetraeus Meeting Military Advocacy groups GHillebrand Meeting The San Francisco Foundation 
From: Glaser, Elizabeth (CFPB)  
To: Lownds, Kevin (CFPB)  
Cc: 
Bcc: 
Subject: FW: Draft Rules 
Date: Mon May 2011 13:53:22 EDT 
Attachments: Draft Rules.doc 
From: Deutsch, Rebecca (CFPB) 
Sent: Monday, May 02, 2011 10:00
To: Scanlon, Thomas; Glaser, Elizabeth (CFPB); Mosena, Lea (CFPB); Kitt, Brett (CFPB)
Cc: Osborn, Meredith (CFPB) 
Subject: Draft Rules 

Attached revised draft the list rules that circulated Friday connection with the section 
1063(i) project. 

Rebecca 

From: Blenkinsopp, Alexander (CFPB)  
To: _DL_CFPB_AllHands  
Cc: Adamske, Steven ; Moore, Megan; Hunt, AnitaMaria ; Wallace, Kim ; Wolin, Neal ; Warren, Elizabeth (CFPB); Fitzpayne,Alastair ; LeCompte, Jenni; Murray, Colleen ; Coloretti, Nani  
Bcc: 
Subject: CFPB Press Clips 5/2 
Date: Mon May 2011 10:47:05 EDT 
Attachments: 
Press Clips 5/2/2011 
Index 
Click publication title find its location this e-mail. Click article title its source website. 
Consumer Financial Protection Bureau 
  USA Today  Our view: Dont defang new consumer protection bureau  
  USA Today  Opposing view: Stop excessive regulation  
  Dow Jones Newswires  Spending Consumer Watchdog Agency The Rise  

  Politico Morning Money  First Look: Bachus CFPB  
  Wall Street Journal (blog)  Will Federal Consumer Bureau Ride the Rescue Class Actions?  
  Fayeteville Observer (North Carolina)  The Other Petraeus  
  Reuters Breakingviews  Crippled class suits may put new watchdog test  
  Housing Wire  Three months away from opening, CFPB releases expenditures  
  American Banker  Washington People: Baring Her Fangs  
  Washington Observer-Reporter (Pennsylvania)  Lobbyists vs. consumers  
  Louisville Courier-Journal (blog)  FDIC publishes charges against Republic Bank  
  Arkansas Times (blog)  Elizabeth Warren  
  Wall Street Journal (blog)  Live Blog: The Berkshire Hathaway Annual Meeting  

Consumer Credit 
 The Morning Call (Allentown, Pennsylvania)  credit card debt protection worth it? 

Housing 
 Washington Post  Mortgage clearinghouse taps new chief executive 
 Los Angeles Times  Elder homeowners might want consider reverse mortgage alternatives 
 Reuters  Post-crash, mortgages scarce for minorities: study 
 Birmingham News (Alabama)  Alabama Attorney General Luther Strange opposes proposed 

