Posted by Kathryn on 7/22/11 7:07pm
Msg #390741

Consumer Financial Protection Bureau

in Washington, DC.
Has anyone heard of this? A title company just told me that the government opened this office YESTERDAY in Washington to put another "hand on the lenders" so that they will know what is going on and that it will slow down or stop our work as signing agents immediately or in the near future until it is straightened out.
Any word on this?
Thanks.

Reply by Kathryn on 7/22/11 7:15pm
Msg #390744

I googled it. wow. Look under "jobs". They are paying some major money if you qualify to work for them.
More government money going out ...

Reply by HisHughness on 7/22/11 7:54pm
Msg #390753

FWIW, the Consumer Financial Protection Bureau...

...of which I am an ardent supporter, is one of the most encouraging things to emerge from the mortgage mess.

That being said, any further posts that are simply general whining because you don't like the government that I helped elect and plan to help elect again should be in Just Politics. That is what that forum was created for.

As an aside, I would suggest that BEFORE you post in JPol, you might try reading a newspaper. People who post there usually don't wake up one morning and say, "Gee, look what has happened," when what has happened has done so with much prominence over the whole damned year past. Newspapers are those big flimsy things with print all over them. Don't confuse them with the little stiff things with print all over them; those are books. You probably won't be able to read about the Consumer Financial Protection Bureau in them for five or 10 years.

Reply by Belinda/CA on 7/22/11 11:15pm
Msg #390767

Re: FWIW, the Consumer Financial Protection Bureau...

Blah blah blah. These posts were simple comments about what is going on and their opinions. Just like your opinion on the govt. People can say what they like on this forum - pretty much. Not everyone is so taken with this administration. The wasteful spending is awful. They made a simple comment and have a right to do so. Free speech. Yeah, here it comes... I'm waiting... Guess I am experimenting tonight. :o)

Reply by HisHughness on 7/22/11 11:34pm
Msg #390768

Re: FWIW, the Consumer Financial Protection Bureau...

Free speech about politics is to be exercised in the Just Politics forum. As noted by Harry when he created Just Politics:
***We have created this forum as a venue for notaries public across the United States to discuss political issues. Permitted topics included past and present political events, candidates and elections, related news topics and general (or specific) opinions of a political nature.***

Rather than "experimenting," you simply are being boorish and bad-mannered.

But, that's sort of de rigueur for those of your persuasion, isn't it?

Reply by bagger on 7/23/11 8:58am
Msg #390785

See JPOL MSG 41100 n/m

Reply by topflyt on 7/22/11 11:53pm
Msg #390769

Re: FWIW, the Consumer Financial Protection Bureau...

Of course, it all depends on WHAT newspaper you read! Several of the top ones are run by advocates of the government while others oppose said government...it's up to you who read them to figure who is who.

Reply by NotaryMot/CA on 7/23/11 1:04am
Msg #390775

Re: Sorry they're so rude, I found it helpful :-)

Kathryn, I found your comment helpful since I haven't heard of any of this. From the comments I see some of these notaries are really self centered and lack manners acting as police of this board. These people can be really obnoxious and so full of themselves. Who the hell cares what that guy thinks of your comment being in the wrong section? Interpreting your message as political was just that, an interpretation. I didn't see anything political in it at all, it was really about if loan signing agents would be denied payment that's very interesting.

I think some of these guys have symptoms of being possessed by demonic entities. Unfortunately, Catholic priests don't exorcise demons any longer so we'll just have to deal with these ugly things in all walks of life.

Reply by HisHughness on 7/23/11 1:27am
Msg #390776

Re: Sorry they're so rude, I found it helpful :-)

***I didn't see anything political in it at all***

Though most of the better medical practitioners have probably moved to Texas by now, I'm sure that there are still some competent opthamologists left in California who could probably help you with the vision problem that left you unable to read the political cant in the post. That may be expecting too much, however.

I don't have a big problem with someone being uninformed, as you and the oriiginal poster obviously are, on an issue of the magnitude of this one, which has been prominent in the news for a year. When one chooses to use that gaping ignorance as the basis for expressing a negative political opinion about a program that I find quite valuable, though, and does that on a public forum of which I'm a member and in violation of the forum protocols, then I also don't have a problem in expressing my views.

So, NotMot, you can get your panties in a wad all you wish. While you are untangling them, you might at least turn on a TV newscast, where you can learn about Elizabeth Warren and her successor, Richard Cordray, and what the CFPB is doing for YOU -- and the original poster.

