The very first section of the very first topic in the CFPB's Supervision and Examination Manual goes right to the heart of the matter: the compliance obligations and potential liabilities of the board of directors.
Investors in mortgage securities are generally "hurt" by refinancings. That doesn't mean holders of a mortgage security are "betting against struggling homeowners."
Spurred by the financial crisis and its impact on their constituents, state attorneys general appear to be carving out a new role as de facto bank regulators.
Under a recently-enacted law, Obama is to reduce Iranian oil revenue by punishing banks that make payments to Iran's central bank. This use of the payments system raises fundamental issues.
The crisis understandably pushed the debate surrounding our global financial competitiveness to the back burner. The poor state of the U.S. economy, however, should provide the reason to renew this debate now.
The foreclosure reviews mandated by the Fed and the OCC have a better chance of helping current and future borrowers than the state attorneys general settlement, if it ever happens.
Alex Pollock's "Let's Put Checks and Balances on CFPB" is spot on describing the enormous danger of a politically unchecked CFPB lording over consumer financial services.
