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U.s. House Introduces Another Alternative To Dodd-frank, Cfpb

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Mike Kennedy

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Certified Residential Appraiser
State
New York
House Introduces Another Alternative to Dodd-Frank, CFPB
The House Financial Services Committee on April 19 unveiled the updated version of the Financial CHOICE Act, which would replace the Dodd-Frank Act and significantly alter the Consumer Financial Protection Bureau, HousingWire reported. A hearing to discuss the Act is scheduled for this week. > FULL STORY
 

J Grant

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Joined
Dec 9, 2003
Professional Status
Certified Residential Appraiser
State
Florida
nder the new version of the bill, the CFPB’s supervisory authority would be eliminated entirely.

Per the summary of the CHOICE Act 2.0, the CFPB would become an enforcement agency only, without supervision functions. It would have power to enforce “enumerated consumer protection laws only,” without any UDAP (Unfair, Deceptive or Abusive Acts and Practices) authority.

Additionally, the CFPB’s controversial consumer complaint database would no longer be published.

In other words, they are neutering the CFPB...why indeed should consumers be protected lol by the consumer protection agency...
 

mak10

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Aug 23, 2013
Professional Status
Certified Residential Appraiser
State
Arizona
This bill, The Financial Choice Act, passed in The House Financial Services Committee last week and will be marked up this coming week for a vote in the House of Representatives. If it goes into law it will roll things back to pre HVCC times and allow again for direct engagement. We as appraisers will regain control of our businesses and be able to re-develop a clientele that actually cares about working with us (if that is important to you). I can't wait!!!
 

J Grant

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Professional Status
Certified Residential Appraiser
State
Florida
This bill, The Financial Choice Act, passed in The House Financial Services Committee last week and will be marked up this coming week for a vote in the House of Representatives. If it goes into law it will roll things back to pre HVCC times and allow again for direct engagement. We as appraisers will regain control of our businesses and be able to re-develop a clientele that actually cares about working with us (if that is important to you). I can't wait!!!

Where is the specific language that says this?
 

Meandering

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Feb 26, 2006
Professional Status
Real Estate Agent or Broker
State
Pennsylvania
This bill, The Financial Choice Act, passed in The House Financial Services Committee last week and will be marked up this coming week for a vote in the House of Representatives. If it goes into law it will roll things back to pre HVCC times and allow again for direct engagement. We as appraisers will regain control of our businesses and be able to re-develop a clientele that actually cares about working with us (if that is important to you). I can't wait!!!
:rof::rof::rof::rof::rof:

Kool aid, all the way round.

.
 

Restrain

Elite Member
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Jan 22, 2002
Professional Status
Certified General Appraiser
State
Florida
Just remember that in Washington, any law can and will be stood on its head by the regulators enforcing it.
 

J Grant

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Dec 9, 2003
Professional Status
Certified Residential Appraiser
State
Florida
I see nothing in the links about abolishing the firewall between lender ordering and appraisals. The language I see is all about eliminating consumer protection.
 

Meandering

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Real Estate Agent or Broker
State
Pennsylvania
Because,

All appraisers hopes and wants are not in the Dodd Frank. But don't worry, appraisers won't read any new laws either. Just wait for AMCs and each other to start a media blitz of what's in it, and what each other thinks and can selectively copy and paste what they want to read.

I doubt any nom-member fee appraisers even bothered to lobby or put forth any voice for residential appraisers this time around.
Sad for the lemmings. But you know what they say.

.
 

djd09

Elite Member
Joined
May 20, 2009
Professional Status
Licensed Appraiser
State
Ohio
"A federal appeals court dealt a blow to the government’s consumer watchdog Tuesday by ruling that the structure of the agency is unconstitutional.

The U.S. Court of Appeals for the District of Columbia found that the setup of the Consumer Financial Protection Bureau, which is led by a single director, is not in line with other independent agencies, which are typically run by a group of commissioners.

The decision was a response to a petition from mortgage lender PHH, which challenged an enforcement action from the agency and called for the CFPB to be eliminated.

But the court decided against shutting down the CFPB, instead ordering that the agency be restructured so that the director could be removed by the president at will. Currently, the director can only be removed with cause — a system that Judge Brett Kavanaugh said lacked checks and balances.

“The CFPB therefore will continue to operate and to perform its many duties, but will do so as an executive agency akin to other executive agencies headed by a single person, such as the Department of Justice and the Department of the Treasury,” the court said. The ruling also vacated a $109 million enforcement action against PHH, sending the case back to the CFPB for review."

https://www.washingtonpost.com/news...b-is-unconstitutional/?utm_term=.edbb98647487

It looks like not just the appraisers cannot read and understand laws.

So a political appointed head of the CFPB "fines" big business after the scamming. More too big to jail. How much did Wells Fargo lobby to the democrats?
 
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