Reply by Linda_H/FL on 7/23/11 8:15am
Msg #390781

Okay..I'll probably get my head ripped off here but

I didn't find the OP politically oriented either.

She related what she was told by a title company about the impact of this Bureau on signing agents' business. It was certain responses that took on a political tone, but IMO Kathryn was merely relating what she'd been told by a title company.

I don't see a violation in the OP.

Reply by LisaWI on 7/23/11 8:53am
Msg #390784

Re:Soooooo........

I dont want to ruin the party, buuuut.....does anyone have anymore information on the original subject or actually... has anyone else had conversations with companies about this?.....any links of interest?......the way this is posted (her original post) this is going to impact us and I would like to find out more.........

Thank you Kathryn for posting this

Reply by Linda_H/FL on 7/23/11 9:03am
Msg #390787

Maybe this will help...I need to look into it too

http://www.consumerfinance.gov/

http://www.treasury.gov/initiatives/Pages/cfpb.aspx

http://abcnews.go.com/Business/governments-consumer-watchdog-means/story?id=14125077

You can google for a lot more info....I know *I* need to.

Hope this helps.

Reply by LisaWI on 7/23/11 10:37am
Msg #390811

Re: Maybe this will help...I need to look into it too

Thanks for the links Linda, I was going to do some generic searching also. I was wondering if anyone else has heard anything from other title companies in reference to this.

Reply by Sandra Clark on 7/23/11 9:12am
Msg #390789

Re: Okay..I'll probably get my head ripped off here but

Agree with you 100%

Reply by jnew on 7/23/11 12:16pm
Msg #390827

Re: Okay..I'll probably get my head ripped off here but

From what I have seen in the news and on the web, this is probably an untrue rumor. The agency is going to be a regulatory agency for financial services and the duties are still in the formative stage. I have not seen any changes in the closing process other than some proposed documents for GFA where the language will be simplified. I have seen nothing that would indicate that lending is going to stop because of it.

Reply by Susan Fischer on 7/23/11 9:30am
Msg #390793

NotaryMot/CA, you said "I think some of these guys have

symptoms of being possessed by demonic entities...we'll just have to deal with these ugly things in all walks of life."

Had your comment simply stopped at "very interesting," your point was made - however, that you "think" anyone with an opposing view is "demonic" - well, that's a personal attack on "some of these guys."

Reply by Sandra Clark on 7/23/11 9:08am
Msg #390788

Thanks for the post Kathryn. I saw nothing political about your post only a question about what you were told and seeking verification of same.

Reply by HisHughness on 7/23/11 9:53am
Msg #390798

OK, let me explain what I found, and still find...

...so objectionable about the original post.

The OP did NOT just inquire about the CFPB. She went much further, ie:
***the near future until it is straightened out.***
***More government money going out ...***

The CFPB is a consumer protection agency whose purpose is to be a voice for those of us who have bank accounts, credit cards, revolvin accounts, etc. It doesn't need to be "straightened out." What it needs is for those of us who will benefit from it to support it.

For the past year, Republicans have opposed the appointment of a director of the agency. Those who have been loudest in opposition to its role are those who have received the largest contributions from the banking industry. And, as we are having this discussion today, they are still seeking to gut the one agency that will be a voice for consumers in the financial industry.

Among other things, the CFPB is formulating rules that will require that those incomprehensible credit card and bank account agreements be written in language the average person can understand. It doesn’t need any straightening out. And yes, “more government money will be going out,” just as government money goes out to provide air traffic controllers when you fly and provide pavement under your tires when you drive.

For a year, the CFPB has been one of the hottest issues on Capitol Hill. Was the original post political? You’re darned right it was. And what I have observed about such posts is that they are almost always by those whose politics oppose things such as the CFPB.

The posts did not belong here.

Reply by Linda_H/FL on 7/23/11 10:00am
Msg #390799

Quote the whole thing, Hugh, if you're going to quote

"A title company just told me that the government opened this office YESTERDAY in Washington to put another "hand on the lenders" so that they will know what is going on and that it will slow down or stop our work as signing agents immediately or in the near future until it is straightened out."

A TITLE COMPANY JUST TOLD ME - and it's true - this office DID just open yesterday - the title company also told her "it will slow down or stop our work as signing agents immediately or in the near future" - very important and generic to our work.

ABSOLUTELY belongs here - this is not opposition or support of this "bureau" - it's stating a fact about our business climate as told to her by a title company - she's just passing on good, useful information.

I also wonder what's up with you? Lately you go to leisure and say posts there belong in JP, now posts here belong in JP...what's up with that?