national settlement with mortgage servicers 

USA Today Dont defang new consumer protection bureau May 2011 Editorial Washington, when you can't kill idea you hate, you can always back and maim it. 
That's what's happening this week Congress, House Republicans move defang, declaw and deenergize new agency created last year  over their unanimous opposition  protect consumers. 
For decades before the creation the Consumer Financial Protection Bureau, consumers were the orphans federal regime set regulate financial institutions. Anyone with credit card mightremember the consequences. 
Banks were allowed raise credit card interest rates existing balances any time for any reason.Regulators did nothing stop until 2008. Charging sky-high fees when consumer missed payment deadline even few minutes? Also fine with regulators. Explaining the rules language soincomprehensible that financial wizard would hard-pressed figure them out? Ditto. 
The full list much longer, including major contribution the ruinous financial crisis 2008, whichwas triggered outrageous mortgage lending practices that never should have been permitted. You might remember the lenders' commercials: income? assets? problem. splintered collection regulators just stood and watched. 
The Office the Comptroller the Currency, charged with regulating commercial banks, was more acheerleader than regulator, impeding state efforts crack down predatory lending. The Federal Reserve, with some power over mortgage lending, didn't move against abusive practices until 2007, fartoo late. Others were just blind. 
Finally last year, amidst the resulting carnage, Congress created the consumer bureau. understandwhat feat that was, consider the campaign contributions that commercial banks lavished members the House Financial Services Committee, the gatekeeper for banking laws. Committee members Republicans and Democrats  received $2.5 million from banks the last election cycle. Among thetop recipients were then-chairman Barney Frank, D-Mass., who championed the new bureau, and the current chairman, Spencer Bachus, R-Ala., who pushing measure weaken trading itsdirector for five-member commission. 
The bureau was the brainchild Harvard law professor Elizabeth Warren, who wrote 2007 thatconsumers got better federal protection when they bought toaster than when they took out mortgage. Now, adviser the Treasury secretary, she setting the bureau for its July 21opening. Republicans who gained control the House this year are pushing changes rein whatthey claim are unprecedented powers. But that's just spin. 
The 2010 law already places unprecedented check the bureau. 10-member council financial regulators can veto many bureau actions two-thirds vote  power not granted over any otherfinancial regulator. Republicans, who will vote committee the changes Wednesday, want tostrengthen that veto power much that single council member could delay and threaten just about any bureau action  turning the bureau into expensive, ineffective pawn the lenders would oversee. The Daily Show with Jon Stewart last week, Warren likened the proposed changes knife theribs." 
It's apt description, one Republicans should think about before weakening the first real financialwatchdog consumers have ever had. 
Back Top 
USA Today 
Opposing view: Stop excessive regulation 
May 2011 Shelley Moore Capito the aftermath every crisis there are lessons learned. The recent financial collapse noexception. hindsight, there were glaring regulatory gaps many areas finance, including consumer protection. can all agree that regulators, financial institutions and consumers should worktogether toward the shared goal better transparency and ease understanding for financial products such mortgages and credit cards. 
Simply creating another expensive federal bureaucracy will not itself protect consumers. the Consumer Financial Protection Bureau (CFPB) takes shape, strong oversight essential ensure thatthe rules are effective and efficient that consumers are never again left out dry. members ofCongress, have duty put regulatory structure place that protects our constituents from unscrupulous actors; however, also have duty protect them from unchecked, unelected bureaucrats. 
This week, the House Subcommittee Financial Institutions and Consumer Credit, which chair, will examine common-sense bills that seek promote effective and efficient transparency the CFPB. The first bill would replace the director the bureau with five-person commission. think this amore balanced approach and follows the standard structure for other product regulators, such the Consumer Product Safety Commission. The second bill would strengthen the review authority theFinancial Stability Oversight Council make possible overturn bad rule; currently the Dodd-Frank Act, which created the new bureau, makes this process virtually impossible. We'll also take look mysuggestion make sure the CFPB has director place  confirmed the Senate  before it'sofficially set July. 
Some may say these improvements are making the CFPB weak and ineffective. 
The truth that yes, many members Congress  and many Americans  cringe the idea ofunelected bureaucrats Washington overseeing personal financial decisions. Frankly, they're tired ofWashington creating another agency instead holding existing ones accountable. But the CFPB here stay, it's job chairman make sure the bureau accountable the American people. 
Shelley Moore Capito, R-W.Va., chairs the House Subcommittee Financial Institutions and Consumer Credit. 
Back Top 
Dow Jones Newswires 
Spending Consumer Watchdog Agency The Rise 
April 29, 2011 Maya Jackson Randall the new U.S. consumer watchdog agency ramps up, does its spending. During the first three months this year, the Consumer Financial Protection Bureau spent $36 million, twice much the previous quarter. 
According the bureau's updates, the consumer agency has spent $54 million the current 2011fiscal year, which started October 2010. That's less than half the $143 million the fledgling agency estimates will need this fiscal year. 
Still, the bureau's spending set grow. The agency has not yet officially opened its doors apowerful new financial markets cop with authority over giant banks and thousands other firms. Thebureau, central plank the Dodd-Frank financial overhaul Congress passed last summer, won't officially gain authority help root out abusive financial products until July 21. 
"It anticipated that CFPB spending will increase future quarters the agency grows," says the agency's latest spending notice, which was posted the bureau website Friday afternoon. The budgetplan President Barack Obama unveiled February estimates the Consumer Financial Protection Bureau will need $329 million fiscal year 2012 the bureau writes and enforces consumerprotection rules and addresses consumer complaints. 
Meanwhile, the bureau has faced difficult start Washington, with the agency's finances underintense scrutiny. U.S. House Republicans, who argue that the bureau will have too much power overfinancial products, have already taken aim the bureau's start-up funding levels. Earlier this year, Republican critics proposed slash the bureau's fiscal year 2011 funding 40%, more than $80million. 
However, the bureau's funding levels emerged unscathed the last-minute spending agreementcongressional lawmakers struck April avert shutdown the federal government. 
The bureau's spending update reveals how much the bureau has spent and how much the bureau hasrequested from the Federal Reserve. 
According the notice, the consumer agency last month requested its largest allotment from the Fed:$27.93 million. The bureau independent agency but receives its funding from the Fed's excess earnings instead through the often-contentious congressional appropriations process. 
The bureau says the funds are going toward staffing, information technology and other services needed get the bureau going. The largest expenditures this year "were for staff detailed from andadministrative services provided other federal agencies, including the Department the Treasury," the agency said the notice. And the largest obligation "was contract award for human resourcessupport," added. 
Specifically, the bureau spent $36 million between Jan. and March 31, which double the $18 millionit spent during last year's October-to-December quarter. 
Overall, the bureau has requested three funding transfers from the Federal Reserve, totaling $60.7million. requested $18.4 million August; $14.37 million December; and $27.93 million March. 
Back Top 
Politico Morning Money 
First Look: Bachus CFPB 
May 2011 Ben White 
. 
From remarks scheduled delivered this morning House Financial Services CommitteeChairman Spencer Bachus before the Independent Community Bankers America. Bachus hasintroduced bill change the CFPB leadership structure governed bipartisan commission rather than single director: [S]ome Washington have reacted this idea though Im attackingmotherhood and apple pie. You would think the idea having bipartisan commission govern independent agency was simply unheard of. ... Actually, what virtually unheard have anindependent agency governed one single director. ... 
