CFPB 2012 010 Interim Production

Obtained via FOIA by Judicial Watch, Inc.
From: Banks, Dominique (CFPB) </o=ustreasury/ou=exchange administrative group (fydibohf23spdlt)/cn=recipients/cn=banksd> OMealia, Sean (CFPB) </o=ustreasury/ou=exchange administrative group (fydibohf23spdlt)/cn=recipients/cn=omealias>
To:
Cc: Bcc: Subject: Date: Attachments:
RE: FOIA meeting Mon Aug 08 2011 09:20:10 EDT image003.jpg image002.jpg Cordray calendar from Dec to Feb.pdf
Sean:
I apologize for sending the calendar earlier. Come to 7002A and we will figure out from there where we have available space to meet. See you then!!
Thanks
Dominique A. Banks FOIA Analyst Office of Privacy, Information Disclosure (FOIA), Records, & Transparency Phone: (202) 435-7359 Email: Dominique.Banks@cfpb.gov
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From: OMealia, Sean (CFPB) Sent: Monday, August 08, 2011 8:50 AM To: Banks, Dominique (CFPB) Subject: RE: FOIA meeting
Wonderful! Marty already forwarded the request to Bill. What room should I come to?
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Also, would you mind sending me the calendar we released earlier in the year for Rich?
Thanks, Sean
From: Banks, Dominique (CFPB) Sent: Monday, August 08, 2011 8:26 AM To: OMealia, Sean (CFPB) Subject: FOIA meeting
Good Morning:
Marty is not here today, though our Deputy, William Holzerland, is expected to be in. If you would like to meet with Bill and I regarding the request, I will send Bill the invite.
Thanks
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From: Michalosky, Martin (CFPB) </o=ustreasury/ou=exchange administrative group (fydibohf23spdlt)/cn=recipients/cn=michaloskym> CARTER DOUGHERTY, BLOOMBERG/ NEWSROOM: <cdougherty6@bloomberg.net> Holzerland, William (CFPB) </o=ustreasury/ou=exchange administrative group (fydibohf23spdlt)/cn=recipients/cn=holzerlandw>; Kitt, Brett (CFPB) </o=ustreasury/ou=do/cn=recipients/cn=kittb> Consumer Financial Protection Bureau FOIA Request 2011-06-053 Response Thu Jun 16 2011 12:40:08 EDT 2011-06-053 Final Response.pdf
To: Cc:
Bcc: Subject: Date: Attachments:
Good afternoon Mr. Dougherty,
Attached to this email is the CFPBs response to your FOIA request dated June 6, 2011, in which you request records relating to the calendars of Ms. Patricia McCoy and Mr. Richard Cordray.
If you have any questions or concerns, please do not hesitate to contact the CFPB FOIA Team at 1-855 -444-FOIA (3642) or CFPB_FOIA@treasury.gov.
Thank you.
Marty Michalosky Consumer Financial Protection Bureau (CFPB) implementation team Department of the Treasury Phone: 202-435-7198 Email: Martin.Michalosky@treasury.gov
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2011-06-053 Final Response.pdf (Attachment 1 of 1)
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February 01, 2011 Continued Tuesday

3:30 PM - 4:00 PM

Feedback on Outreach Plan -- 557
When:Tuesday,February01,20113:30PM4:00PM(GMT05:00)EasternTime(US& Canada). Where:557 Note:TheGMToffsetabovedoesnotreflectdaylightsavingtimeadjustments. *~*~*~*~*~*~*~*~*~*
4:00 PM - 4:20 PM
(b) (6)
interview -- Richard's office
When: Tuesday, February 01, 2011 4:00 PM-4:20 PM (UTC-05:00) Eastern Time (US & Canada). Where: Richard's office Note: The GMT offset above does not reflect daylight saving time adjustments. *~*~*~*~*~*~*~*~*~*
(b) (6)
Lucy Joanna Lucys office @ 3:00pm Alice Meredith Alices office @3:30pm Richard Cordray @ 4:00pm
5:00 PM - 6:00 PM
Mtg w Carter Dougherty of Bloomberg -- Au Bon Pain
6:00 PM - 7:00 PM
More Talk about Supervision/Enforcement Interface -- Steve or Peggy's office or wherever else you want
February 02, 2011 Wednesday

10:00 AM - 11:00 AM Prep for DOJ meeting -- TBD
When: Wednesday, February 02, 2011 10:00 AM-11:00 AM (UTC-05:00) Eastern Time (US & Canada). Where: TBD Note: The GMT offset above does not reflect daylight saving time adjustments.
Cordray, Richard (CFPB) 15 4/13/2011 11:02 AM
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March 02, 2011 Continued Wednesday

6:30 PM - 7:30 PM

Dinner -
(b) (6)
-- Washington Circle - Restaurant to be Confirmed
When: Wednesday, March 02, 2011 6:30 PM-7:30 PM (UTC-05:00) Eastern Time (US & Canada). Where: Washington Circle - Restaurant to be Confirmed Note: The GMT offset above does not reflect daylight saving time adjustments. *~*~*~*~*~*~*~*~*~*
March 03, 2011 Thursday

8:00 AM - 9:30 AM Speaking to Ohio Bankers League Delegation (40 CEOs and senior level managers, per Jeff Quayle, (b) (6) -- L'Enfant Plaza Hotel, 480 L'Enfant Plaza S.W.
11:00 AM - 11:30 AM
Rich Cordray interview with Brady Dennis, WaPo (tentative time) -- in your office
When: Thursday, March 03, 2011 11:00 AM-11:30 AM (UTC-05:00) Eastern Time (US & Canada). Where: in your office Note: The GMT offset above does not reflect daylight saving time adjustments. *~*~*~*~*~*~*~*~*~*
12:00 PM - 1:30 PM
American U Law Review Symposium -- Lunch Keynote Speaker re Consumer Bureau -- American University Law School, 4801 Mass Ave, Rm 603
Leslie Meredith, Editor in Chief of Law Review,

2:00 PM - 2:30 PM NAAG MOU -- Joanna and Meredith's Tearoom
(b) (6)
When:Thursday,March03,20112:00PM2:30PM(GMT05:00)EasternTime(US& Canada). Where:JoannaandMeredith'sTearoom Note:TheGMToffsetabovedoesnotreflectdaylightsavingtimeadjustments. *~*~*~*~*~*~*~*~*~* WellbemeetingoutsideofMeredithandJoannascubiclesduetotheconferencerooms beingbooked.

(b) (5)
Cordray, Richard (CFPB)
50
4/13/2011 11:02 AM
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January 12, 2011 Continued Wednesday
Where: Pat's office Note: The GMT offset above does not reflect daylight saving time adjustments. *~*~*~*~*~*~*~*~*~*
January 14, 2011 Friday

2:00 PM - 2:30 PM Private:
(b) (6)
January 17, 2011 Monday

11:00 AM - 11:30 AM CFPB Policy Team- Weekly Update -- Full Disclosure Room 503 - call-in #
(b) (6)
When: Occurs every Monday effective 1/3/2011 until 3/7/2012 from 11:00 AM to 11:30 AM (UTC-05:00) Eastern Time (US & Canada). (b) (6) Where: Full Disclosure Room 503 - call-in # Note: The GMT offset above does not reflect daylight saving time adjustments. *~*~*~*~*~*~*~*~*~*
January 18, 2011 Tuesday

9:30 AM - 10:00 AM Dail:
(b) (6)
-- 503
When: Tuesday, January 18, 2011 9:30 AM-10:00 AM (UTC-05:00) Eastern Time (US & Canada). Where: 503 Note: The GMT offset above does not reflect daylight saving time adjustments. *~*~*~*~*~*~*~*~*~* w/ Call-in number.
10:15 AM - 11:00 AM Coffee with Carter Dougherty
11:30 AM - 1:00 PM
Lunch with CSBS and Pat McCoy -- TBD
When: Tuesday, January 18, 2011 11:30 AM-1:00 PM (GMT-05:00) Eastern Time (US & Canada). Where: TBD Note: The GMT offset above does not reflect daylight saving time adjustments.
McCoy, Patricia (CFPB) 10 4/4/2011 10:12 AM
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From: Jackson, Peter </o=ustreasury/ou=exchange administrative group (fydibohf23spdlt)/cn=recipients/cn=jacksonpe> dennisb@washpost.com <dennisb@washpost.com>
To: Cc: Bcc: Subject: Date: Attachments:
Re: coffee Mon Nov 15 2010 09:19:07 EST
Later today or tomorrow is no problem. Sorry, can't do lunch today. I'm free after 4pm today and have some windows before then. Tomorrow is a bit more open. Peter
----- Original Message ----From: (b) (6) <(b) (6) To: Jackson, Peter (CFPB) Sent: Mon Nov 15 09:06:45 2010 Subject: coffee Hey Peter. Wanted to see if we could shift coffee to either later today or perhaps tomorrow? If that's a problem, I can still make it at 10 today, just might be kinda tight. Also, if you are available for lunch today, that might work well for me.... Thanks, Brady -Brady Dennis The Washington Post dennisb@washpost.com
(b) (6)
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From: Warren, Elizabeth </o=ustreasury/ou=exchange administrative group (fydibohf23spdlt)/cn=recipients/cn=warrene> Warren, Elizabeth </o=ustreasury/ou=exchange administrative group (fydibohf23spdlt)/cn=recipients/cn=warrene>; Jackson, Peter </o=ustreasury/ou=exchange administrative group (fydibohf23spdlt)/cn=recipients/cn=jacksonpe>
To:
Beat Reporters - Tour Thu Oct 21 2010 19:04:19 EDT
StartTime: Fri Oct 22 11:00:00 Eastern Daylight Time 2010 EndTime: Fri Oct 22 11:30:00 Eastern Daylight Time 2010 Location: Invitees: Recurring: No ShowReminder: No Accepted: Yes AcceptedTime: Thu Oct 21 19:05:00 Eastern Daylight Time 2010 When: Friday, October 22, 2010 11:00 AM-11:30 AM (UTC-05:00) Eastern Time (US & Canada). Note: The GMT offset above does not reflect daylight saving time adjustments. *~*~*~*~*~*~*~*~*~* Maya Jackson-Randall (Dow Jones) Dan Wagner (AP) Ian Katz (Bloomberg) David Clarke (Reuters) Brady Dennis (WaPo) - possibly Joe Adler (American Banker) Ed Wyatt (NYT) Tom Braithwaite (FT) Jim Puzzanghera (LA Times)
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From: LeCompte, Jenni </o=ustreasury/ou=do/cn=do resources/cn=user accounts/cn=standard users/cn=engebretsenj> Geldon, Daniel </o=ustreasury/ou=exchange administrative group (fydibohf23spdlt)/cn=recipients/cn=geldond> Adamske, Steven </o=ustreasury/ou=exchange administrative group (fydibohf23spdlt)/cn=recipients/cn=adamskes>; Jackson, Peter </o=ustreasury/ou=exchange administrative group (fydibohf23spdlt)/cn=recipients/cn=jacksonpe>; Adeyemo, Adewale (Wally) </o=ustreasury/ou=do/cn=do resources/cn=user accounts/cn=standard users/cn=adeyemoa> RE: Beat reporter office visit tomorrow Thu Oct 21 2010 15:07:59 EDT
To:
Cc:

