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Inside Washington (03/19/2012)
  • WASHINGTON (3/20/12)--The U.S. Treasury Department's Community Development Financial Institutions Fund (CDFI Fund) is accepting public comment on its CDFI Program application. Commenters can give their opinion on whether targeting CDFI funds into highly distressed communities an appropriate use of CDFI Program funds. The Fund is also asking if their application should be modified to ease paperwork burdens, and whether the application asks the appropriate questions to determine an applicant's health and viability. Potential CDFI Program applicants, community and economic development trade groups, and members of the general public can comment, the CDFI Fund said. The CDFI Fund will accept comment until May 18 …
  • WASHINGTON (3/20/12)--Richard Cordray, director of the Consumer Financial Protection Bureau (CFPB) was challenged by reporters last week at the Society of American Business Editors and Writers 49th annual conference in Indianapolis who asked Cordray if the nascent bureau has enough power to be effective in its policymaking (American Banker March 19). Cordray told the press crowd that the bureau already has come far in its efforts to regulate the consumer side of the financial services industry. Cordray said that while the federal financial regulators continue to regulate the financial institutions under their respective jurisdictions, the CFPB has authority over those institutions in terms of how they treat consumers.  He said no agency can comprehensively regulate the entire national banking industry, and the CFPB is part of the comprehensive regulatory structure. Credit unions with less than $10 billion in assets are exempt from CFPB oversight …
  • WASHINGTON (3/20/12)--Borrowers have a new route to file suit against mortgage servicers that balk at providing modifications for troubled mortgage loans. An appellate court decision that came down earlier this month may inspire some new lawsuits which could, in turn, bog down the Home Affordable Modification Program (HAMP) through drawn-out litigation. Judge Kenneth Ripple wrote in his opinion on March 7 that the U.S. Treasury Department, charged with overseeing HAMP, was notably absent in the mortgage servicers case and added that adjudicating the matter would have been assisted greatly had the U.S. entered the case, even as a "friend of the court" via an amicus brief ...


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