Almost all independent agencies including those responsible for consumer protection are governedby commission rather than single person. ... its hardly radical concept propose having acommission run the CFPB. fact, its something that Democrats and Republicans the House voted for last year when regulatory reform was being debated. was later dropped conference, but untilthen this idea had strong, bipartisan support. commission rather than single director would also minimize the risk having captive regulator. much easier for special interest group captureone person than five. 
. 
Back Top 
Wall Street Journal (Law Blog) 
Will Federal Consumer Bureau Ride the Rescue Class Actions? 
April 29, 2011 Nathan Koppel 
After the Supreme Court Wednesday dealt body blow consumer class actions, all eyes have turned former Harvard Law professor Elizabeth Warren. recap, the Supreme Court ATT Concepcion ruled that federal law trumps state law allowing companies use arbitration clauses that prohibit customers from joining class actions against thecompanies. 
Class-action bans are already pretty common certain industries, such consumer credit and cellphones, and they are about become much more common, lawyers say. 
But Warren, the head the new Bureau Consumer Financial Protection, has the power potentiallylimit the scope the Supreme Courts ATT ruling, Reuters reports. 
The Dodd-Frank law gives Warrens consumer agency the power regulate arbitration consumerfinancial-services contracts, including agreements governing credit cards and bank accounts, and the agency could conclude that class-action bans are harmful consumers, according Reuters. 
Alan Kaplinsky, partner Ballard Spahr, told the Law Blog that advising clients start crafting class-action waivers now and not wait around see whether Warrens group restricts the use arbitration clauses. It will take several years before the new bureau gets around the issue, said. They have much else their plate. 
San Francisco consumer rights lawyer Cliff Palefsky agrees that any remedy from Warrens group way down the line, told the Law Blog. 
The only near-term remedy for consumers, says, legislation restricting unfair arbitration clauses.Congress, for example, says, has already prohibited mandatory arbitration Sarbanes Oxleyclaims. 
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Fayeteville Observer (North Carolina) 
The Other Petraeus 
May 2011 
WASHINGTON letter from Holly Petraeus put America's biggest banks notice. 
JPMorgan Chase had just refunded $2.4 million military families along with apology for overcharging thousands them for home mortgages and even foreclosing 14. Other banks shouldmake sure their employees understand military legal protections, Petraeus wrote, just month the job leading the Office Servicemember Affairs the Department the Treasury. 
And suddenly, the Army wife and mother discovered that her husband wasn't the only Petraeus the national spotlight. Gen. David Petraeus faces dangerous spring Afghanistan, Mrs. Petraeuswages battle back home. She has worked quietly for years protecting military families from financialscams, but recession, banking crisis and housing meltdown put finance the front page and her new federal watchdog agency. 
This month, Petraeus will hold roundtable talk with Fort Bragg families, day before she gives thecommencement address spring graduates Methodist University. will homecoming sorts,one she never imagined. 
The instantly recognizable double A's the 82nd Airborne Division have prominent place the corner Holly Petraeus' desk. Military coins fraction her husband's collection, she says) areneatly lined front family photos that just happen include two U.S. presidents. The coins andan engraved nameplate with her full name, Hollister Petraeus, are among the office's few personal touches. 
She waging the war protect military families from financial fraud temporary digs. The Consumer Financial Protection Bureau won't become official federal agency until July so, for now, the Office ofServicemember Affairs generic space couple blocks from its mother office within the Department Treasury, but far removed from the political firestorm that surrounds its very existence.President Obama tapped professor Elizabeth Warren lead the bureau last fall, sidestepping Senateconfirmation and setting off complaints that would stymie business. 
Warren then turned other leaders, including Holly Petraeus, who the time was running MilitaryLine, educational program the Council Better Business Bureaus that helps military personnel with sensible financial management and warns them about scams. 
Petraeus jokes that she landed both jobs without even realizing she was being interviewed. For years, she watched out for the financial well-being servicemembers without fanfare pay. was somethingof surprise, then, when she found herself working mother and wife balancing job with the worry husband and later, son deployed overseas. 
When Holly Petraeus says her husband has been deployed "forever," it's not much exaggeration roughly six out the past years. She has known other life than military life. Married general,she also grew the only daughter general. 
"Being military family member equals being resilient person," she says. Petraeus says careermakes easier handle the constant deployments her husband juggled duties first Iraq and now Afghanistan. 
She finds herself tracing familiar steps, visiting military installations around the country, about one per month. When she tells military families that she understands their problems, she speaks from personalexperience. 
It's the same message she will relay Fort Bragg, place that she remembers with fondness. 
"One memory going parade the parade field, seeing pack kids playing the distance and realizing one them mine," she said and laughed. "And I'm sending silent messages, 'Stay away. Donot come any closer.' 
"Growing the Army, it's kind unbroken chain. was great that children got experiencelife the Army." 
The family was stationed Fort Bragg Sept. 11, 2001. Gen. Petraeus, former chief staff FortBragg and the 18th Airborne Corps, was Bosnia the time. Their son was freshman Terry Sanford High School. 
"It was significant time there and see our country change," she said. "Certainly don't think anyone could have written the script for what happened the almost years since then. knew itwas very significant event for our country and, for the military, the consequences were going follow, and they did." 
Her husband, course, would become household name the general largely credited for turning around the Iraq war and more recently taking charge the campaign Afghanistan. 
The couple met the U.S. Military Academy West Point, where David Petraeus was cadet and young Holly Knowlton was the daughter Gen. William Knowlton, World War and Vietnamveteran who served West Point superintendent. They now have two grown children, Stephen, second lieutenant with the 173rd Airborne Brigade Combat Team, and daughter, Anne. their 36years married life, the Petraeuses have moved times. Add the years spent growing theArmy, and Holly Petraeus estimates that she has moved least different times. you think that being married arguably the most famous general America right now means shedoesn't have make long-distance move her own, think again. She moved herself from Florida Virginia when her husband deployed Afghanistan. And when her son served there too last year, shereceived news his unit through "virtual" Family Readiness Group just like thousands other military moms. 
Financial stresses 
Like many young military couples, the Petraeuses made some questionable financial choices theirown the early days. They splurged fancy but temperamental sports car and plunked down deposit money Georgia apartment sight unseen. 
But that's nothing compared the horror stories Holly Petraeus has heard while the job. Thanks togovernment checks that arrive like clockwork, she says, servicemembers have become easy marks forunscrupulous lenders. The issue has become top importance the Pentagon. With two ongoing wars, the military can little afford have troops anxious about the financial well-being familymembers back home. fact, hundreds servicemembers have their essential security clearances revoked each year due tofinancial problems. Department Defense survey found that servicemembers consider their finances the second largest source stress their lives, behind career concerns but ahead ofdeployments, health, family and war. survey found that nearly one-third military families had least $10,000 credit card debt compared percent for the civilian population. And nearly three-fourths financial counselors and attorneys said they have sometime the last six months counseledmembers the armed forces who had fallen victim abusive discriminatory auto lending. 
But was the housing meltdown that finally brought things head. Last summer, Congress passedthe Dodd-Frank Wall Street Reform and Consumer Protection Act, which established the Consumer Financial Protection Bureau, including the Office Servicemembers Affairs. The Dodd-Frank Actauthorizes the OSA work with the Pentagon see that military personnel and their families receive strong financial education, monitor their complaints about consumer financial products and services and responses those complaints and coordinate efforts federal and state agencies improveconsumer financial protection measures for military families. 