(b) (5)
Regardless, one flag on the bullets: On the day EW was announced, we said the CFPB team had 40-50 staff.
Jenni
From: Geldon, Daniel Sent: Thursday, October 21, 2010 2:49 PM To: LeCompte, Jenni Cc: Adamske, Steven; Jackson, Peter; Adeyemo, Adewale (Wally) Subject: Beat reporter office visit tomorrow Importance: High
Hi Jenni,
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EW has asked us to pull the trigger on inviting a list like the below to meet with her tomorrow and is pushing us to do so soon. Wed like to do so in the next 30 or 45 minutes this is on her schedule for 11 am tomorrow.
Do you have any thoughts on this? Any additions or subtractions or questions?
Ive re-attached the bullets were currently working with.
Maya Jackson-Randall (Dow Jones) Dan Wagner (AP) Ian Katz (Bloomberg) David Clarke (Reuters) Deborah Solomon (WSJ) Brady Dennis (WaPo) Donna Borak (American Banker) Ed Wyatt (NYT) Tom Braithwaite (FT) Jim Puzzanghera (LA Times) Michael Kranish (Boston Globe)
Dan
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Friday Bullets-wa.docx (Attachment 1 of 1)

Friday Press Event Bullets Welcome to our new headquarters o I told Peter yesterday how we need to invite you over right away so you can see our new space and so we could welcome you here personally and early. o We moved here on Wednesday, and this will serve as the launching pad for the CFPB. o CFPB implementation team staffers were spread across three different buildings, now we are all here together. o I am proud to say the move went without a hitch we all got here Monday, had a staff celebration on Tuesday, and have been hard at work all week in our new space. o We have a little more than 30,000 square feet of space here, and we have the ability to double in size again at this location. o We are already exploring options for additional space should we reach capacity before arrangements have been made to move into our permanent headquarters. We have been hard at work staffing up the CFPB Implementation team o The implementation team will be responsible for standing up the new agency so that it is fully functioning by July 21, 2011. o We now have over 50 employees -- including detailees from almost all the contributing agencies (NCUA is only outstanding). o During my first month on the job, we have almost doubled our staff . I am also particularly pleased that our HR staff has more than doubled over the past two weeks. We ve been interviewing about a dozen new people each week. o We are projecting to double again in size over the next couple months . o We have hired a number of subject matter experts . o There is an enormous amount of interest in positions, and we have already received more than 1,500 resumes. o We expect to conduct the majority of our recruiting and outreach efforts early in 2011 and we ll search widely across America, not just in Washington. Outreach o Over the past month, we have ramped up our outreach efforts to both industry and consumer groups. o On September 21st, we hosted our first public event in Washington, bringing together consumer advocates, industry groups and financial literacy experts for a roundtable to begin discussions on CFPB s task to dramatically simplify mortgage disclosures so they serve as a useful tool for consumers when purchasing a home. o We have also continued to meet with and speak to key stakeholders from the financial industry. I gave a major speech at the Financial Services Roundtable, attended by the key players from this industry. I have had almost two dozen one-on-one meetings with the heads of major financial institutions and trade associations, and conducted a roundtable discussion with representatives of various chambers of commerce, banking organizations, and financial services organizations. I ve also spent time talking directly with investors, who have a big stake in this but often don t have as much of a policy voice in these issues as I think they ought to. On Monday, I traveled to New York to talk directly with some folks on Wall
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Friday Bullets-wa.docx (Attachment 1 of 1)

Street who will be affected by this agency. We have also begun to travel outside of the east coast to hear from different groups about CFPB. Last week, we travelled to Columbus, Ohio to meet with consumer advocates, housing counselors, and credit counselors to talk about the challenges they are facing on the ground, and to hear about their priorities for the bureau. We also met with community bankers in Ohio to hear their concerns regarding and questions about the bureau. I am committed to visiting with community bankers everywhere I travel and to make sure we build a sustained relationship with them and factor in their concerns at every step. Next week, I will travel to San Francisco to meet with consumer groups, community bankers, and leaders in the tech industry to gather ideas about the bureau and on how to best build a 21st century agency. I should say that I am also hosting a lunch with outside experts on technology issues this Thursday to talk about how we can engage as many Americans as we can in the business of the Bureau moving forward. I am of course also continuing to reach out to advocacy groups. I have had meetings here with minority advocacy groups, women s advocacy groups, labor groups, and civil rights groups on CFPB. This week I went to a reception put together by Americans for Financial Reform. A couple weeks ago I visited an event the Roosevelt Institute was having on financial reform in New York.
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From: Jackson, Peter (CFPB) </o=ustreasury/ou=exchange administrative group (fydibohf23spdlt)/cn=recipients/cn=jacksonpe> Blenkinsopp, Alexander (CFPB) </o=ustreasury/ou=exchange administrative group (fydibohf23spdlt)/cn=recipients/cn=blenkinsoppa>
To:
Emailing: Quotes for Review 2 2 11 Wed Feb 02 2011 10:45:45 EST 09292010 - FSR Speech Briefing.docx <extracted> 09292010-Brady Dennis-Washington Post.docx <extracted> 20101105 - Cheynne Hopkins - American Banker.docx <extracted> 20101108 - Kiplinger's Follow-Up Questions - DRAFT.docx <extracted> 20101108 - Kiplinger's Follow-Up Questions - FINAL.docx <extracted> 20101109 - American Banker Tech Q.docx <extracted> 20101213 - Cheyenne Hopkins - American Banker.docx <extracted> 20110118 - Maya Jackson Randal - Dow Jones.docx <extracted> 20110128 - Boston Globe Magazine - Shannon Mullen.docx <extracted> 20110128 - Donovan Slack - Boston Globe - Follow Up Questions in Writing.docx 20110131 - Center for Public Integrity.docx <extracted> ELIZABETH WARREN QUOTES.docx <extracted> M-warren interview for Elizabeth Warren's office-psj.docx <extracted> M-warren interview for Elizabeth Warren's office-Warren Edits.docx <extracted> Newsweek - Online version.docx <extracted> Newsweek.docx <extracted> Transcript of Interview with Elizabeth Warren for Bankrate - edits round 1.docx
<extracted>
<extracted> Transcript of Interview with Elizabeth Warren for Bankrate - FINAL.docx <extracted> 201101xx - Pamela Yip - Dallas Morning News.docx <extracted> 201101xx - Tampa Bay Business Journal.docx <extracted> 20101014 - Cheyenne Hopkins - American Banker.docx <extracted>
Your message is ready to be sent with the following file or link attachments: Quotes for Review 2 2 11
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09292010 - FSR Speech Briefing.docx <extracted> (Attachment 1 of 21)

EW Briefing 9/29/2010 Cleared Quotes: Brady Dennis/Washington Post: "They may say no. They may say yes but then not follow through. I don t know, but this is an important first step in the conversation." While she is seeking a principles-based regulatory approach, Warren said there will still be the need for "very crisp rulesto safeguard against deceptive or predatory practices. "I welcome partnership with the banks, and I want to work with them to create something sustainable,she said. A virtuous market is sustainable over time, but a market that relies on an omniscient regulator is always unstable. The idea behind the new agency is to get something that lasts." "It is important to me that there be a clear goal for regulation." "This is the invitation to another approach, and we ll see what they say,"she said, adding jokingly that, "I am going into a room where there are forks and knives on the table." Deborah Solomon/Wall Street Journal: If you re talking to the 400 top executives for large financial institutions let s talk a little turkey. On her goal: Can the customer understand the product easily, assess its costs and its risks and make apples to apples comparisons direct comparisons - among the products. Regulation is there to fix the places where the market can t work. On wanting cooperation/buy-in from the industry: I want to work with them to create something that s sustainable. A virtuous market is sustainable over time, but a market that relies on an omniscient regulator is always unstable. The idea behind the new agency is to get something that lasts. On the creation of the CFPB: It happened because American familiesexperience of consumer credit is something that has made them deeply angry. It s tearing a hole in the bottom of their economic boats. Dan Wagner/Associated Press:
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There are clean products and dirty products out there. There are probably some good products, on some relative scale, and some worse products. But competition works only if the customer can see it and see what those differences are only if good products get rewarded and bad products get hurt in a competitive market. (The agency was created) because the American family s experience of consumer credit is something that has made them deeply angry. It s tearing a hole in the bottom of their economic boats. Fairness to customers means Can the customer easily understand the product, assess its costs and risks and make apples to apples comparisons direct comparisons among products. If products are understandable, we can say to financial compaies the price is up to you. You put it in. You can explain it. What you can t do is sell a product in a way that nobody can tell what the price is.As opposed to piling rules upon rules, I think it s better for American families to clean out the fine print. That s what drives me. I also think it s better for financial institutions, even the big ones. This is the function of regulation: Regulation is there to fix things that the market can t. It s not to replace the business decisions. This is where regulation can actually help the banks and the customers get to a better place than they can get to on their own. This is an invitation to another approach, and I hope they ll work with me We ll see what they say.
Dave Lawder/Reuters: Regarding how traditional rules-based regulatory approach raises compliance costs for smaller banks and underscores an adversarial relationship between banks and customers: "It locks in this idea that the banks are on one side and customers are on the other, as if consumer credit products are something banks do to their customers rather than for their customers. It locks in an adversarial relationship." "The consumer agency was the tip of the spear on why financial reform was good for and would work for American families. That happened without millions in lobbying dollars. It happened because American families' experience of consumer credit is something that made them deeply angry and deeply worried." RE: Approach for a more principles-based relationship that sets out the goal: "This is ultimately far better than the regime in which the products are still laden with incomprehensive text but there's a rule at every turn, forcing the issuers through a series of hurdles to be able to produce a product. "It aims towards putting banks and their customers back in partnership rather than leaving them in an adversarial relationship." "A market that relies on an omniscient regulator is always unstable. It works in the short run --
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sometimes -- but it can't work forever. So the idea behind the new agency is to get something that lasts." "Layering 10,000 rules in is not going to turn this into a working relationship. Maybe that's the way we have to go. This is the invitation to another approach. I hope they will work with me."
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From: Howard, Jennifer (CFPB) </o=ustreasury/ou=exchange administrative group (fydibohf23spdlt)/cn=recipients/cn=howardje> Brady Dennis <dennisb@washpost.com>
RE: Rich Cordray Tue Mar 01 2011 17:17:55 EST
To clarify, that way we can share more of what he plans to say without getting out ahead of the speech too much. Jen Howard Senior Spokesperson Consumer Financial Protection Bureau Implementation Team E: Jennifer.Howard@treasury.gov O: 202-435-7454 C: (b) (6)
-----Original Message----From: Howard, Jennifer (CFPB) Sent: Tuesday, March 01, 2011 5:10 PM To: 'Brady Dennis' Subject: RE: Rich Cordray If we did the interview on Thursday, could we embargo for Monday night (so it comes out on Tuesday)? Jen Howard Senior Spokesperson Consumer Financial Protection Bureau Implementation Team E: Jennifer.Howard@treasury.gov O: 202-435-7454 C: (b) (6)
-----Original Message----From: (b) (6) Sent: Tuesday, March 01, 2011 4:19 PM To: Howard, Jennifer (CFPB) Subject: Re: Rich Cordray Okay, cool. I'm out of town on Friday and much of Monday, just fyi. But pretty flexible otherwise....
On Behalf Of Brady Dennis
On Tue, Mar 1, 2011 at 3:56 PM, <Jennifer.Howard@treasury.gov> wrote: > Speaking on March 8. Im still checking on interview > > > > Jen Howard
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> > Senior Spokesperson > > Consumer Financial Protection Bureau Implementation Team > > E: Jennifer.Howard@treasury.gov > > O: 202-435-7454 > > C: (b) (6) > > >
-Brady Dennis The Washington Post dennisb@washpost.com

