Archives for Supervision

Letter to House in Support of CFPB Refrom Legislation (11/19/13)

Date: November 19, 2013

Issue: Consumer Financial Protection Bureau

To: The Honorable Jeb Hensarling, Chairman & The Honorable Maxine Waters, Ranking Member, House Committee on Financial Services

Filing Type: Congressional Letter

Description: The House Financial Services Committee discussed and approved various legislative proposals to bring accountability and transparency to the Consumer Financial Protection Bureau. The Chamber sent a letter of support in advance of the mark-up. Below is a summary of the legislation.

·         H.R. 2446 would replace the single Director with a five-member bipartisan commission.

·         H.R. 3519 would subject the Bureau’s spending authority to the congressional appropriations process.

·         H.R. 3193 would ensure that the other financial regulators can overrule a CFPB action that could undermine safety and soundness. 

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Letter to the House on Cordray Nomination (3/12/13)

Date: March 12, 2013

Issue: Consumer Financial Protection Bureau

To: The Honorable Tim Johnson and the Honorable Mike Crapo

Filing Type: Congressional

Description:  CCMC sent a series of letters to the committee in advance of  the Senate Banking Committee holding a hearing regarding the nomination of Richard Cordray for director of the CFBP.

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FAR Agenda Release Congressional Letter

Date: April 8, 2013

Issue: Regulatory Reform 

To: The Members of Congress

Filing Type: Congressional

Description: CCMC released the Fix. Add. Replace. (FAR) Agenda to Fix the gaps and unintended consequences of Dodd-Frank, Add solutions for those issues that were ignored, and Replace flawed provisions of Dodd-Frank.

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Letter to the Consumer Financial Protection Bureau on Supervision

Date: February 14, 2013

Issue: Consumer Financial Protection Bureau

To: The Consumer Financial Protection Bureau

Filing Type: Regulatory

Description: CCMC sent a letter to the Consumer Financial Protection Bureau (CFPB) with specific suggestions for the Bureau to eliminate inefficiency and unjustified burdens in connection with its supervision and investigatory processes.  Last summer, CCMC sent a similar letter outlining twelve steps the Bureau could take to improve its supervisions and regulatory processes.  While the Bureau has provided some information about its organizational structure and regulatory agenda, no action has been taken on most of the suggestions, including all of those that would significantly eliminate the uncertainty and lack of clarity that continues to cloud the Bureau’s activity and therefore imposes significant costs on the huge number of businesses subject to the Bureau’s jurisdiction.

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