Part that enforcing law that has been the books well before the housing meltdown. Congresspassed the Servicemembers Civil Relief Act 2003, protecting military personnel from foreclosure and capping credit card interest rates for active-duty servicemembers. Yet least servicemembers haverecently lost their homes foreclosure. 
Petraeus has received plenty backup from the Pentagon. "The Department Defense fully believesthat personal financial readiness our troops and families equates mission readiness," wrote Clifford Stanley, undersecretary Defense for Personnel and Readiness, support the fledgling bureau. 
But some members Congress say the bureau will curb innovation and kill jobs. They have proposed repeal the entire financial bill, cut the bureau's budget curb its power other ways. 
But hasn't held back Holly Petraeus. "What's that old phrase, how you eat elephant, one bite time? think everybody's kind operating under that." 
Back Top Reuters Breakingviews 
Crippled class suits may put new watchdog test 
April 29, 2011 Reynolds Holding 
It's joyful spring corporate America thanks the U.S. Supreme Court. has ruled that companiescan stop customers employees from banding together sue. But directors celebrate, consumeradvocates and trial lawyers are mobilizing overturn the decision. One their best hopes ally may Elizabeth Warren's new Bureau Consumer Financial Protection. 
The decision came challenge ATT's requirement that cellphone customers resolve claims oneby-one private arbitration. Lower courts struck down the class-action ban, but the high court reversed,saying federal law favors arbitrations over litigation and class actions make them too costly and slow. 
The upshot that companies can not only prevent beefs against them from going court, they canalso keep plaintiffs from uniting large groups. The decision blow consumers and employees -and might one day affect shareholders. Owners publicly traded companies don't enter into contractswith them, there's obvious way bind the investors arbitration clause, much less stop their pervasive class-action suits. 
Some companies have tried, putting such clauses their bylaws articles incorporation, contending those documents govern the relationship with shareholders. The approach might haveworked had the U.S. Securities and Exchange Commission not vetoed 1990 against publicpolicy. New commissioners might one day conclude differently. 
The ruling should nevertheless save businesses from defending lawsuits with hundreds plaintiffsseeking millions dollars. But efforts are already under way find way reverse the Supremes. Congress with Republican-dominated House unlikely back those efforts. But Warren's newagency might help. 
Dodd-Frank gives the watchdog power regulate arbitration consumer financial-services contracts. only oversees credit cards, bank accounts and the like, but the bureau banned anti-class-actionclauses harmful to, say, bank customers, might strengthen the case against such clauses other areas. course, Warren already has full plate. But she has been bulldog challenging corporate power. seems inevitable that lobbyists will soon test the former Harvard law professor's consumer bonafides and the powers her fledgling bureau. 
CONTEXT NEWS The Supreme Court ruled April that companies can prohibit customers from pursuing class actions private arbitrations over claims consumer fraud. The 5-4 decision means that businesses can, effect, avoid class-action lawsuits requiring employees, customers other businesses resolve their disputes arbitration rather than court, andto bring their claims individually. The ruling continues long line decisions the court favoring private arbitration faster, moreefficient and less costly process than lawsuits. 
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Housing Wire 
Three months away from opening, CFPB releases expenditures 
April 29, 2011 Jon Prior 
The still forming Consumer Financial Protection Bureau listed $36 million expenditures March 31, the agency said Friday. 
The Dodd-Frank Act stipulates the CFPB built and ready July 21. The agency will become thede facto federal regulator for the entire mortgage market, from origination through servicing. While the agency continues add its staff, there still director nomination for one from the White House. the meantime, Elizabeth Warren serving the special adviser the Treasury, and charge oforganizing the agency. The CFPB has spent two quarters development. 
According the agency, the spending far consists $13 million outlays and $23 million grossobligations. 
Most the spending was for building staff and administrative services provided other federalagencies, including the Treasury. The largest expenditure during its second quarter development wasa million contract for human resources support. 
According Dodd-Frank, the Fed will supply 10% its expenses the formation the CFPB throughthe first year. That goes 11% the second year and 12% every year after, roughly $500 million. that's not enough, the Fed can Congress for additional $200 million. 
The CFPB received three funding transfers totaling $60.7 million from the Fed far. They stem from initial request for $18 million August 2010 and another $14.3 million December. The agencyrequested another $27.9 million March 2010. 
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American Banker Washington People: Baring Her Fangs May 2011 Kate Davidson and Cheyenne Hopkins 
Elizabeth Warren ready rumble. 
Appearing "The Daily Show" last week, the facto head the Consumer Financial Protection Bureau railed against legislation delay, defund "defang" the new agency. 
The show's host, Jon Stewart called "Round Two," but Warren's description evoked brawl straight out "West Side Story." 
"The fight isn't over," Warren said. "The fight moved from Main Street the dark alleys. Now the game is, let's just see can stick knife the ribs this consumer agency." 
Republicans have introduced four bills that would, among other things, replace the CFPB director with five-member board, give other regulators more power overrule the consumer bureau and delayimplementation its powers until Senate-confirmed leader place. 
Republicans have also said that the bureau should have through the appropriations process. Buteven banks have easier time getting their hands government money, Stewart joked. the top the show, lampooned measure that would require World Trade Center survivors toprove they're not the terrorist watch list before receiving federal health benefits under the 9/11 First Responders law. 
"You want billions bank bailout money? You get that without having cross-checked against the terrorist watch list," said. "The only thing they want know that case did you start the financialmeltdown the first place, because you did, here's your [expletive] money." 
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Back Top Washington Observer-Reporter (Pennsylvania) 
Lobbyists vs. consumers 
May 2011 
Editorial 
When Congress gets back into session this month, will taking legislation "improve" the new Consumer Financial Protection Bureau. The bureau's purpose protect consumers from beingcheated credit-card companies, banks and other lenders. 
Elizabeth Warren, the economist whom President Obama chose put the bureau together, wantsmortgages and loan and credit-card agreements simple documents plain English that can easily understood, that consumers know the terms and how much their payments will be. You mayrecall that the economic bomb crater we've been attempting climb out was caused deceptive lending practices. handful bills have been introduced strip the bureau its power and funding. 1121 intended prevent Warren from becoming director the bureau replacing the director's positionwith five-member commission. 1315 the Duffy Bill would diminish the bureau's authority tomake rules and regulations the lending industry. 
Among the lobbyists pushing this legislation the U.S. Chamber Commerce. Apparently, the chamber favors the right lenders confuse and deceive consumers, least not have dealwith pesky regulations. 
Odd, that the chamber would defend businesses attacking their customers. 
Back Top Louisville Courier-Journal (Derby City Cents blog) 
FDIC publishes charges against Republic Bank 
April 29, 2011 Chris Otts 
The Federal Deposit Insurance Corp. has published its Feb. notice laying out the case against loans made Louisville-based Republic Bank consumers based their anticipated tax refunds. 
Though the FDIC just posting the charges its website today, they have been the subject federal lawsuit filed Republic Feb. 28: Republic lawsuit FDIC 
The FDIC alleges Republics "refund anticipation loans"  836,835 loans for total more than billion during the 2010 tax season  are too risky now that the Internal Revenue Service longerallows third parties like Republic check taxpayers record sure she doesnt owe taxes  vital underwriting tool." 