(b) (6)
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From: Howard, Jennifer (CFPB) </o=ustreasury/ou=exchange administrative group (fydibohf23spdlt)/cn=recipients/cn=howardje> Howard, Jennifer (CFPB) </o=ustreasury/ou=exchange administrative group (fydibohf23spdlt)/cn=recipients/cn=howardje>; Brady Dennis <dennisb@washpost.com>
To:
RE: CFPB Blog: The CFPB and the Religious Community Tue Feb 08 2011 14:37:12 EST
Oh, and: It lasted 1.5 hours this afternoon, and took place at the Eisenhower Executive Office Building. Jen Howard Senior Spokesperson Consumer Financial Protection Bureau Implementation Team E: Jennifer.Howard@treasury.gov O: 202-435-7454 C: (b) (6)
-----Original Message----From: Howard, Jennifer (CFPB) Sent: Tuesday, February 08, 2011 2:32 PM To: 'Brady Dennis' Subject: RE: CFPB Blog: The CFPB and the Religious Community On deep background, here is a readout. The CFPB implementation team and the White House organized this event, which included a diverse group of faith leaders. The goal of the faith roundtable was to listen and solicit input on ways that CFPB can work collaboratively with the faith community to better protect consumers. Here is a partial list of participating groups: Christian Community Development Association Esperanza USA Industrial Areas Foundation The Jewish Federations of North America Korean Churches for Community Development National Council of Jewish Women National Hispanic Christian Leadership Conference Progressive National Baptist Convention Religious Action Center of Reform Judaism Skinner Leadership Institute Sojourners
Jen Howard Senior Spokesperson Consumer Financial Protection Bureau Implementation Team E: Jennifer.Howard@treasury.gov
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O: 202-435-7454 C: (b) (6)
-----Original Message----From: (b) (6) Sent: Tuesday, February 08, 2011 12:43 PM To: Howard, Jennifer (CFPB) Subject: Re: CFPB Blog: The CFPB and the Religious Community Sure.
On Tue, Feb 8, 2011 at 12:40 PM, <Jennifer.Howard@treasury.gov> wrote: > I can give you a readout this afternoon, if that works? > > Jen Howard > Senior Spokesperson > Consumer Financial Protection Bureau Implementation Team > E: Jennifer.Howard@treasury.gov > O: 202-435-7454 > C: (b) (6) > > > -----Original Message----> From: (b) (6) On Behalf Of Brady Dennis > Sent: Tuesday, February 08, 2011 12:39 PM > To: Howard, Jennifer (CFPB) > Subject: Re: CFPB Blog: The CFPB and the Religious Community > > Hey. Thanks for sending along. > > You know any more details on that meeting -- who is attending (both > religious folks and from gov't), time, who organized, agenda, etc....? > > > > On Tue, Feb 8, 2011 at 11:47 AM, <Jennifer.Howard@treasury.gov> wrote: >> The CFPB and the Religious Community >> >> By Elizabeth Warren, Assistant to the President and Special Advisor to the >> Secretary of the Treasury on the CFPB >> >> >> >> Today, the Consumer Financial Protection Bureau implementation team will >> hold a roundtable at the White House with key leaders from the religious >> community. >> >> At the new consumer bureau, we spend a lot of time listening. We know that >> when Americans feel overwhelmed by financial problems, many of them turn to >> their ministers or other spiritual leaders for support. These leaders >> witness-up close and personal-the devastation that a financial crisis leaves >> in its wake. We are particularly interested in hearing from these community >> leaders about what they are seeing on the ground-what financial issues their >> congregations are confronting and what people of faith are doing to help.
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>> >> >> >> We also know that religious leaders across the country are wrestling with >> the moral dimensions of the financial crisis of 2008. The crisis revealed >> how the financial system permitted lenders to hide the true costs and risks >> of mortgages and to steer those who trusted them into products they did not >> understand. While some people profited from this business model, across the >> country, millions more suffered through foreclosures, crippling debt, or >> bankruptcy. Personal gain for a few came at the expense of all, as risky and >> complicated mortgage products brought the entire economy to its knees. >> >> >> >> My many conversations with community banks have also reminded me that many >> lenders offered their products in a fair and transparent manner, only to >> find themselves in competition with other lenders that were willing to >> misrepresent the price or hide risks, all in an effort to boost their own >> profits or market share. >> >> Nor were the problems confined to lenders. The system also permitted some >> borrowers to take risks that not only hurt themselves, but also hurt their >> neighbors by driving the value of property higher and then pushing it off a >> cliff when those borrowers defaulted on their loans. Recklessness hurt us >> all. >> >> >> >> Ultimately, the financial crisis harmed both our pockets and our principles. >> The moral dimensions of the crisis run deep. No one should forget that, for >> many centuries, consumer protection laws have been deeply rooted in >> religious and moral traditions. The laws have changed, but the basic notion >> that lending should not be used as an instrument of advantage-taking is >> deeply embedded in our collective consciousness. >> >> >> >> Many people of faith and conscience fought diligently for the consumer >> bureau because they saw that the attitudes and practices that caused the >> financial crisis did not reflect our common values. Enacting the new CFPB >> was a David-versus-Goliath fight, but, in the end, American families >> triumphed. >> >> >> >> With this new consumer bureau, we have an opportunity to provide a direct >> line of support to American families. We will start by working to ensure >> that consumers get the information they need to make the financial decisions >> they believe are best for themselves and their families-that prices are >> clear up front, that risks are visible, and that important terms are not >> buried in fine print. >> >> >> >> By requiring increased transparency, the new consumer bureau can add both to >> the economic security of American families and to the overall strength of
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>> our economy. It can also provide a level playing field in which all lenders >> will be required to follow the rules. But we know that without values, our >> rules will be hollow. That is why the success of this moment also depends >> upon individuals exercising their responsibility toward one another and >> acting in a way that reaffirms our common values and shared humanity. >> >> >> >> Here at the consumer bureau, we understand that economic security is not >> just about numbers on a balance sheet; it is about families trying to care >> for themselves and others, to secure all they hold dear. It needs to be >> valued as such. I'm looking forward to today's conversation. >> >> >> >> http://www.consumerfinance.gov/2011/02/08/the-cfpb-and-the-religious-community/ >> >> >> >> Jen Howard >> >> Senior Spokesperson >> >> Consumer Financial Protection Bureau Implementation Team >> >> E: Jennifer.Howard@treasury.gov >> >> O: 202-435-7454 >> >> C: (b) (6) >> >> > > > > -> Brady Dennis > The Washington Post > dennisb@washpost.com > (b) (6) >

(b) (6)
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RE: hey Tue Mar 22 2011 18:03:41 EDT
I'm here. Happy to chat. Jen Howard Senior Spokesperson Consumer Financial Protection Bureau Implementation Team E: Jennifer.Howard@treasury.gov O: 202-435-7454 C: (b) (6)
-----Original Message----From: (b) (6) Sent: Tuesday, March 22, 2011 6:03 PM To: Howard, Jennifer (CFPB) Subject: hey you in San Diego? what's the deal on this Granholm thing? was she offered the job?

(b) (6)
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Holly Petraeus Letter to James Dimon - Feb 1 2011.pdf (Attachment 1 of 1)
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RE: hey Tue Mar 01 2011 19:17:38 EST
Ok, those lines are good to go. The letter is being tweaked, so don't link to it or anything. Could you hold off posting story online until we can get the letter out? (don't want members of Congress to read about it in your story before they even get the letter). Jen Howard Senior Spokesperson Consumer Financial Protection Bureau Implementation Team E: Jennifer.Howard@treasury.gov O: 202-435-7454 C: (b) (6)
-----Original Message----From: (b) (6) Sent: Tuesday, March 01, 2011 7:01 PM To: Howard, Jennifer (CFPB) Subject: hey Are we good to go? Here's the line I was planning on adding:
Later Tuesday, Warren sent a letter to two members of the House committee, reiterating that "our interactions with small financial services providers have had a real impact on the work we are doing," and "we've taken every opportunity to let small companies know that this office is open to them."* * -Brady Dennis The Washington Post dennisb@washpost.com
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>> From: (b) (6) On Behalf Of Brady Dennis >> Sent: Tuesday, February 01, 2011 5:08 PM >> To: Howard, Jennifer (CFPB) >> Subject: hey >> >> hey jen. doing an item on Holly Petraeus letter. do you have this >> separate letter she sent Jamie Dimon? thanks. >> >> Also, 7 p.m. okay? I'm up for whatever. Wanna try somewhere near Dupont Circle? >> >> ->> Brady Dennis >> The Washington Post >> dennisb@washpost.com >> (b) (6) >> > > > > -> Brady Dennis > The Washington Post > dennisb@washpost.com > (b) (6) >

