Bachus and Capito Invite Warren To Correct Her Testimony on the CFPB’s Involvement in Mortgage Settlement Process

By PYMNTS | March 31, 2011

March 30, 2011

WASHINGTON: Financial Services Committee Chairman Spencer Bachus and Financial Institutions and Consumer Credit Subcommittee Chairman Shelley Moore Capito are asking Elizabeth Warren, the Obama Administration official charged with setting up the Consumer Financial Protection Bureau, if she wants to clarify or correct her recent testimony regarding the Bureau’s role in the ongoing mortgage servicing settlement negotiations. Recent reports indicate that the CFPB’s role in these negotiations has been more extensive than Professor Warren suggested during her testimony before the Subcommittee earlier this month. In a letter to Professor Warren, Bachus and Capito write: “It is plain that the CFPB has done more than provide ‘advice’ on the proposed servicing settlement. Accordingly, we respectfully request that you carefully review the attached transcript of your testimony at the March 16 hearing and advise the Subcommittee by April 1 if there are any aspects of that testimony relating to the CFPB’s role in the mortgage servicer settlement negotiations that you wish to clarify or correct.”