CFOC in stead of CFPB – This would definitely be a better than one agency without any consequence of their actions.
It’s not just a change in name for the CFPB but a board overlooking what they do and a budget to go with it. The more the congress see the actions and re-actions of the CFPB I think they realize what origination they created. In a article by Michelle L. Korsmo, Chief Executive Officer of American Land Title Association here is an excerpt of the article.
On Tuesday the House Financial Services Committee will begin the process of marking up (DC speak for editing a bill) and voting on Chairman Jeb Hensarling’s (R-TX) proposal to repeal and replace the Dodd-Frank Act. The bill is unlikely to become law in this Congress.
The two main themes of the bill are to provide well capitalized banks with an off-ramp from new post-crash capital standards and increased penalties on financial companies for wrongdoing.
A third major area of reform is a structural alteration to the Consumer Financial Protection Bureau (CFPB). The bill would turn the agency into the “Consumer Financial Opportunity Commission.” Along with switching leadership to a five-member board and bringing the agency on budget, it would have a new mission of “protecting consumers by enforcing the law and promoting market competition.”
Here is a summary of the bill. Sections of interest to ALTA members have been highlighted. This includes the the small business advisory board bill that ALTA lobbied on previously, the creation of an advisory opinion process and a repeal of the agency’s authority over abusive conduct. The proposed bill also incorporates bills to make manufactured housing easier and the Mortgage Choice Act, which amends the Ability-to-Repay/Qualified Mortgage provision (Section 1412) in Dodd-Frank to exclude title and certain escrow charges if they are paid to an affiliate of the originator under the law’s calculation for the three-percent cap for points and fees. Title fees paid to a non-affiliated title company are already exempt. If you have any questions about the bill please contact Justin Ailes, ALTA’s vice president of government and regulatory affairs, at firstname.lastname@example.org.
See ALTA for more information; http://www.alta.org/advocacy/issues/issue.cfm?id=50