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From: Jackson, Peter </o=ustreasury/ou=exchange administrative group (fydibohf23spdlt)/cn=recipients/cn=jacksonpe> Brady Dennis <dennisb@washpost.com>
RE: today Tue Nov 09 2010 10:07:06 EST
No worries--a little bit of late notice on my part and I know they've got you running in a few different directions. Looking forward to Monday as well. Best, Peter -----Original Message----From: (b) (6) Sent: Tuesday, November 09, 2010 9:44 AM To: Jackson, Peter Subject: today
Hey Peter. Unfortunately, don't think I'm going to be able to make it over to Georgetown this afternoon. Thanks for thinking of me, though. I'll look forward to trying to sit down with Prof. Warren again soon. Meantime, also will look forward to meeting up on Monday.... -brady -Brady Dennis The Washington Post dennisb@washpost.com
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From: Jackson, Peter </o=ustreasury/ou=exchange administrative group (fydibohf23spdlt)/cn=recipients/cn=jacksonpe> Brady Dennis <dennisb@washpost.com>
RE: cfpb Tue Oct 26 2010 19:00:17 EDT
Sorry about that. Elizabeth and I are venturing west tomorrow to Berkeley so she can give a big speech there Thursday night. We'll make sure you get an early copy under an embargo that lifts when the speech starts. As for seeing the new digs, perhaps you can drop by late next week? Let me know what might work well for you. Peter -----Original Message----From: (b) (6) Sent: Monday, October 25, 2010 7:06 PM To: Peter Jackson; Jackson, Peter Subject: cfpb
Hey Peter. My apologies for not getting back to you last week. I was traveling and actually didn't get your messaging about meeting with Elizabeth until after it was too late. Too bad, because I absolutely would have come over had I been in town. Hope we can set something up again soon. I'd like to check out the new digs.... -Brady -Brady Dennis The Washington Post dennisb@washpost.com
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Brady Dennis The Washington Post dennisb@washpost.com
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Yep....like 11ish? Jen Howard Senior Spokesperson Consumer Financial Protection Bureau Implementation Team E: Jennifer.Howard@treasury.gov O: 202-435-7454 C: (b) (6)
-----Original Message----From: (b) (6) Sent: Tuesday, March 01, 2011 5:39 PM To: Howard, Jennifer (CFPB) Subject: RE: Rich Cordray That might just work. Let me check with the editors. Is Thurs morning a possibility?
On Mar 1, 2011 5:09 PM, <Jennifer.Howard@treasury.gov> wrote: > > If we did the interview on Thursday, could we embargo for Monday night (so it comes out on Tuesday)? > > Jen Howard > Senior Spokesperson > Consumer Financial Protection Bureau Implementation Team > E: Jennifer.Howard@treasury.gov > O: 202-435-7454 > C: (b) (6) > > > -----Original Message----> From: (b) (6) On Behalf Of Brady Dennis > Sent: Tuesday, March 01, 2011 4:19 PM > To: Howard, Jennifer (CFPB) > Subject: Re: Rich Cordray > > Okay, cool. I'm out of town on Friday and much of Monday, just fyi. But > pretty flexible otherwise.... > > On Tue, Mar 1, 2011 at 3:56 PM, <Jennifer.Howard@treasury.gov> wrote:
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> > > Speaking on March 8. I'm still checking on interview... >> >> >> > > Jen Howard >> > > Senior Spokesperson >> > > Consumer Financial Protection Bureau Implementation Team >> > > E: Jennifer.Howard@treasury.gov >> > > O: 202-435-7454 >> > > C: (b) (6) >> >> >> > > > > -> Brady Dennis > The Washington Post > dennisb@washpost.com > (b) (6)
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Also, not really newsy, but here is what Professor Warren said today: http://www.reuters. com/article/2011/03/01/us-finance-summit-warren-healing-idUSTRE72074Z20110301 Jen Howard Senior Spokesperson Consumer Financial Protection Bureau Implementation Team E: Jennifer.Howard@treasury.gov O: 202-435-7454 C: (b) (6)
-----Original Message----From: (b) (6) Sent: Tuesday, March 01, 2011 5:39 PM To: Howard, Jennifer (CFPB) Subject: RE: Rich Cordray That might just work. Let me check with the editors. Is Thurs morning a possibility?
On Mar 1, 2011 5:09 PM, <Jennifer.Howard@treasury.gov> wrote: > > If we did the interview on Thursday, could we embargo for Monday night (so it comes out on Tuesday)? > > Jen Howard > Senior Spokesperson > Consumer Financial Protection Bureau Implementation Team > E: Jennifer.Howard@treasury.gov > O: 202-435-7454 > C: (b) (6) > > > -----Original Message----> From: (b) (6) On Behalf Of Brady Dennis > Sent: Tuesday, March 01, 2011 4:19 PM > To: Howard, Jennifer (CFPB) > Subject: Re: Rich Cordray > > Okay, cool. I'm out of town on Friday and much of Monday, just fyi. But > pretty flexible otherwise.... >
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> On Tue, Mar 1, 2011 at 3:56 PM, <Jennifer.Howard@treasury.gov> wrote: > > > Speaking on March 8. I'm still checking on interview... >> >> >> > > Jen Howard >> > > Senior Spokesperson >> > > Consumer Financial Protection Bureau Implementation Team >> > > E: Jennifer.Howard@treasury.gov >> > > O: 202-435-7454 >> > > C: (b) (6) >> >> >> > > > > -> Brady Dennis > The Washington Post > dennisb@washpost.com > (b) (6)
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RE: Hey Tue Mar 08 2011 19:07:32 EST
Great, no rush. Just keep me posted. (Your job is insane!) Jen Howard Senior Spokesperson Consumer Financial Protection Bureau Implementation Team E: Jennifer.Howard@treasury.gov O: 202-435-7454 C: (b) (6)
-----Original Message----From: (b) (6) Sent: Tuesday, March 08, 2011 7:06 PM To: Howard, Jennifer (CFPB) Subject: Re: Hey
Hey there. Sorry, I've been off in Libya world. Thanks for sending along Rich's comments to the AGs. Looking unlikely that I get around to a story this week, but hopefully soon. It was good to finally meet him. Thanks again for setting it up... On Tue, Mar 8, 2011 at 1:28 PM, <Jennifer.Howard@treasury.gov> wrote: > Just checking in re: Rich Cordray interview.no pressure or anything. > > > > Jen Howard > > Senior Spokesperson > > Consumer Financial Protection Bureau Implementation Team > > E: Jennifer.Howard@treasury.gov > > O: 202-435-7454 > > C: (b) (6) > > >
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From: Jackson, Peter (CFPB) </o=ustreasury/ou=exchange administrative group (fydibohf23spdlt)/cn=recipients/cn=jacksonpe> Brady Dennis <dennisb@washpost.com>
RE: Background Briefing on CFPB Organization and Hiring Mon Dec 20 2010 11:22:17 EST
Yes. I'm about to send out the info. I'll make sure you're on the list. Thanks for joining us last week at our little celebration. I very much enjoyed your take on it in Saturday's Post. Peter -----Original Message----From: (b) (6) Sent: Monday, December 20, 2010 11:21 AM To: Jackson, Peter (CFPB) Subject: Re: Background Briefing on CFPB Organization and Hiring Hi Peter. Are you guys still planning a call later today? Thanks, Brady On Fri, Dec 17, 2010 at 6:34 PM, <Peter.Jackson@do.treas.gov> wrote: > All > > > > I wanted to give you a heads up that were looking to organize a background > briefing with two senior CFPB implementation team members for you on Monday, > December 20, at 1pm via teleconference. We want to provide you an update on > our operations and personnel and the opportunity to ask questions on those > topics. > > > > Please let me know if youd like to participate. Ill provide call-in > information and more details on format Monday morning. > > > > Thanks and best wishes for the weekend. > > > > Peter > > > >
Behalf Of Brady Dennis
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>

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>> The Washington Post >> dennisb@washpost.com >> (b) (6)
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RE: Drinks next week? Wed Jan 26 2011 12:31:39 EST
Done! I'll pencil it in. Jen Howard Senior Spokesperson Consumer Financial Protection Bureau Implementation Team E: Jennifer.Howard@treasury.gov O: 202-435-7454 C: (b) (6)
-----Original Message----From: (b) (6) Sent: Wednesday, January 26, 2011 12:31 PM To: Howard, Jennifer (CFPB) Subject: Re: Drinks next week? Hey Jen:
I'm actually going to be away on Thursday and Friday next week. Why don't we aim for Tuesday and see how things look that day? Work for you? On Wed, Jan 26, 2011 at 12:25 PM, <Jennifer.Howard@treasury.gov> wrote: > Hey Brady> > > > Do you have time next week to meet for drinks? Im thinking Thursday, but > really, Im free every day but Wednesday. > > > > Jen Howard > > Senior Spokesperson > > Consumer Financial Protection Bureau Implementation Team > > E: Jennifer.Howard@treasury.gov > > O: 202-435-7454 > > C: (b) (6)
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> > >