Reply by HisHughness on 7/23/11 10:26am
Msg #390808

Enough already

The poster said a federal agency that I support needed to be "straightened out" and that it simply represented "more government money going out." She didn't just ask for information on the CFPB, and what it does.

That's an expression of a political opinion.

And yes, I also oppose the posting of rightwing politcal messages in Leisure, as in the last such round with the anti-Obama jokes. And I'll oppose it the next time it comes up, here or in Leisure. And it will come up because, rightwingers being rightwingers, they think they don't have to abide by the forum protocols.

This has been chewed to death in this thread. If anybody takes anything away from it, I hope it will be that there finally is a consumer advocate on their side in Washington in dealing with credit card companies and financial institutions.

Reply by Linda_H/FL on 7/23/11 10:51am
Msg #390814

Ummm

No..the title company said SA's business would be impacted "until it's straightened out".

The OP did comment about more money going out..and you know what? She may have a point. Maybe you should see this..

http://www.consumerfinance.gov/jobs/#dc

Hefty money going out there (NOW this is turning political).

BTW, I'm all for consumer protection and don't necessarily oppose this bureau - need to learn more about it.

Reply by bagger on 7/23/11 11:15am
Msg #390821

You might as well give up Linda

If you follow any of Hugh's posts in JP, you will realize that this old coot is so set in his ways, you will never win an argument with him. If you get close to proving his point illogical, that is when the name calling starts.

And, Susan is his primary cheerleader. Call Hugh something nasty, and Mama cats claws will come out.

Reply by Belinda/CA on 7/23/11 11:23am
Msg #390823

If politics don't belong on this string

then why does one person keep stating their political views and at the same time bashing another for not really even doing so. There is only one person ranting and making political statements on this string. I'm putting this one to bed but I bet it keeps going at least one more comment...

Reply by JanetK_CA on 7/23/11 6:21pm
Msg #390894

I really don't think it will affect our business volume in the short term - and maybe not at all. I had heard about it and my understanding was that it's designed to provide some protection to consumers against abuses by big financial institutions. I could be wrong, but I got the impression that the function of this agency is to be as much a watchdog as a regulator. If that's the case, I'm all for it.

I just skimmed over the article links that LindaH posted. (Thank you, Linda!) Here's a quote that seem to represent what the agency is supposed to be about:

"The CFPB will set and enforce clear, consistent rules that allow banks and other consumer financial services providers to compete on a level playing field and that let consumers see clearly the costs and features of products and services."

This their proposed functions are described in the following quote.

"The CFPB will look out for people as they borrow money or use other financial services by:

* Implementing and enforcing Federal consumer financial laws;
* Reviewing business practices to ensure that financial services providers are following the law;
* Monitoring the marketplace and taking appropriate action to make sure markets work as transparently as they can for consumers; and
* Establishing a toll-free consumer hotline and website for complaints and questions about consumer financial products and services.

Two abuses that come to mind immediately that this agency might help prevent are the common practice of banks these days processing checks before they process deposits, increasing the incidence of overdrafts and triggering service fees. Also, most of us have probably read - or personally heard - about foreclosures of homes where the borrowers had not defaulted on a single payment.

One of the articles mentioned the practice of some banks pursuing foreclosure of properties at the same time they're negotiating with the borrowers about modifications. I've heard of situations where underwater borrowers were advised to not make their payments in order to qualify for a mod, only to then have the bank pursue foreclosure.

Personally, I think it would be great to have more transparency in credit card billing and information, for example. How many of you ever read the small print when you get those notices that your credit card features have changed?

One of the few things I read that might have an impact on us is the possibility of requiring simplified disclosures with mortgage docs, but not until a year from now. That might actually be a good thing. (I think *some* of the recent changes to the HUD and TIL are beneficial.)

Time will tell, but I don't think there's going to be any drastic or immediate impact. If banks are conducting business with their clients in a fair and reasonable manner, I shouldn't think they'd have anything to worry about. However, if they need to resort to deceptive, confusing, underhanded or downright unfair practices to achieve their financial goals, then maybe they need to reset their goals. So I hope we'll see this agency even the playing field between lenders and consumers - without creating gridlock for either one.

Reply by MikeC/NY on 7/23/11 10:14pm
Msg #390912

Without getting into the politics of it....

I'm have a hard time understanding why so many people are surprised by the existence of the CFPB. It's not like the government tried to sneak it past us - as Hugh said, it's been in the news for at least a year, and most recently because the Republicans have been trying to kill it, delay it, or strip it of the powers it was given when the measure was signed into law A YEAR AGO...

Doesn't anyone follow the news anymore???