Republic disagrees and says the FDIC doesnt have the authority push out the business. was against this backdrop that Republic CEO Steve Trager challenged Harvard professor ElizabethWarren, architect the new U.S. Consumer Financial Protection Bureau, Louisville event last month about whether banks will have "objective" forum which challenge rules made the new consumer agency. 
Ultimately, Warren conceded that they would not, though she said rules made the new agency couldbe over-ruled consensus other regulators like FDIC. 
Heres link full story about that. 
Back Top Arkansas Times (Arkansas Blog) Elizabeth Warren April 29, 2011 Max Brantley 
. favorite member the Obama administration coming town May speak the Clinton School. She deserves bigger room and hope response merits it. The consumer financial protectionchief smart, righteous and tough. Reserve your seats emailing publicprograms@clintonschool.uasys.edu, calling 501-683-5239. 
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Wall Street Journal (Deal Journal blog) Live Blog: The Berkshire Hathaway Annual Meeting April 30, 2011 
The Berkshire Hathaway annual meeting, known the Woodstock for capitalists, convenes today justone month after the surprise resignation David Sokol, one Warren Buffetts top lieutenants. 
Nearly 40,000 people are expected pack into the Omaha, Neb., Qwest Center hear Buffett and investing partner Charlie Munger talk about Sokol, the economy, the health Berkshire Hathaway and everything else under the sun. People have flown from far away Australia take the wordsof the Oracle Omaha. 
. 
"In God Trust" false advertising: 
Question about why Buffett doesnt own more gold other commodities that have soared value recently. says wants own assets that are valued based what can produce, not assetswhere rising prices create their own excitement.Over time, that has not been the way get rich. explain, Buffett actually breaks out his wallet youre watching historic event, Buffett quips  Imight point out that this one dollar bill. 
Buffett point out the bill says, In God Trust the back but thats really false advertising. IfElizabeth Warren, the head the federal consumer protection bureau, were here, Buffett said, Shedsay, in government trust. God isnt going anything about that dollar bill the government does the wrong thing. 
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Washington Post 
Mortgage clearinghouse taps new chief executive 
April 29, 2011 Dina ElBoghdady former Citigroup executive has been tapped head Reston-based Merscorp, the parent company the firm that maintains electronic mortgage clearinghouse embroiled series lawsuits involvingthe documentation foreclosures. 
Bill Beckmann joins president and chief executive the company and its subsidiary  MortgageElectronic Registrations Systems Inc.  effective immediately, company spokeswoman said. 
Beckmann replaces R.K. Arnold, the longtime MERS official who retired January. Paul Bognanno, thecompanys interim chief, organized the search that ultimately led Beckmanns hiring and will play consulting role during the transition. statement released Friday, Merscorp touted Beckmanns mortgage industry expertise. Beckmann spent more than two decades Citigroup and served chairman and chief executive CitiMortgagebefore leaving the company 2008. More recently, ran his own consulting firm.  
Beckmann joins operation thats become integral the mortgage industrys operations but alightning rod for critics, who say that gaps and errors its private electronic database have spurred thenations mortgage mess. 
That database, created the mid-1990s, registry million mortgages percent thenations residential loans. enables brokers bundle mortgages sell investors without having deal with the slow process moving documents through county courthouses. addition tracking the transfer mortgages, MERS also serves proxy for mortgage owners inthe foreclosure process. its statement, the company made mention its legal headaches. But Merscorp chairman KurtPfotenhauer said Beckmanns knowledge and experience will instrumental continue toimplement initiatives strengthen and improve the MERS brand. 
Beckmann said hes excited part firm that provides unique and vital service the nationshousing finance system. 
During his time CitiMortgage, Beckmann oversaw strategy, sales, operations, capital markets andregulatory issues. the time, the company had million residential mortgage customers. 
Beckmann holds M.S. management from the Stanford Sloan Program and bachelors mathematical economics from Brown University. 
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Los Angeles Times 
Elder homeowners might want consider reverse mortgage alternatives 
May 2011 Lew Sichelman 
Reverse mortgages may very well good choice for some seniors who need tap into equity they have their homes. But there are other options elder owners might also want consider. 
For example, some state and local governments offer less costly version reverse mortgage called deferred payment loan (DPL). Generally, there are origination fees and insurance premiums, andclosing costs, any, are very low. 
The interest rate DPLs low well, interest charged all. When is, it's often fixedbasis, meaning that the rate never changes. Better yet, many programs charge simple rather than compound interest, interest isn't charged interest. Some even forgive part the entire loan theowner remains the house for specified period time. 
King County, Wash., offers loans $25,000 zero interest. payments are required, and theloan needn't paid back until the house sold, transferred new owner longer yourprimary residence. Bloomington, Minn., offers loans $35,000 year, but with payments until the place sold, refinanced conveyed someone else. 
Typically, seniors can use deferred payment loans only make specific types repairs home improvements such roofing and heating. But many will cover accessibility modifications such ramps, rails and grab bars, and energy-efficiency improvements such storm windows, insulation and weatherstripping. 
DPLs aren't available everywhere, and eligibility rules vary. Most are limited homeowners with low moderate incomes. And many place limit the home's value and are confined certain areas.Some have minimum-age disability requirement. 
Deferred payment loans many different names, they may difficult find. Contact your cityor county housing department, area agency county office aging, the nearest community action community development agency. Also try your state housing finance agency. 
Another public sector version the reverse mortgage known property tax deferral (PTD) loan. Generally, provides annual advances that can used only pay your property taxes portionthereof. But repayment required for long you live the house. some places, property tax deferral loans are offered uniform, statewide basis. But manyothers, they are available only some areas, and they vary from area area. Eligibility rules also sometimes differ from place place, but most programs have minimum-age requirement andare limited owners with low moderate incomes. Cook County, Ill., the income limit $50,000, and you must have lived the house for least threeyears. Wisconsin, the income limit $20,000, but the residency requirement just six months. find out your state offers PTDs, contact the agency which you pay taxes. 
Seniors also may eligible for monthly Supplemental Security Income (SSI) benefits their liquid resources (cash and savings) are less than $3,000 for couple $2,000 for individual. 
Your home and car not count resources under SSI, but your monthly unearned income cannot exceed $924 for couple $623 for individual. Income limits are higher you earn income from ajob live state that supplements SSI. you qualify for Supplemental Security Income, you might automatically qualify for other public benefitsthat may allow you postpone the need for reverse mortgage. That way, you take out reverse loan later, you may able receive larger advances because you will older and the value yourhouse may have increased. 
Also, waiting, interest charges will eat less your home's equity. the same time, though, youcould jeopardize your public benefits getting more cash than you need from reverse mortgage because money checking savings account the end month counted asset. 
The National Council Aging sponsors website http://www.benefitscheckup.org that will locate public benefits programs that may pay for some your prescription drugs, healthcare, utilities andother essentials. The one-stop site also explains how apply for the more than 1,150 programs available all states and the District Columbia. you don't qualify for reverse mortgage, the proceeds aren't enough for you live on, here are some other housing options you might want consider: 
 Accessory apartments. Many elderly owners bought homes years ago when they needed space raise young families. Now, even though their houses are too big and too costly, they don't want tomove. But turning section floor into apartment, they can bring extra money, gaincompanionship get help with household chores. 
Sometimes known "in-law suites," accessory apartments are separate, private living quarterscontained within larger home. They contain least mini-kitchen and bathroom, and sometimes have their own private entry. 
The feasibility such arrangement often depends the cost modifying your house. 