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RE: OTR Chat with Raj Date Wed Apr 20 2011 11:44:54 EDT
I think Raj is out for much of next week...I'll circle back with some new suggestions on timing... Jen Howard Senior Spokesperson Consumer Financial Protection Bureau Implementation Team E: Jennifer.Howard@treasury.gov O: 202-435-7454 C: (b) (6)
-----Original Message----From: (b) (6) Sent: Wednesday, April 20, 2011 11:43 AM To: Howard, Jennifer (CFPB) Subject: Re: OTR Chat with Raj Date
Hey, not sure yet but looks like Friday might be kinda hectic. Any chance Monday might work? On Mon, Apr 18, 2011 at 11:38 AM, <Jennifer.Howard@treasury.gov> wrote: > I am so so unbelievably jealous. > > How about we say tentatively Friday at 2 pm? > > Jen Howard > Senior Spokesperson > Consumer Financial Protection Bureau Implementation Team > E: Jennifer.Howard@treasury.gov > O: 202-435-7454 > C: (b) (6) > > > -----Original Message----> From: (b) (6) On Behalf > Of Brady Dennis > Sent: Monday, April 18, 2011 11:35 AM > To: Howard, Jennifer (CFPB) > Subject: Re: OTR Chat with Raj Date > > Yeah, I had a blast. And a close second was sitting on a beach last week > beside a cooler full of Coronas :) >
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> Maybe later this week on Raj? > > On Mon, Apr 18, 2011 at 11:29 AM, <Jennifer.Howard@treasury.gov> wrote: > > > Congrats on getting married!!! Did you have fun at the wedding??? >> >> >> > > Not much last week. Professor Warren spoke at NAAG: >> > http://www.consumerfinance.gov/speech/remarks-to-the-national-association-of-attorneys-generalpresidential-initiative-summit/ >> >> >> > > OTR, came across this interesting nugget in Jamie Dimon's recent letter > to > > shareholders: >> > http://files.shareholder.com/downloads/ONE/1201956848x0x457315/cc3470a5-514f-4ade-908417db45e870dc/2010_JPMC_AR_letter.pdf >> >> >> > > *We need to create a Consumer Financial Protection Bureau that is > > effective for both consumers and banks* >> >> >> > > It has been widely reported that we were against the creation of a > Consumer > > Financial Protection Bureau (CFPB). We were not - we were against the > > creation of a standalone CFPB, operating separately and apart from > whatever > > regulatory agency already had oversight authority over banks. We thought > > that a CFPB should have been housed within the banking regulators and > with > > proper authority within that regulator. This would have avoided the > overlap, > > confusion and bureaucracy created by competing agencies. >> >> >> > > However, we fully acknowledge that there were many good reasons that led > to > > the creation of the CFPB and believe that if the CFPB does its job well, > the > > agency will benefit American consumers and the system. Strong regulatory > > standards, adequate review of new products and transparency to consumers > all > > are good things. Indeed, had there been stronger standards in the > mortgage > > markets, one huge cause of the recent crisis might have been avoided. > Other > > countries with stricter limits on mortgages, such as higher loan-to-value > > ratios, didn't experience a mortgage crisis comparable with ours.
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>> >> >> > > As recently as five years ago, most Americans would have called the U.S. > > mortgage market one of the best in the world - boy, was that wrong! What > > happened to our system did not work well for any market participant > lender > > or borrower - and a careful rewriting of the rules would benefit all. >> >> >> > > Let me know re: timing with Raj! >> >> >> > > Jen Howard >> > > Senior Spokesperson >> > > Consumer Financial Protection Bureau Implementation Team >> > > E: Jennifer.Howard@treasury.gov >> > > O: 202-435-7454 >> > > C: (b) (6) >> >> >> >> >> > > -----Original Message----> > From: (b) (6) On Behalf > > Of Brady Dennis > > Sent: Monday, April 18, 2011 11:24 AM > > To: Howard, Jennifer (CFPB) > > Subject: Re: OTR Chat with Raj Date >> >> >> > > Hey! I was off all last week (and actually not officially back until >> > > tomorrow), but I'm definitely up for dropping by to talk with Raj > soon.... >> >> >> > > What else did I miss last week? >> >> >> > > On Mon, Apr 11, 2011 at 11:13 AM, <Jennifer.Howard@treasury.gov> wrote: >> >> >> > > > Hey Brady-
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>> >>> >> >>> >> >>> >> > > > Hope all is well! Do you want to come in sometime this week and speak > > with >> > > > Raj off the record? Now that he's taken on the associate director role, >I >> > > > want to make sure that reporters have a chance to get to know him. >> >>> >> >>> >> >>> >> > > > Let me know. >> >>> >> >>> >> >>> >> > > > Jen Howard >> >>> >> > > > Senior Spokesperson >> >>> >> > > > Consumer Financial Protection Bureau Implementation Team >> >>> >> > > > E: Jennifer.Howard@treasury.gov >> >>> >> > > > O: 202-435-7454 >> >>> >> > > > C: (b) (6) >> >>> >> >>> >> >>>
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>> >> >> >> >> >> >> > > ->> > > Brady Dennis >> > > The Washington Post >> > > dennisb@washpost.com >> > > (b) (6) >> > > > > -> Brady Dennis > The Washington Post > dennisb@washpost.com > (b) (6) >

(b) (6)
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To: Cc: Bcc: Subject: RE: [spam] Re: [spam] Re: [spam] Re: Warren: Welcoming Holly Petraeus to the CFPB Implementation Team (WH Blog) Date: Thu Jan 06 2011 16:27:09 EST Attachments: Sure thing. That's correct. -----Original Message----From: (b) (6) On Behalf Of Brady Dennis Sent: Thursday, January 06, 2011 4:26 PM To: Jackson, Peter (CFPB) Subject: [spam] Re: [spam] Re: [spam] Re: Warren: Welcoming Holly Petraeus to the CFPB Implementation Team (WH Blog) Ha, gotta love that GS scale and all the other acronyms. Should've just looked that up first before hounding you. Thanks again. So, if I'm reading correctly, is it accurate to say that her salary hasn't been finalized but will fall somewhere between $119,554 and $179,700? On Thu, Jan 6, 2011 at 4:22 PM, <Peter.Jackson@do.treas.gov> wrote: > Sorry, I've been in government too long. This ought to explain: > > http://www.opm.gov/ses/performance/salary.asp > > > > -----Original Message----> From: (b) (6) On Behalf > Of Brady Dennis > Sent: Thursday, January 06, 2011 4:20 PM > To: Jackson, Peter (CFPB) > Subject: [spam] Re: [spam] Re: Warren: Welcoming Holly Petraeus to the CFPB > Implementation Team (WH Blog) > > Is there at least a ballpark? Surely she was given a sense of what the job > would pay. > > Thanks again, Peter.... > > On Thu, Jan 6, 2011 at 4:17 PM, <Peter.Jackson@do.treas.gov> wrote: > > > She will be SES (senior executive service) but her exact salary isn't > final > > yet. >>
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> > > >> Hey Peter: > > > >> > > > >> Couple of quick questions on the Holly Petraeus appointment today. > > > >> > > > >> 1) Not sure I can make it over to the 2 p.m. announcement. Do you > guys > > > >> plan > > > >> to record and/or publish Elizabeth's remarks there? > > > >> > > > >> 2) What will Holly Petraeus' salary be? > > > >> > > > >> Many thanks, > > > >> Brady > > > >> > > > >> > > > >> On Thu, Jan 6, 2011 at 8:53 AM, <Peter.Jackson@do.treas.gov> wrote: > > > >> > > > >> > > > > >> > > > > >> >>> >> > http://www.whitehouse.gov/blog/2011/01/06/welcoming-holly-petraeus-consumer-financial-protectionbureau-implementation-team > > > >> > > > > >> > > > > >> > > > > >> > The White House Blog > > > >> > > > > >> > > > > >> > > > > >> > *Welcoming Holly Petraeus to the Consumer Financial Protection > > Bureau > > > >> > Implementation Team* > > > >> > > > > >> > Posted by Elizabeth Warren on January 06, 2011 at 05:30 AM EST > > > >> > > > > >> > > > > >> > > > > >> > Today, nearly 300,000 American men and women are serving overseas, > > > often > > > >> in > > > >> > harsh conditions and at grave risk. For many of these brave men > and > > > >> women, > > > >> > the challenge of everyday life experienced by their families back > > home > > > >> is a > > > >> > significant worry, as loved ones struggle with car payments, > credit > > > card > > > >> > bills, and trying to find the cash needed to cover unexpected > > > expenses. > > > >> > > > > >> > > > > >> >
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> > > >> > Regrettably, the evidence is clear: servicemembers and their > > families > > > >> are > > > >> > sometimes easy targets for unscrupulous lenders. Even families > that > > > >> stay > > > >> > with mainstream lenders can struggle as the impact of separation > and > > > >> > frequent moving takes a financial toll, leaving a family mired in > > debt > > > >> and > > > >> > trying to digest reams of fine print. > > > >> > > > > >> > > > > >> > > > > >> > Today, we have good news to report. > > > >> > > > > >> > > > > >> > > > > >> > Holly Petraeus will take on a new role at the Consumer Financial > > > >> Protection > > > >> > Bureau Implementation Team, directing our effort to establish an > > > Office > > > >> of > > > >> > Servicemember Affairs. > > > >> > > > > >> > > > > >> > > > > >> > I had been at the consumer agency for only a couple of weeks when >I > > > met > > > >> > Holly. After we introduced ourselves, she got straight to the > > point: > > > >> > despite strong efforts by the Department of Defense and others, > too > > > many > > > >> > military families find themselves in financial trouble, scrambling > > > hard > > > >> to > > > >> > deal with mounting debts or falling into the arms of a predatory > > > lender. > > > >> > > > > >> > > > > >> > > > > >> > Holly was then serving as the Director of the Better Business > Bureau > > > >> (BBB) > > > >> > Military Line, a partnership between the BBB and the Department of > > > >> Defense > > > >> > Financial Readiness Campaign that provides consumer education and > > > >> advocacy > > > >> > for servicemembers and their families. She knew the challenges > > facing > > > >> > military families. Her son, brother, father, grandfather, and > > > >> > great-grandfather all served in our armed forces. Her husband, > > > General
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> > > >> > David Petraeus, is serving now as Commander of the International > > > >> Security > > > >> > Assistance Force and U.S. Forces in Afghanistan. > > > >> > > > > >> > > > > >> > > > > >> > Holly was doing her best to help by teaching financial education > > > classes > > > >> to > > > >> > military personnel and in other ways, but she thought that as a > > > country > > > >> we > > > >> > needed to do more-and she thought the new consumer agency was the > > way > > > to > > > >> get > > > >> > things done. She listed one idea after another, focusing on > better > > > law > > > >> > enforcement, tighter rules, and stronger financial education. She > > > >> wanted to > > > >> > see action now. > > > >> > > > > >> > > > > >> > > > > >> > Wow, I thought. This woman is fired up. > > > >> > > > > >> > > > > >> > > > > >> > It soon became clear that Holly would be the perfect person to > guide > > > the > > > >> > establishment of the office. She is the kind of leader we need. > > > >> > > > > >> > > > > >> > > > > >> > Holly understands-from both her personal experience as a military > > > spouse > > > >> > and her work at BBB-that men and women in our armed forces > encounter > > > >> unique > > > >> > financial obstacles. > > > >> > > > > >> > > > > >> > > > > >> > Recently-enlisted servicemembers often experience their first > steady > > > >> > paycheck and their first opportunity to be lured into easy credit > > > >> offers. > > > >> > Far too many also get tangled in debt traps. A recent online > survey > > > >> > commissioned by the FINRA Foundation found that almost one in four > > of > > > >> the > > > >> > enlisted personnel or junior NCO respondents had used a high-cost > > > >> > alternative borrowing method, such as a payday or auto title loan,
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> > in > > > >> the > > > >> > previous five years. The same survey found that mainstream credit > > > >> products > > > >> > can also pose problems: in the previous year, 53 percent of the > > > enlisted > > > >> > personnel and junior NCOs had made only the minimum payment on a > > > credit > > > >> > card, and 30 percent had made a late payment. > > > >> > > > > >> > > > > >> > > > > >> > Financial problems can be a dangerous distraction for our troops. > > As > > > >> > Undersecretary of Defense for Personnel and Readiness Clifford L. > > > >> Stanley > > > >> > wrote last year, servicemembers "and their families are under > > > increasing > > > >> > stress. When we have asked in surveys about the causes, > > > servicemembers > > > >> > responded that finances were second only behind work and career > > > concerns > > > >> and > > > >> > ahead of deployments, health, life events, family relationships > and > > > >> > war/hostilities." Financial problems can also lead troops to lose > > > their > > > >> > often essential security clearances. For example, the Department > of > > > the > > > >> > Navy reported in 2007 that financial management issues accounted > for > > > 78 > > > >> > percent of security clearance revocations and denials for Navy > > > >> personnel. > > > >> > > > > >> > > > > >> > > > > >> > Those who serve in the military should be able to focus on their > > jobs > > > >> and > > > >> > their families without having to worry about getting trapped by > > > abusive > > > >> > financial practices. America's national security depends on that > > > basic > > > >> > premise. As Undersecretary Stanley wrote, the "personal financial > > > >> readiness > > > >> > of our troops and families equates to mission readiness." > Secretary > > > of > > > >> the > > > >> > Army John McHugh similarly has argued that "Soldiers who are > > > distracted > > > >> by > > > >> > financial issues at home are not fully focused on fighting the > > enemy,
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> > > >> > thereby decreasing mission readiness." > > > >> > > > > >> > > > > >> > > > > >> > In her role at the new agency, Holly will continue her work to > > > >> strengthen > > > >> > consumer financial protection for servicemembers. The Office of > > > >> > Servicemember Affairs will work in partnership with the Department > > of > > > >> > Defense to help ensure that: military families receive the > financial > > > >> > education they need to make the best financial decisions for them; > > > >> > complaints and questions from military families are monitored and > > > >> responded > > > >> > to; and federal and state agencies coordinate their activities to > > > >> improve > > > >> > consumer protection measures for military families. > > > >> > > > > >> > > > > >> > > > > >> > This month, Holly and I will visit Lackland Air Force base in San > > > >> Antonio, > > > >> > Texas, where all three of my brothers took basic training. We > will > > > hear > > > >> > from servicemembers and financial counselors about the unique > > lending > > > >> > circumstances and challenges facing military communities. In this > > and > > > >> in > > > >> > our later trips, we will ask many questions, listen to our troops, > > and > > > >> apply > > > >> > what we learn directly to our efforts. > > > >> > > > > >> > > > > >> > > > > >> > The goal of the new agency is to provide basic consumer protection > > and > > > >> to > > > >> > be a voice for American families. Military families have unique > > > >> challenges, > > > >> > and now they have a unique advocate to ensure that their special > > > >> concerns > > > >> > get the attention they deserve. > > > >> > > > > >> > > > > >> > > > > >> > *Elizabeth Warren is Assistant to the President and Special > Advisor > > to > > > >> the > > > >> > Secretary of the Treasury for the Consumer Financial Protection > > > Bureau* > > > >> > > > > >>
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> > > >> > > > >> > > > >> -> > > >> Brady Dennis > > > >> The Washington Post > > > >> dennisb@washpost.com > > > >> (b) (6) > > > >> >>>> >>>> >>>> > > > > -> > > > Brady Dennis > > > > The Washington Post > > > > dennisb@washpost.com > > > > (b) (6) >>>> >>>> >>> >>> > > > -> > > Brady Dennis > > > The Washington Post > > > dennisb@washpost.com > > > (b) (6) >>> >> >> >> > > -> > Brady Dennis > > The Washington Post > > dennisb@washpost.com > > (b) (6) >> > > > > -> Brady Dennis > The Washington Post > dennisb@washpost.com > (b) (6) >

