Filippo Cardone Bio

If a state enforcement agency brings an action against an institution
within the CFPA’s jurisdiction for a violation of one of the CFPA’s
regulations, the CFPA should have the ability to intervene in the
action for all purposes, including appeals. The CFPA, moreover, should
also be able to request that the U.S. Attorney General bring any action
necessary to enforce its subpoena authority or to bring any other
enforcement action on its behalf in the appropriate court. The CFPA
should be able to promote compliance by publishing supervisory guidance
indicating how it intends to administer the laws it implements.

These agencies, in turn, should be required to refer potential
compliance matters to the CFPA and should be authorized to take action
if the CFPA fails to act; the same should hold for state supervisors of
state-chartered institutions.The Community Reinvestment Act (CRA) is
unique among the panoply of consumer protection and fair lending laws.
The CFPA should maintain a group of examiners specially trained and
certified in community development to conduct CRA examinations of
larger institutions.The CFPA should also have supervisory and
enforcement authority over nonbanking institutions, although the states
should be the first line of defense. In its discretion, the CFPA should
exercise the full range of supervisory authorities over nonbanking
institutions within its jurisdiction, including supervision,
information collection and onsite examination. The CFPA should also
have the full range of enforcement powers over such institutions,
including subpoena authority for documents and testimony, with capacity
to compel production by court order.

About Filippo Cardone :We
propose that the CFPA have supervisory, examination, and enforcement
authority over all entities subject to its regulations, including
regulations implementing consumer protection, fair lending, and
community reinvestment laws, as well as entities subject to selected
statutes for which existing rule-writing authority does not exist or is
limited (e.g., Fair Housing Act to the extent it covers mortgages, the
Credit Repair Organization Act, the Fair Debt Collection Practices Act,
and provisions of the Fair Credit Reporting Act).The CFPA should assume
from the federal prudential regulators all responsibilities for
supervising banking institutions for compliance with consumer
regulations, whether federally chartered or state chartered and
supervised by a federal banking regulator. The CFPA’s jurisdiction
should extend to bank affiliates that are not currently supervised by a
federal regulator. The CFPA should also be required to notify
prudential regulators of major matters and share confidential
examination reports with them.

Filippo Cardone Contact

The CFPA should use survey methods to determine whether consumers who
obtained the product type in the marketplace demonstrated awareness and
understanding of the product and its risks, such as the risk of payment
shock and of the balance exceeding the value of the house. The CFPA
should also consider access to credit and costs to consumers of
stricter regulations. The CFPA should be authorized to use a variety of
measures to help ensure alternative mortgages were obtained only by
consumers who understood the risks and could manage them. For example,
the CFPA could impose a strong warning label on all alternative
products; require providers to have applicants fill out financial
experience questionnaires; or require providers to obtain the
applicant’s written “opt-in” to such products. Originators and
purchasers of “plain vanilla” mortgages should enjoy a strong
presumption that the products are suitable and affordable for the
borrower. OriginatorsIn recent years, the principle that product and
service providers should treat consumers fairly has been too often
honored only in the breach. The mortgage and credit card markets have
demonstrated convincingly the need for rules that require fair
contracts and practices and remove or reduce perverse and hidden
incentives to take advantage of

consumers. The excessive complexity of many mortgage products
created an opportunity to take advantage of consumers’ lack of
awareness and understanding of product risks.

The CFPA should also be able to use other creative tools to
promote compliance, such as publishing best and worst practices based
on surveys, mystery shopping, and information collected from
supervision and investigations. With respect to enforcement, the CFPA
will cooperate closely with the Department of Justice. As in other
areas of the law, the Department of Justice will also have independent
authority to enforce violations of the statutes administered by the
CFPA. In addition, the CFPA shall be authorized to share data with the
Department of Justice to support enforcement of statutes administered
by the CFPA as well as other statutes, such as civil rights statutes,
enforced by the Department. To promote accountability, the CFPA should
be required to complete a regulatory study of each newly enacted
regulation at least every three years after the effective date. The
study will assess the effectiveness of the enacted regulation in
meeting its stated goals, and will allow for public comment on
recommendations for expanding, modifying, or eliminating the
regulation.

Filippo Cardone Banker :
Finally, we propose to harmonize the statutory and regulatory regimes
for futures and securities. While differences exist between securities
and futures markets, many differences in regulation between the markets
may no longer be justified. In particular, the growth of derivatives
markets and the introduction of new derivative instruments have
highlighted the need for addressing gaps and inconsistencies in the
regulation of these products by the CFTC and SEC.Prior to the current
financial crisis, a number of federal and state regulations were in
place to protect consumers against fraud and to promote understanding
of financial products like credit cards and mortgages. But as abusive
practices spread, particularly in

the market for subprime and nontraditional mortgages, our
regulatory framework proved inadequate in important ways. Multiple
agencies have authority over consumer protection in financial products,
but for historical reasons, the supervisory framework for enforcing
those regulations had significant gaps and weaknesses.

Cardone Filippo
This focus will also help ensure that the CFPA fully internalizes the
value of preserving access to financial services and weighs that value
against other values when it consider financial crisis on the CRA and
have argued that the CRA must be weakened in order to restore financial
stability. These claims and arguments are without any logical or
evidentiary basis. It is not tenable that the CRA could suddenly have
caused an explosion in bad subprime loans more than 25 years after its
enactment. In fact, enforcement of CRA was weakened during the boom and
the worst abuses were made by firms not covered by CRA. Moreover, the
Federal Reserve has reported that only six percent of all the
higher-priced loans were extended by the CRA-covered lenders to lower
income borrowers or neighborhoods in the local areas that are the focus
of CRA evaluations. The appropriate response to the crisis is not to
weaken the CRA; it is rather to promote robust application of the CRA
so that low-income households and communities have access to
responsible financial services that truly meet their needs.

Filippo Cardone Site
The CFPA should use survey methods to determine whether consumers who
obtained the product type in the marketplace demonstrated awareness and
understanding of the product and its risks, such as the risk of payment
shock and of the balance exceeding the value of the house. The CFPA
should also consider access to credit and costs to consumers of
stricter regulations. The CFPA should be authorized to use a variety of
measures to help ensure alternative mortgages were obtained only by
consumers who understood the risks and could manage them. For example,
the CFPA could impose a strong warning label on all alternative
products; require providers to have applicants fill out financial
experience questionnaires; or require providers to obtain the
applicant’s written “opt-in” to such products. Originators and
purchasers of “plain vanilla” mortgages should enjoy a strong
presumption that the products are suitable and affordable for the
borrower. OriginatorsIn recent years, the principle that product and
service providers should treat consumers fairly has been too often
honored only in the breach. The mortgage and credit card markets have
demonstrated convincingly the need for rules that require fair
contracts and practices and remove or reduce perverse and hidden
incentives to take advantage of

consumers. The excessive complexity of many mortgage products
created an opportunity to take advantage of consumers’ lack of
awareness and understanding of product risks.

More results:
Filippo Cardone Services Filippo Cardone Contact Filippo Cardone Home