 ECHO cottages. arm's-length version accessory apartments, elder cottage housing opportunities are small, separate units added the side backyard single-family house owned your adultchild perhaps another loved one. That way, you can live near someone but not "with" them. 

Unfortunately, many zoning ordinances not allow elder cottages allow for variance only foroccupants age over. Contact your local zoning office find out they are permitted. not, tryapplying for special-use permit, and solicit the aid your local agencies aging, senior centers other groups with interest older persons. 


 Sharing. You don't need just starting out benefit from having roommate. Sharing dwelling for seniors too. 

These kind arrangements never change. Occupants have their own private, personal spaces such asa bathroom and bedroom but share common areas such the kitchen, living room, dining area and on. Still, having roommate isn't for everyone, especially elderly people who can set their ways. you should weigh the pros and cons carefully, the National Shared Housing Resource Center warns. 
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Reuters 
Post-crash, mortgages scarce for minorities: study 
April 28, 2011 Joshua Lott 
Funds for refinancing home mortgages were much more available predominantly white sections ofmajor U.S. cities than minority areas after the recent housing crash, study showed Thursday. 
The study's authors called for more investment lenders poor communities and for improveddisclosure requirements for mortgage lenders protect unwary borrowers. 
"Paying More for the American Dream V," found that the seven metropolitan areas included thestudy Boston, Charlotte, Chicago, Cleveland, Los Angeles, New York City and Rochester, New York conventional mortgage refinancing minority communities decreased average percent in2009 compared with the previous year. 
But predominantly white neighborhoods, mortgage refinancing loans jumped average 129 percent. 
This the fifth series reports that began 2007, compiled coalition nonprofit groupsacross the country, including the California Reinvestment, the Woodstock Institute Chicago and the Ohio Fair Lending Coalition. 
The study also found lenders "were more than twice likely" deny refinancing applications borrowers minority communities than majority white neighborhoods. 
Previous reports the coalition showed that during the recent property boom minority borrowers were more likely obtain high-risk subprime loans than white Americans, even their credit was good. 
"These findings build our past reports, which have documented ongoing racial disparities inmortgage lending," Adam Rust, Director Research the Community Reinvestment Association ofNorth Carolina, said statement. "Lenders are loosening credit predominantly white neighborhoods, while continuing deprive communities color vital refinancing needed aid intheir economic recovery." 
Subprime loans offered borrowers with poor credit and risky products like "stated income," "liarloans" where banks did not check borrower's income, exploded during the housing boom. Irresponsible lending contributed housing market crash 2007 that triggered America's worst downturn since theGreat Depression. 
The crash also resulted unpopular bailout program for the U.S. banking sector that continues tohave political repercussions. separate study published the American Sociological Review October found that predatorylending aimed predominantly minority neighborhoods led mass foreclosures and directlycontributed the crash. 
Back Top 
Birmingham News (Alabama) 
Alabama Attorney General Luther Strange opposes proposed national settlement with mortgageservicers 
May 2011 Martin Swant Alabama Attorney General Luther Strange among small group state attorneys general voicingopposition proposed nationwide settlement with the nation's largest mortgage servicers related toforeclosure abuses. 
The settlement, being crafted coalition attorneys general and other officials, would impose new regulations and fines against the servicers. Although official settlement amount has never beenannounced, media reports have said mortgage servicers could forced pay least $20 billion homeowners who incurred losses from mishandled foreclosures loans during the housing collapse. 
Strange, along with the attorneys general Oklahoma and Nebraska, wrote letter March raising concerns over the term sheet submitted the largest U.S. mortgage servicers. 
"What started out effort correct specific practices harmful consumers has morphed into attempt establish overarching regulatory scheme that fundamentally restructures the mortgageloan industry the United States," the attorneys general wrote the letter addressed Iowa Attorney General Tom Miller, who leading negotiations for the states. 
Strange declined comment further his letter. separate letter Miller, attorneys general for Virginia, Texas, Florida and South Carolinaexpressed similar concerns about the settlement, citing how the settlement would conflict with state laws and "beyond enforcement and into regulation." Georgia's attorney general also has voiceddisagreement. 
While the states have broken ranks recent weeks, back October all states attorneys generalunited inquire whether mortgage servicers improperly handled foreclosure documents. 
The letter from Strange and the two other attorneys general acknowledges that any mortgage servicerengaged illegal deceptive practices should held accountable, but warns that the proposed settlement could hurt community banks increasing their "regulatory burden." 
Richard Allan Rice, partner Birmingham's Vulcan Legal Group specializing foreclosure defense, said disagrees with Strange's concerns because current Alabama law doesn't provide adequateprotection consumers fighting wrongful foreclosure. While the dissenting attorneys general argue thesettlement would interfere with free market, Rice said thinks the market already isn't fair. 
"The bargaining power far tilted mortgage servicers that don't have true market," said. 
Encourage defaults? the letters, the attorneys general say principal reductions could encourage some homeowners todefault their loans even they are financially able continue making payments. Some theattorneys general said principal writedowns represent 'moral hazard." 
This week, Bloomberg News reported Miller's office had accused Bank America Corp. engaging ina strategy divide the states their support for the settlement. The bank has declined comment the allegations, according Bloomberg. action separate from the attorneys general settlement, several federal banking regulators announced last month formal enforcement actions against eight national mortgage servicers and twothird-party servicer providers for "unsafe and unsound" practices. 
Those actions will require the mortgage servicers improve residential mortgage loan servicing andforeclosure processing along with independent inquiries into previous foreclosure processing, according statement the Office the Comptroller the Currency, one the regulators involved. 
Back Top 
The Morning Call (Allentown, Pennsylvania) credit card debt protection worth it? 
April 30, 2011 Paul Muschick you have credit card, you've certainly heard the sales pitch for debt protection. 
Pay small fee and you run into crisis and can't pay your bill, your debt protection coverage willmake your payments for you, even suspend them. 
Ever wondered whether that was good deal? Federal authorities wonder, too. It's something the new Consumer Financial Protection Bureau says intends look help people make wise decisions asthey consider purchasing coverage. 
The review was recommended the U.S. Government Accountability Office, research arm ofCongress. March report, said while debt protection coverage and credit insurance can offeradvantages, the cost can substantial. found that 2009, the nine largest credit card issuers collected $2.4 billion fees for debt protectioncoverage, and paid out $518 million benefits their customers. That's payout ratio percent. 
The GAO said did not find evidence "predatory practices," and said there have been few complaintsand few citations issued banks. But said the plans need more attention. 
"The increased popularity debt protection products raises the importance effective regulatoryoversight these products," the GAO said its report, which you can find blog http://blogs. mcall.com/watchdog/. 
The possibility increased oversight apparently sore spot for banks. contacted several the largest ones, including Chase, Wells Fargo, Citigroup and Discover. They all declined comment and said the American Bankers Association was responding the report onbehalf the industry. Looks like banks want make sure they don't send mixed messages with thepossibility federal review lurking. 
"With over percent benefits requests for these products approved, and with unemployment beingone the most common payout reasons, consumers are getting helpful assistance during difficult times their lives," the association said joint statement with the American Bankers InsuranceAssociation. 
Kevin McKechnie, executive director the ABIA, told debt protection coverage has value that goes beyond what can measured dollars and cents, such the ability for cardholders purchase and drop their needs change, with long-term commitment required. 
"These products fulfill very specialized role," said. 
The key getting the most from the coverage, said, know when you need (when you could facing uncertain times), when you don't (such when your credit card balances are low), and tounderstand the terms. 
"Know what you're buying and why you're buying it," McKechnie told me. 
Just how much would you paying? The GAO report says the primary debt protection product offered the nine largest credit card issuers ranged from cents $1.35 per month for every $100 inoutstanding balance. 2009, that translated average monthly cost $16.49 for cardholderscarrying balance. 
There are differences between credit insurance, which sold insurance company credit cardissuer, which then offers its customers, and other debt protection coverage, which agreement between the card issuer and customer and doesn't involve insurer. 
Both types coverage generally work the same, though, kicking pay, suspend cancel your bill qualifying event such unemployment, death disability occurs. 
Credit insurance premiums are reviewed state insurance departments, but debt protection coveragethat not insurance gets much less scrutiny and needs more attention, the GAO said. 
Oversight those plans falls federal banking regulators such the Office the Comptroller theCurrency, the Office Thrift Supervision, the Federal Deposit Insurance Corp., the Federal Reserveand the National Credit Union Administration. While they will investigate complaints, their primary focus ensure that banks adequately disclose the terms their customers. 
The GAO said those regulators "have generally not addressed the reasonableness the pricing debt protection products." said that one case, regulator noted fees "appeared high and recommended that the bank continue reviewing the appropriateness the fees charged." another case, regulator noted the "debt protection products' payout rate consumers was low compared with the fees collected." 
The GAO report doesn't identify those banks, neither which was cited for wrongdoing. Citations arerare, the GAO said. found three formal violations out federal bank examinations between 2006 and 2010. 
Two were for inadequate disclosures. The other involved allegation unfair deceptive practices,when bank required customers request refund they canceled within the trial period, instead ofautomatically refunding the money. your bank offers you debt protection, either through insurance other coverage, think seriously aboutwhether you need it. Weigh the cost against the potential benefit, including your chances ever needing claim that benefit. you lose your job, death the family reduces your income, could you still make your minimum monthly payment? you have other insurance that would provide the money you'd need? always, read the terms carefully you understand what you're signing for. 
Back Top 
From: Glaser, Elizabeth (CFPB)  
To: Lownds, Kevin (CFPB)  
Cc: 
Bcc: 
Subject: RE: Nitty Gritty Discussion re: transfer Restatement Project 
Date: Mon May 2011 10:24:33 EDT 
Attachments: 
:-) 
-----Original Appointment----From: Lownds, Kevin (CFPB)Sent: Monday, May 02, 2011 10:23 To: Glaser, Elizabeth (CFPB)Subject: Accepted: Nitty Gritty Discussion re: transfer Restatement ProjectWhen: Monday, May 09, 2011 3:45 PM-4:30 (UTC-05:00) Eastern Time (US Canada). Where: Boomer 
Thanks! 
From: Lownds, Kevin (CFPB)  
To: Glaser, Elizabeth (CFPB)  
Cc: 
Bcc: 
Subject: Accepted: Nitty Gritty Discussion re: transfer Restatement Project 
Date: Mon May 2011 10:23:21 EDT 
Attachments: 
Thanks! 
From: Slagter, Dennis (CFPB)  
To: Glaser, Elizabeth (CFPB) ; Lownds, Kevin (CFPB) 
Cc: Darling, Eben (CFPB) ; Harvey, Imani (CFPB)  
Bcc: 
Subject: Barr letter pls 
Date: Mon May 2011 09:29:14 EDT 
Attachments: 

