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Volume 2014 - Number 13

April 3, 2014

Risk to Consumers is What Prioritizes CFPB Efforts, Some Lenders Figured That Out and Are Adapting

The Consumer Financial Protection Bureau is widely seen as the single most powerful, consumer-oriented regulatory agency in the nation’s history, yet it has only a fraction of the supervisory budget that the safety-and-soundness banking regulators have. So how does it prioritize its resources and activities so it can “punch above its weight class?” “The way we approach our prioritization is looking across the market, regardless of charter or type of entity, and breaking it up into different [sub]markets,” Peggy Twohig, assistant director in the CFPB’s Office of Supervision Policy, said Tuesday during a breakout session at the annual convention of the Consumer Bankers Association. “Bank, nonbank – it doesn’t matter to us. We look at where the risk to the consumer is and we try to execute our program against that.” The bureau reviews...

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After the November elections, how long will it take for a new Congress and White House to pass GSE reform legislation?

I’m confident a bill will be passed the first year.


2 to 3 years. GSE reform is complicated.


Sadly it won’t happen in a Clinton or Trump first term.


Not in my lifetime.


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