(b) (6)
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>> >> Thanks and best, >> >> Peter >> >>
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RE: Cleared Tue Mar 29 2011 16:59:42 EDT
Great. Nope, nothing. Jen Howard Senior Spokesperson Consumer Financial Protection Bureau Implementation Team E: Jennifer.Howard@treasury.gov O: 202-435-7454 C: (b) (6)
-----Original Message----From: (b) (6) Sent: Tuesday, March 29, 2011 4:57 PM To: Howard, Jennifer (CFPB) Subject: Re: Cleared
Ok, I think the small changes are okay by the editors, given they don't alter the meaning and that they were made by Rich. So we will go ahead as planned. Thanks for getting all that cleared so quickly. Any luck on the banks' counter proposal on the mortgage stuff??? On Tue, Mar 29, 2011 at 2:36 PM, <Jennifer.Howard@treasury.gov> wrote: > Sorry to take so long. The below quotes have been cleared, and all the > facts corrected. > > > > On taking the job: > > It offered a possibility to continue to do some of the most important work > I felt I was doing as a state attorney general, and in many respects, on a > better footing, from a better foundation, with better tools, better > authority and on a 50-state basis. > > > > On getting the call from Elizabeth about the CFPB job: > > "I just really hadnt given much thought to anything yet, and here she was > recruiting me, he said. It was unexpected. >
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> > > On the mixture of big picture/small detail stuff in his job -- i.e., he > talked about trying to form the broader mission of the enforcement division > while also evaluating IT systems: > > It kind of goes in fits and starts, Cordray said. But you can see > progress ... Getting off to a good start with this bureau will set it on a > good footing for years to come. > > > > Asked about his previous comments on future political aspirations: > > Some day, if and when Im no longer here, I will think about that again. > In the meantime, Ive had to put that to the side and focus on my job here. > And Im totally happy with that. > > > > > > --Rich's age is 51. > > > > --Some other bio facts I wanted to check: BA from Michigan State > University, masters in economics from Oxford University and law degree from > the University of Chicago; clerked for Supreme Court justice Anthony > Kennedy; had a five-day run as a Jeopardy champion in the late 1980s; served > one term in the Ohio House of Representatives, argued cases before the U.S. > Supreme Court as Ohios solicitor general and served stints as both a local > and state treasurer; won a special election to replace attorney general Marc > Dann in 2008. > > > > --He is staying with friends in DC and commuting home to Ohio most > Thursdays. > > > > --His wife is a law professor, and they have 12-year-old twins. > > > > > > Jen Howard > > Senior Spokesperson > > Consumer Financial Protection Bureau Implementation Team > > E: Jennifer.Howard@treasury.gov >
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> O: 202-435-7454 > > C: (b) (6) > > >

(b) (6)
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>** > > *WASHINGTON* Today, the U.S. Department of the Treasury announced > that Raj Date would replace Professor Elizabeth Warren as Special > Advisor to the Secretary of the Treasury on the Consumer Financial > Protection Bureau (CFPB), effective August 1. **** > > ** ** > > After a successful tenure standing up the CFPB, Professor Warren will > return to her position as the Leo Gottlieb Professor of Law at Harvard > Law School. Mr. Date will lead the CFPBs day-to-day operations and > help continue the important work begun under Professor Warrens > leadership. *** >* > > ** ** > > Last week, President Obama announced his intent to nominate Former > Ohio Attorney General Richard Cordray to be the first director of the > CFPB. For more information on Mr. Cordray, please visit link<http://links.govdelivery.com:80/track? type=click&enid=bWFpbGluZ2lkPTE0MjU1MDUmbWVzc2FnZWlkPVBSRC1CVUwtMTQyNTUwNSZkY XRhYmFzZWlkPTEwMDEmc2VyaWFsPTEyNzY2NjIxNzMmZW1haWxpZD1fZGxfZnlpQGRvLnRyZWF zLmdvdiZ1c2VyaWQ9X2RsX2Z5aUBkby50cmVhcy5nb3YmZmw9JmV4dHJhPU11bHRpdmFyaWF0ZU lkPSYmJg==&&&100&&&http://www.whitehouse.gov/blog/2011/07/18/president-obama-nominatesrichard-cordray-lead-consumer-financial-protection-bureau>. > **** > > ** ** > > Professor Warren has done an extraordinary job standing up the > Consumer Financial Protection Bureau. Her efforts to simplify mortgage > and credit card disclosures, protect military families from abusive > and deceptive financial practices, and bring aboard top talent like > Richard Cordray and Raj Date have built a strong foundation for the Bureaus future success, > said Treasury Secretary Tim Geithner. Raj has an impressive > background in financial services, academia, government, and non-profit > organizations, and I am pleased that he will serve in this new > capacity as the CFPB continues moving forward with its important > work. **** > > ** ** > > Last year, President Obama signed into law the Dodd-Frank Wall Street > Reform and Consumer Protection Act, which included the strongest > consumer protections in American history. The Act created the CFPB, an > agency with the primary mission of acting as a dedicated watchdog for > American consumers. The CFPB helps ensure that consumers have the > information they need to make the financial choices that are best for > them and works to prevent abusive and deceptive financial practices. > **** > > ** ** > > *Rajeev (Raj) V. Date* ** >
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> ** ** > > Raj Date currently serves as Associate Director of Research, Markets, > & Regulations at CFPB. He oversees several offices, including > Research, Regulations, Card Markets, Mortgage Markets, Credit > Information Markets, Deposit Markets, and Specialty Finance Markets. > Before joining CFPB, Date worked for more than a decade in the > financial services industry, both at Capital One Financial, where he > was a Senior Vice President, and later at Deutsche Bank, where he was > a Managing Director. In 2009 he left to found the Cambridge Winter > Center, a non-profit, nonpartisan organization dedicated to fostering > an informed discourse on U.S. financial institutions policy. At > Cambridge Winter, he served as Chairman and Executive Director, > conducting research on a variety of financial issues, including > housing finance, small business credit, and consumer protection. He is > a graduate of the University of California at Berkeley and Harvard Law > School. **** > > ** ** > > ### **** > -----------------------------> > [image: Image removed by sender.]**** >
-*************** Brady Dennis The Washington Post dennisb@washpost.com