Pls scan and send need forward leaders. Thx CFPB Human Capital202-286-0378 
From: Slagter, Dennis (CFPB)  
To: _DL_CFPB_AllHands  
Cc: 
Bcc: 
Subject: WebTA new time and attendance process 
Date: Mon May 2011 07:58:32 EDT 
Attachments: 
Colleagues you know, all Federal employees are required track their time and attendance. Until now, CFPB employees have been tracking time manually through the use spreadsheets. However, will beginto use webTA, Kronos time and attendance tracking system, capture employee time and leave.This product will also provide managers the ability approve leave and overtime advance and certify their employees timesheets. 
Beginning with pay period  May 8th thru May 21st, employees will begin entering their time and attendance information webTA, and managers will start certifying employee time the end eachpay period. Training has been designed just time that its fresh everyones mind. May 10th and 11th, members the Bureau Public Debt Administrative Resource Center will beon-site 1801 provide employee and manager training. They will hosting manager and employee training sessions over the course the days. These sessions will last  hours. Everyone strongly encouraged participate this training order ensure that proper timekeepingprocedures are followed and prevent payroll related issues from occurring. Please plan attend one the following sessions: 
Last Name Beginning with through Room 7003 
May 10: 
8:30 10:00 supervisor session
1:00 2:00 employee session 
2:30 3:30 employee session 
Last Name Beginning with through Room 8003 May 11:
9:00 10:00 employee session 
1:00 2:30 supervisor session you are unable attend the session assigned you, please advise Maria Hart soon practicable Maria.Hart@treasury.gov 
Supervisors need only attend the supervisor session will cover both the employee and supervisorroles. you have any questions, please contact Imani Harvey 435-7513 Imani. Harvey@treasury.gov. 
Dennis Slagter Chief Human Capital Officer Consumer Financial Protection Bureau 202-435-7143 (1801 St) 

This e-mail may contain Privacy Act/Sensitive Data, which intended only for the individual which addressed. may contain information that privileged, confidential, otherwise protected fromdisclosure under applicable laws. not disclose sensitive data others within outside CFPBunless they have legitimate need for the information based their official duties. you are unsure the appropriateness information disclosure, please contact the General Counsel the Privacy Teamfor guidance. 
From: Microsoft Home  
To: 
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Subject: MMO games: players guide online virtual worlds 
Date: Mon May 2011 00:00:00 EDT 
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Free and paid massively multiplayer online (MMO) role-playing games and virtual worlds are hugelypopular. Heres how enjoy fantasy, sci-fi, and kids MMOs with the Windows operating system. 
View article... 
From: Martinez, Zixta (CFPB)  
To: _DL_CFPB_AllHands  
Cc: English, Leandra (CFPB)
Bcc: 
Subject: Weekly Outreach Calendar May 2-6, 2011 
Date: Sun May 2011 18:32:12 EDT 
Attachments: 

