The December 19 edition of the Washington Post contains an article written by Mr. Marc Fisher titled “A New Calling for Innovators” in which the author quotes a millennial as making the following statement regarding a governmental career on the Hill relative to pursuing an entrepreneurial career in the private sector in DC.
“A few years ago, people on Hill were revered”, “Now they are mocked”
Mr. Fisher goes on to state that the DC region is becoming a rapidly expanding incubator for innovative businesses along the line of those in Silicon Valley but the DC based firms are considerably broader in scope.
Stutzman decries ‘unaccountability’
Brian Francisco | Washington editor
Journal Gazette, Fort Wayne
It took two years for the U.S. Senate to confirm Richard Cordray as the nation’s consumer protection chief. Now, the House is trying to eliminate his job.
The House Financial Services Committee voted recently to reorganize leadership of the Consumer Financial Protection Bureau from a director to a five-member bipartisan commission.
The panel also passed legislation that would subject the CFPB to congressional oversight as a stand-alone agency instead of a Federal Reserve bureau; have the bureau disclose financial information it collects on consumers; and prevent the bureau from collecting such data without consumers’ knowledge and consent.
Jim Henry
Automotive News
Automotive News
The National Automotive Financing Association, a trade group for nonprime auto lenders, has launched its certification program for auto lender employees who monitor compliance of dealerships and others with state and federal regulations.
The association tied the new Consumer Credit Compliance Certification training course directly to new requirements from the Consumer Financial Protection Bureau.
The CFPB said this year it expects lenders to have a “compliance management system” that, among other things, closely monitors finance contracts originated at dealerships to make sure legally protected classes, including minorities, pay the same amount of dealer reserve as everyone else.
November 25, 2013
The Consumer Financial Protection Bureau and U.S. auto dealers appear to have a framework for defusing a squabble over loan discrimination.
There were plenty of fireworks at a Nov. 12 Senate Banking Committee hearing and a Nov. 14 agency forum, with auto dealers and lenders protesting the circumstances under which the CFPB plans to regulate the sector.
But all sides showed they are starting to listen to one another. That’s an improvement. Since the agency issued a bulletin in March citing indications of discrimination in auto lending, the discourse has seemed more like shouting than communicating.