(b) (6)
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RE: Is story running tomorrow? Tue Mar 29 2011 23:22:38 EDT
Btw, it turned out FABULOUS! I am so in love with the lede about not wearing shoes and quoting SHakespeare. And even the stuff that stings is fair/expected. But most of all, I love the way you wrote it. You're such a good storyteller. Really a terrific job. Thank you so much for doing it. ______ From: (b) (6) On Behalf Of Brady Dennis [dennisb@washpost.com] Sent: Tuesday, March 29, 2011 11:18 PM To: Howard, Jennifer (CFPB) Subject: RE: Is story running tomorrow? Sorry, had no idea. They are changing it online now. The print headline was different and accurate. Thanks for the heads up.... On Mar 29, 2011 11:03 PM, <Jennifer.Howard@treasury.gov> wrote: > Sorry, just saw. Wonder if your headline writer didn't understand gist of article? > > http://www.washingtonpost.com/business/economy/richard-cordray-prepares-to-lead-new-consumerprotection-agency/2011/03/28/AF66aLzB_story.html > > > Richard Cordray prepares to lead new consumer-protection agency > ________________________________________ > From: Howard, Jennifer (CFPB) > Sent: Tuesday, March 29, 2011 10:38 PM > To: Dennis, Brady > Subject: Is story running tomorrow?
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> > > > TUESDAY: CONSUMER FINANCIAL PROTECTION BUREAU IMPLEMENTATION TEAM TO HOST CONFERENCE ON ANNIVERSARY OF CREDIT CARD ACT > > > > WASHINGTON - The Consumer Financial Protection Bureau (CFPB) implementation team will host a conference with industry executives, leading academics, and consumer advocates to examine the effects of the Credit Card Accountability Responsibility and Disclosure Act (CARD Act) at 9:00 a.m., Tuesday, February 22, 2011, at the Treasury Department. > > > > Elizabeth Warren, Assistant to the President and Special Advisor to the Secretary of the Treasury on the CFPB, will open the conference with a keynote address recognizing the one-year anniversary of the effective date of many of the most significant provisions of the Credit CARD Act, and outlining the CFPB's priorities for making the credit card market work better for consumers. > > > > WHO: Elizabeth Warren, Assistant to the President and Special Advisor to the Secretary of the Treasury on the CFPB > > > > WHEN: 9:00 a.m., Tuesday, February 22, 2011 > > > > WHERE: U.S. Department of the Treasury > > The Cash Room > > 1500 Pennsylvania Ave., N.W. > > Washington, D.C. > > > > The keynote address will be open to an expanded press pool. Members of the media interested in participating in the press pool must RSVP by 3:00 p.m. EDT, TOMORROW, Friday, February 18, 2011. > > > > Media attending with camera equipment should arrive at the Moat Entrance (south side of the Treasury building, adjacent to the Hamilton entrance) by 7:30 a.m. to allow time for equipment sweeps and set-up. No vehicles will be permitted onto Treasury grounds; equipment must be carried in. All other media should arrive by 8:30 a.m. and should enter the Treasury building through the Pennsylvania Avenue Entrance.
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> > > > PLEASE NOTE: Media without Treasury press credentials who are in the pool must contact Jen Howard in CFPB's Office of Public Affairs at (202) 435-7454 by 3:00 p.m. EDT on Friday, February 18, 2011, with the following information: full name, Social Security number, date of birth, and country of citizenship. This information also may be emailed to jennifer.howard@treasury.gov<mailto:jennifer.howard@treasury.gov>. Congressional and White House press passes will not grant access to Treasury. > > > > COVERAGE: Expanded Press Pool > > TV: Network Pool Camera TBD, Financial Network Pool Camera TBD > > Print/Wire Correspondents: Open > > Stills: AFP, AP, Bloomberg, EPA, Getty, Reuters > > Radio: TBD
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From: Howard, Jennifer (CFPB) </o=ustreasury/ou=exchange administrative group (fydibohf23spdlt)/cn=recipients/cn=howardje> Howard, Jennifer (CFPB) </o=ustreasury/ou=exchange administrative group (fydibohf23spdlt)/cn=recipients/cn=howardje>; Brady Dennis <dennisb@washpost.com>
To:
Cc: Bcc: Subject: Testimony Date: Attachments:
RE: Professor Elizabeth Warren Statement and Embargoed Excerpts from Written Tue Mar 15 2011 14:34:47 EDT
OTR, I am so off the ball today, so apologies for sounding like an idiot. Heres the older statement I was referring to: http://shelby.senate.gov/public/index.cfm?p=NewsReleases&ContentRecord_id=0447c3e65864-452e-ab43-2b9ec7afa684&ContentType_id=ae7a6475-a01f-4da5-aa940a98973de620&Group_id=876a24c9-639d-499e-8f4dad2b6c7cf218&MonthDisplay=10&YearDisplay=2010
Jen Howard Senior Spokesperson Consumer Financial Protection Bureau Implementation Team E: Jennifer.Howard@treasury.gov O: 202-435-7454 C: (b) (6)
From: Howard, Jennifer (CFPB) Sent: Tuesday, March 15, 2011 2:14 PM To: 'Brady Dennis' Subject: Professor Elizabeth Warren Statement and Embargoed Excerpts from Written Testimony
Statement from Professor Elizabeth Warren in advance of tomorrows hearing:
Political attacks against federal and state law enforcement officials for responding to alleged legal violations are dangerous. We know what can happen when laws arent fairly or consistently enforced because of political pressure, and it doesnt end well for American families, for honest businesses, or for the economy.
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EMBARGOED UNTIL 5 P.M.: Excerpts from Professor Warrens 34-page written testimony before the House Subcommittee on Financial Institutions and Consumer Credit:
Thank you Chairman Capito, Ranking Member Maloney, and members of the Subcommittee for inviting me to testify about the work of the Consumer Financial Protection Bureau (CFPB). This is my first opportunity to report to Congress formally about the significant progress we have made in bringing to life the CFPB. While we have miles to go, the path ahead is straight and clear.
Let me begin with a personal note. Were it not for the importance of oversight, I would not be here today for more than one reason. Not only do those of us who are working to stand up the CFPB believe in oversight by the public as well as Congress but my own public service began almost two and a half years ago when Congress asked me to engage in direct oversight as Chair of the Congressional Oversight Panel (COP). At the COP, we worked to produce detailed monthly reports for you about the activities and policy choices made by the Department of the Treasury as it administered the Troubled Asset Relief Program. I also came to Capitol Hill on many occasions to testify on behalf of the COP and to answer your questions and discuss other lines of research to pursue on your behalf. From these experiences, I understand and greatly appreciate the important role of oversight.
Since taking over the job of putting together the new bureau, I have had more than sixty one-on-one conversations with Members of Congress, exploring a number of different questions and suggestions in detail. I am pleased to have this chance to appear before you today to update you on our progress and to talk with you more in this forum. I also look forward to continuing this conversation with you and your colleagues in Congress in the weeks and months ahead.
In June 2009, the House Financial Services Committee invited me to testify about the CFPB for the first time. My testimony described in great detail the advantages of bringing greater transparency and streamlined disclosure to the consumer financial markets. During the question-and-answer segment of the hearing, members of the committee many of you here today, from both parties praised transparency as a valuable goal and asked how a consumer bureau could focus on that objective. Today, we are pleased to report that we firmly believe in the importance of making prices clearer, making risks more obvious, and cutting back on the fine print and legalese that can make it impossible for families to compare a mortgage or credit card with two or three others. We are here to serve the American people by making sure the consumer financial markets work for them.
Accountability and Transparency
The CFPB was designed to increase accountability by consolidating into a single agency the core
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consumer financial protection functions that had existed across the federal government. Under the old system, seven different federal agencies were responsible for consumer financial protection. Those agencies had other responsibilities as well and consumer financial protection was not anyones top priority. The tangle of seven agencies failed to create effective rules and left gaping holes in oversight. There were also basic problems of accountability. Because it was no ones primary responsibility, it was more difficult to hold any single agency accountable. The CFPB will be directly responsible to the public for performing those core functions. Accountability was a central policy rationale for the establishment of the CFPB, and it is essential that the CFPB be accountable for its efforts moving forward.
Oversight of the CFPB
Oversight is a deeply important feature of our democracy that provides for checks and balances and helps prevent overreach, violations of law, and misguided expenditure of public funds. Oversight of the CFPB during its stand-up and beyond will build greater confidence in the consumer bureau by both other governmental entities and the public. The CFPB has an interest in participating meaningfully in the oversight process, and we intend to continue to be an active partner in the important work of oversight.
As is true with respect to all other federal agencies, Congress has the last word on CFPB rule-making. If Congress is unhappy with a rule, it can overturn that rule. In addition, the CFPB is subject to judicial review to be certain that it operates only within the authority granted by Congress and otherwise acts in accordance with law. If it fails to do so, the courts can overturn its actions. In addition to these fundamental constraints, Congress took important further steps in the Dodd-Frank Act to ensure meaningful oversight and accountability of the CFPB. In particular, the Dodd-Frank Act specifically requires that:
*The CFPB submits annual financial reports to Congress; *The CFPB reports to Congress twice each year to justify its budget from the previous year; *The Director of the CFPB testifies before and reports to Congress twice each year regarding the CFPB s activities; *The GAO conducts an audit each year of the consumer bureaus expenditures and submits a report to Congress; and *The CFPB submits its financial operating plans and forecasts and quarterly financial reports to the Office of Management and Budget.
Congress also took special steps to require the CFPB to carefully assess the impact of its actions by way of various internal process requirements. For example, in prescribing a rule under the federal consumer financial laws, the consumer bureau is specifically charged with:
Considering the potential costs and benefits both to consumers and to providers of consumer financial products and services; *Considering the impact of proposed rules on community banks and smaller credit unions and on
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consumers in rural areas; and *Consulting with other federal banking regulators and considering any written objections raised during the consultation process.
In addition to the various process requirements that the CFPB must meet, which are far more extensive than those that govern other banking regulators, the CFPB also faces several additional forms of oversight:
*The agencies sitting on the Financial Stability Oversight Council (FSOC) can review regulations issued by the CFPB and, in some cases, even reject the consumer bureaus regulations which the FSOC lacks the authority to do over any other banking regulator; and *The Inspectors General of the Treasury Department and the Federal Reserve Board have been reviewing the CFPBs activities and inform Congress and the public about the consumer bureaus programs and activities.
In brief, there will be more oversight and accountability of the CFPB than of any other federal banking regulator. Over time, I believe these limits will succeed in ensuring both sunlight and accountability in the consumer bureaus operations.
###
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From:
(b) (6)
To:
on belhaf of Brady Dennis <dennisb@washpost.com> Jackson, Peter (CFPB) </o=ustreasury/ou=exchange administrative group (fydibohf23spdlt)/cn=recipients/cn=jacksonpe>
Re: coffee Wed Nov 17 2010 19:10:01 EST
Hey Peter. Tomorrow's looking tough, but maybe Friday or Monday? On Wed, Nov 17, 2010 at 2:25 PM, <Peter.Jackson@do.treas.gov> wrote: > Any daylight in your schedule between now and Turkey day? > > -----Original Message----> From: (b) (6) On Behalf > Of Brady Dennis > Sent: Monday, November 15, 2010 9:21 AM > To: Jackson, Peter (CFPB) > Subject: Re: coffee > > Ok, cool. I'll see how things are looking deadline-wise this afternoon, and > maybe 4 p.m. works. Otherwise, let's find another time that works in the > next couple of days. Apologies for the change.... > > On Mon, Nov 15, 2010 at 9:19 AM, <Peter.Jackson@do.treas.gov> wrote: > > > Later today or tomorrow is no problem. Sorry, can't do lunch today. I'm > > free after 4pm today and have some windows before then. Tomorrow is a bit > > more open. >> > > Peter >> >> >> >> >> > > ----- Original Message ----> > From: (b) (6) > > To: Jackson, Peter (CFPB) > > Sent: Mon Nov 15 09:06:45 2010 > > Subject: coffee >> > > Hey Peter. Wanted to see if we could shift coffee to either later today > or > > perhaps tomorrow? If that's a problem, I can still make it at 10 today, > > just > > might be kinda tight. >>
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> > Also, if you are available for lunch today, that might work well for > me.... >> > > Thanks, > > Brady >> > > -> > Brady Dennis > > The Washington Post > > dennisb@washpost.com > > (b) (6) >> > > > > -> Brady Dennis > The Washington Post > dennisb@washpost.com > (b) (6) >