Events Meetings External Groups May 2-6, 2011 
Monday, May 2011 Meeting Arkansas Bankers Meeting Independent Community Bankers Asso (ICBA) Meeting Illinois Bankers DSilberman Meeting PNC DSilberman Call Green Dot 
Tuesday, May 2011 Call CUNA NAFCU Meeting Georgia Bankers ICBA Reception 
Wednesday, May 2011 Little Rock, Arkansas Meeting Consumer/Civil Rights groups Little Rock, RDate Remarks Morgan Stanley Services Conference HPetraeus Meeting CUNA EVale Meeting Bankers Asso 
Thursday, May 2011 Little Rock, Meeting Community Bankers Remarks William Clinton School the University Arkansas. Open Press. Meeting Independent Bankers Asso Texas (IBAT) 
RCordray Meeting Chamber Commerce 
CStone GHillebrand attending Consumer Data Industry Asso Briefing 
Credit Reporting Accuracy 
PTwohig Meeting Consumer Federation America (CFA) 
DSilberman Meeting CFA 
CStone Meeting Equifax Meeting Community Bankers 

Friday, May 2011 Calls Community Bankers 

LAST WEEK: 
Events Meetings External Groups Apr 25-29, 2011 

Monday, April 25, 2011 DSilberman Meeting NetSpend 

Tuesday, April 26, 2001 
DSilberman Quarterly Update Chase 
CWest Meeting Bank CEOs 
EVale Meeting 100 community bankers Connecticut Banking Commissioner Hartford, 

Wednesday, April 27, 2011 MBlow Meeting Center for Financial Services Innovation GHillebrand Meeting AARP ZQM Quarterly Meeting Interagency Community Affairs PTwohig Meeting Consumer Financial Services Association PMcCoy Meeting Consumer Bankers Asso PMcCoy Meeting American Enterprise Institute EVale RChopra Meeting Credit Union Student Choice EVale Meeting former ABA President Yingling 
Thursday, April 28, 2011 keynote AFL-CIO Lawyers Conference Meeting Community Bankers DSilberman Meeting Wells Fargo DSilberman EVale Meeting Citibank 
Friday, April 29, 2011 Meeting Americans for Financial Reform DSilberman Quarterly Meeting Bank America North Carolina HPetraeus Meeting Military Advocacy groups GHillebrand Meeting The San Francisco Foundation 
Zixta Martinez Assistant Director for Community Affairs Consumer Financial Protection Bureau 202.435.7204 www.consumerfinance.gov 
From: Reilly, Elizabeth (CFPB)  
To: _DL_CFPB_AllHands  
Cc: 
Bcc: 
Subject: RE: CFPB Travel Training Friday, April 29th 3:00 Room 503 All are 
Welcome 
Date: Fri Apr 2011 11:39:55 EDT 
Attachments: 
Reminder: travel training available TODAY 3:00 room 503. 
From: Hart, Maria (CFPB) Sent: Wednesday, April 20, 2011 3:23 PMTo: _DL_CFPB_AllHands Subject: CFPB Travel Training Friday, April 29th 3:00 Room 503 All are Welcome you are new CFPB, you have been here while and still dont quite have the hang our GovTrip travel system, please attend travel training next Friday, April 29th, 3:00 room 503. Here are the topics that will covered: 
  Preparing Travel Authorization  
  Preparing Voucher from the Authorization  
  Preparing Local Voucher  
  Adjustments and Amendments Authorization  
  Questions and Answers  

Thanks, 
Catherine West Chief Operating Officer Consumer Financial Protection Bureau 
From: Blenkinsopp, Alexander (CFPB)  
To: _DL_CFPB_AllHands  
Cc: Adamske, Steven ; Moore, Megan; Hunt, AnitaMaria ; Wallace, Kim ; Wolin, Neal ; Warren, Elizabeth (CFPB); Fitzpayne,Alastair ; LeCompte, Jenni; Murray, Colleen ; Coloretti, Nani  
Bcc: 
Subject: CFPB Press Clips 4/29 
Date: Fri Apr 2011 11:34:01 EDT 
Attachments: 
Press Clips 4/29/2011 
Index 
Click publication title find its location this e-mail. Click article title its source website. 
Consumer Financial Protection Bureau Consumer Credit 
  Mad Money With Jim Cramer  Cramer: Banks Just Need Accept Lower Profitability  
  Seeking Alpha  Cramers Mad Money  Kinder, Gentler Pipeline Play  
  Daily Kos  Reuters: Warren associates considered for consumer agency job  

  American Banker  Will Durbin Rule Make Data Less Secure?  
  The Hill (blog)  Durbin, bankers battle over interchange fees  
  Bank Technology News  Gaming Overdraft  
  Associated Press  Getting married? Remember, two FICO scores arent always better than one  

Housing  Wall Street Journal  Banks Rush Improve Foreclosure Practices  Wall Street Journal  Judges See Little Improvement Foreclosure Procedures  Dow Jones Newswires  Fannie, Freddie Set New Mortgage Servicing Standards  American Banker  Mortgage Reg Problems, Tech Solutions  New York Times  The Mortgage Was Like Shell Game; Responsibility Deaths 
Dodd-Frank Implementation  Huffington Post  Dodd-Frank Deadlines Slip, But Barney Frank Isnt Worried 
Mad Money With Jim Cramer Cramer: Banks Just Need Accept Lower Profitability April 28, 2011 Michelle Fox 
Bank Americas decision start charging higher interest rates credit cards for customers whomiss payments not the right move for the financial institution, Cramer said Thursday. 
While the Card Act 2009 allows for such increases after proper notice, the "Mad Money" host thinks Bank America [BAC 12.42 needs stay off "Washingtons radar screen." The Obama administration deems interest rate hikes attack the consumer, Cramer said. would steer clear any action that would appear test the new law, especially since the Consumer Financial Protection Bureau set open June 21. Elizabeth Warren, Harvard professor and banking advisorto Obama, said under consideration for heading the bureau. Warren has publicly denouncedthose who seek "water down" FinReg, relates consumer protection. 
If the bank stocks are ever going up, move our lifetime, they have wait decent interval before they start raising rates and showing strong profits. Cramer said, adding that banks shouldsimply accept lower level profitability for the time being. Otherwise your underperformance couldlast for generation rather than just 2011." 
Back Top 
Seeking Alpha Kinder, Gentler Pipeline Play 
April 29, 2011 
. 
Lie Low for Heaven's Sake: Bank America (BAC) 
Bank America chose fine time announce would start charging higher interest rates for customers who miss their payments. Elizabeth Warren, who expected head the FinancialConsumer Protection Agency has declared war banks who profit the customers' expense. Cramer urged banks avoid following Bank America's example. "Accept lower level profitability. Lie low,for Heaven's sake!" 
. Back Top 
Daily Kos 
Reuters: Warren associates considered for consumer agency job 
April 28, 2011 Joan McCarter 
Elizabeth Warren "wants



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