21st July 2011

Last minute changes for the Consumer Finance Protection Bureau

The House voted Today to change how the Consumer Financial Protection Bureau is managed by passing legislation to install a five-member oversight panel to run the new agency instead of a single director.

The 241-173 vote – which came on the one-year anniversary of the Dodd-Frank financial reform bill will make it easier to overturn regulations imposed by the bureau.

That doesn’t sound like a very good solution, but I guess we will have to see at this point.

Congressional Republicans were happy with the prospect of the five-member commission stating one director is too powerful and not accountable.

…continue reading the rest of this post: Last minute changes for the Consumer Finance Protection Bureau

posted in Dodd-Frank C&R Topics | 0 Comments

21st July 2011

Appraisal Institute testifies before a Congressional subcommittee RE: C&R

Sara W. Stephens, MAI, Appraisal Institute’s president-elect, addressed the House Financial Services’ Subcommittee on Insurance, Housing and Community Opportunity that the Dodd-Frank Act passed by Congress last year is not being properly implemented by federal regulators in regards to C&R.

One provision within Dodd-Frank calls on appraisal management companies to pay “customary and reasonable” fees to real estate appraisers.

Unfortunately, the Federal Reserve’s Interim Final Rule is not faithful to Congressional intent. The Appraisal Institute thinks Congress’ intent was right on target. We urge Congress to guide the regulators’ aim, directing them to correct the Interim Final Rule to promote credibility over speed and cost.

…continue reading the rest of this post: Appraisal Institute testifies before a Congressional subcommittee RE: C&R

posted in Dodd-Frank C&R Topics | 0 Comments



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