in News > Residential Mortgage
print the content item


Sen. Elizabeth Warren, D-Mass., angrily compared the blockage of Richard Cordray's confirmation as director of the Consumer Financial Protection Bureau (CFPB) to an act of hostage-taking.

Bloomberg News reports that Warren, speaking yesterday in Washington at a Credit Union National Association conference, berated Republicans for their arguments that the CFPB required structural realignment.

"It's time for Washington to stop re-litigating settled decisions - holding our government hostage over ideology," Warren said. "It is time for a clear path forward that allows for certainty."

Cordray's legality as CFPB director has been called into doubt after a court ruling last month declared that the president violated the constitution with a series of recess appointments made in January 2012 while Congress was in pro forma sessions; Cordray received a recess appointment after Senate Republicans blocked a confirmation vote in late 2011. The president renominated Cordray last month, but Senate Republicans vowed to block any CFPB-related nominations unless the agency's leadership structure was realigned away from a single director to a bipartisan commission.

Warren, who is credited as the architect of the CFPB, was passed over for the directorship in July 2011 when President Obama tapped Cordray for the job. In her comments yesterday, she claimed that the GOP's actions were without historical precedent.

"Never before in American history has a minority in the Senate blocked a nominee to try to get changes in a law they don't like and don't have the votes to change," Warren said. "Maybe I shouldn't have been surprised. This is the same position those senators took two years ago."

Warren urged the credit union executives at the conference to help support Cordray's cause.

"Do what you can to tell your senators and those who will listen that it's time to move on, time to stop re-litigating settled decisions and time to confirm a director, so the CFPB can create a safe harbor for your work so you can go about the business of serving your members," Warren said. "It's time to move forward."


Six important questions you need to ask about your compliance process_id1314


Latest Top Stories

FHFA Seeks Feedback On Proposed Single Security For GSEs

The agency is requesting feedback from mortgage industry professionals on all aspects of the proposed single security structure and in particular, issues regarding the transition from the current system to a single security.


Ellie Mae To Buy AllRegs For $30 Million

"With the acquisition of AllRegs, Ellie Mae will expand its customer base and add a broad array of content and services that complement our portfolio of product offerings," says Sig Anderman, CEO of Ellie Mae.


Survey Shows ATR/QM Rules Are Negatively Affecting Approvals

In a survey of loan officers commissioned by the Federal Reserve Board, more than half said the CFPB's ability-to-repay/qualified mortgage rule has reduced approval rates for certain types of mortgages.


Report Lambastes Servicers For Doing Poor Job With HAMP

SIGTARP once again disses mortgage servicers for failing to keep up with the volume of applications for HAMP as well as the Treasury Department for failing to do a better job of overseeing servicers' HAMP activities.


CFPB Seeks To Ease HMDA Reporting Requirements

The CFPB is proposing to exempt lenders that originate fewer than 25 mortgages a year from its new HMDA reporting rules. In addition, financial institutions with a large number of reported transactions would be required to submit HMDA data on a quarterly, rather than annual, basis.

LenderLive_id1241
Hse SandyHook
Industry Resource
Orb Mobile
Safeguard_id1322
NAMFS_id1321
SWBC_id1313