(b) (6)
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From: Jackson, Peter </o=ustreasury/ou=exchange administrative group (fydibohf23spdlt)/cn=recipients/cn=jacksonpe> Daniel.Geldon@do.treas.gov <daniel.geldon@do.treas.gov>
To: Cc: Bcc: Subject: Date: Attachments: Yep.
Re: Brady Dennis Tue Nov 09 2010 08:36:08 EST
_____ From: Geldon, Daniel To: Jackson, Peter Sent: Tue Nov 09 08:15:37 2010 Subject: Re: Brady Dennis
Cool - and he's good with otr/quote approval?
_____ From: Jackson, Peter To: Geldon, Daniel Sent: Tue Nov 09 07:54:17 2010 Subject: Re: Brady Dennis
Yes. He's going to email me this morning to confirm he can do it.
_____ From: Geldon, Daniel To: Jackson, Peter Sent: Tue Nov 09 07:23:16 2010 Subject: Brady Dennis
Did you ever connect?
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From:
(b) (6)
on belhaf of Brady Dennis To: Howard, Jennifer (CFPB) </o=ustreasury/ou=exchange administrative group (fydibohf23spdlt)/cn=recipients/cn=howardje>
Cc: Bcc: Subject: Date: Attachments: Thanks Jen.
Re: Cordray Tue Mar 29 2011 11:14:00 EDT
On Tue, Mar 29, 2011 at 11:13 AM, <Jennifer.Howard@treasury.gov> wrote: > Ok, I will do my best! > > Jen Howard > Senior Spokesperson > Consumer Financial Protection Bureau Implementation Team > E: Jennifer.Howard@treasury.gov > O: 202-435-7454 > C: (b) (6) > > > -----Original Message----> From: (b) (6) On Behalf > Of Brady Dennis > Sent: Tuesday, March 29, 2011 10:43 AM > To: Howard, Jennifer (CFPB) > Subject: Re: Cordray > > Probably would help to have the thumbs up by 2 or 3. (I think the plan is > to > run the story tmrw, but won't be sure until later on...) > > On Tue, Mar 29, 2011 at 10:42 AM, <Jennifer.Howard@treasury.gov> wrote: > > > Thanks Brady>> > > What's the latest I can get these to you? (just need to know for planning > > purposes). >> > > Jen Howard > > Senior Spokesperson > > Consumer Financial Protection Bureau Implementation Team > > E: Jennifer.Howard@treasury.gov > > O: 202-435-7454 > > C: (b) (6) >> >> > > -----Original Message-----
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> > From: (b) (6) On Behalf > > Of Brady Dennis > > Sent: Tuesday, March 29, 2011 9:15 AM > > To: Howard, Jennifer (CFPB) > > Subject: Cordray >> > > So, finally, I think we're going to try to do the Cordray profile this > > week. > > Could be as soon as tomorrow, tho that's not up to me. As I was working > on > > it, here are some of the quotes I want to put on the record from our > > interview (might have a few others but not sure yet). I've also included >a > > few facts about him that I'm hoping to double check for accuracy. Thanks > > much! >> > > p.s. Saw the HuffPo item today on the report CFPB prepared for the AGs. > Was > > that requested by Tom Miller, et al? Also, are you guys gonna be at the > > table when the bank folks come to DC tmrw? >> > > ----------------> > On taking the job: > > "It offered a possibility to continue to do some of the most important > work > > I felt I was doing as a state attorney general, and in many respects, on >a > > better footing, from a better foundation, with better tools, better > > authority and on a 50-state basis." >> > > On getting the call from Elizabeth about the CFPB job: > > "I just really hadn't given much thought to anything yet, and here she > was > > coming after me," he said. "It was unexpected." >> > > On the mixture of big picture/small detail stuff in his job -- i.e., he > > talked about trying to form the broader mission of the enforcement > division > > while also evaluating IT systems: > > "It kind of goes in fits and starts," Cordray said. "But you can see > > progress ... Getting off to a good start with this bureau will set it on >a > > good footing for years to come." >> > > Asked about his previous comments on future political aspirations: > > "I have an interest in that; I'm not going to deny it," he said. "Some > day, > > if and when I'm no longer here, I will take that up again and think about > > that again. In the meantime, I've had to put that to the side and focus > on > > my job here. And I'm totally satisfied with that." >> > > Random facts I'd like to check for accuracy: >> > > --Rich's age is 51, correct? >>
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> > --Some other bio facts I wanted to check: BA from Michigan State > > University, > > master's in economics from Oxford University and law degree from the > > University of Chicago; clerked for Supreme Court justice Anthony Kennedy; > > had a five-day run as a Jeopardy champion in the late 1980s; served one > > term > > in the Ohio House of Representatives, argued cases before the U.S. > Supreme > > Court as Ohio's solicitor general and served stints as both a local and > > state treasurer; won a special election to replace attorney general Marc > > Dann in 2008. >> > > --He is staying with a friend in DC and commuting home to Ohio most > > Thursdays. >> > > --His wife is a law professor, and they have 12-year-old twins. >> > > Thanks Jen, >> > > Brady >> >> > > -------------------------------> > Brady Dennis > > The Washington Post > > dennisb@washpost.com > > (b) (6) >> > > > > -> Brady Dennis > The Washington Post > dennisb@washpost.com > (b) (6) >

(b) (6)
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From:
(b) (6)
To:
on belhaf of Brady Dennis <dennisb@washpost.com> Jackson, Peter </o=ustreasury/ou=exchange administrative group (fydibohf23spdlt)/cn=recipients/cn=jacksonpe>
Re: cfpb Tue Oct 26 2010 19:03:06 EDT
Sounds like a plan. Let's keep in touch....Thanks, Peter. On Tue, Oct 26, 2010 at 7:00 PM, <Peter.Jackson@do.treas.gov> wrote: > Sorry about that. Elizabeth and I are venturing west tomorrow to Berkeley > so she can give a big speech there Thursday night. We'll make sure you get > an early copy under an embargo that lifts when the speech starts. As for > seeing the new digs, perhaps you can drop by late next week? Let me know > what might work well for you. > > Peter > > -----Original Message----> From: (b) (6) On Behalf > Of Brady Dennis > Sent: Monday, October 25, 2010 7:06 PM > To: Peter Jackson; Jackson, Peter > Subject: cfpb > > Hey Peter. My apologies for not getting back to you last week. I was > traveling and actually didn't get your messaging about meeting with > Elizabeth until after it was too late. Too bad, because I absolutely would > have come over had I been in town. Hope we can set something up again soon. > I'd like to check out the new digs.... > > -Brady > > -> Brady Dennis > The Washington Post > dennisb@washpost.com > (b) (6) >

(b) (6)
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From:
(b) (6)
To:
on belhaf of Brady Dennis <dennisb@washpost.com> Howard, Jennifer (CFPB) </o=ustreasury/ou=exchange administrative group (fydibohf23spdlt)/cn=recipients/cn=howardje>
Cc: Bcc: Subject: Re: TREASURY DEPARTMENT ANNOUNCES PLANS FOR LEADERSHIP TRANSITION AT THE CONSUMER FINANCIAL PROTECTION BUREAU Date: Tue Jul 26 2011 17:51:55 EDT Attachments: cool, thanks... On Tue, Jul 26, 2011 at 5:46 PM, <Jennifer.Howard@cfpb.gov> wrote: > yep > > Jen Howard > Senior Spokesperson > Consumer Financial Protection Bureau > E: Jennifer.Howard@treasury.gov > O: 202-435-7454 > C: (b) (6) > > > -----Original Message----> From: (b) (6) On Behalf > Of Brady Dennis > Sent: Tuesday, July 26, 2011 5:46 PM > To: Howard, Jennifer (CFPB) > Subject: Re: TREASURY DEPARTMENT ANNOUNCES PLANS FOR LEADERSHIP TRANSITION > AT THE CONSUMER FINANCIAL PROTECTION BUREAU > > hey. just for clarity sake -- rich keeps running enforcement division for > the time being, yes? > > On Tue, Jul 26, 2011 at 5:02 PM, <Jennifer.Howard@cfpb.gov> wrote: > > > ** ** >> > > *U.S. Treasury Department > > Office of Public Affairs* **** >> > > **** >> > > *FOR IMMEDIATE RELEASE: July 26, 2011 > > CONTACT: Treasury Public Affairs (202) 622-2960 * >> >>** >> > > *TREASURY DEPARTMENT ANNOUNCES PLANS FOR LEADERSHIP TRANSITION AT THE
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> > CONSUMER FINANCIAL PROTECTION BUREAU* ** >> >>** >> > > *Professor Elizabeth Warren to Return to Harvard Law School, Secretary > > Geithner to Name Raj Date as Special Advisor for the CFPB, Effective > > August 1* ** >> >>** >> > > *WASHINGTON* - Today, the U.S. Department of the Treasury announced > > that Raj Date would replace Professor Elizabeth Warren as Special > > Advisor to the Secretary of the Treasury on the Consumer Financial > > Protection Bureau (CFPB), effective August 1. **** >> > > ** ** >> > > After a successful tenure standing up the CFPB, Professor Warren will > > return to her position as the Leo Gottlieb Professor of Law at Harvard > > Law School. Mr. Date will lead the CFPB's day-to-day operations and > > help continue the important work begun under Professor Warren's > > leadership. *** >>* >> > > ** ** >> > > Last week, President Obama announced his intent to nominate Former > > Ohio Attorney General Richard Cordray to be the first director of the > > CFPB. For more information on Mr. Cordray, please visit link< > http://links.govdelivery.com:80/track? type=click&enid=bWFpbGluZ2lkPTE0MjU1MDUmbWVzc2FnZWlkPVBSRC1CVUwtMTQyNTUwNSZkY XRhYmFzZWlkPTEwMDEmc2VyaWFsPTEyNzY2NjIxNzMmZW1haWxpZD1fZGxfZnlpQGRvLnRyZWF zLmdvdiZ1c2VyaWQ9X2RsX2Z5aUBkby50cmVhcy5nb3YmZmw9JmV4dHJhPU11bHRpdmFyaWF0ZU lkPSYmJg==&&&100&&&http://www.whitehouse.gov/blog/2011/07/18/president-obama-nominatesrichard-cordray-lead-consumer-financial-protection-bureau > >. > > **** >> > > ** ** >> > > "Professor Warren has done an extraordinary job standing up the > > Consumer Financial Protection Bureau. Her efforts to simplify mortgage > > and credit card disclosures, protect military families from abusive > > and deceptive financial practices, and bring aboard top talent like > > Richard Cordray and Raj Date have built a strong foundation for the > Bureau's future success," > > said Treasury Secretary Tim Geithner. "Raj has an impressive > > background in financial services, academia, government, and non-profit > > organizations, and I am pleased that he will serve in this new > > capacity as the CFPB continues moving forward with its important > > work." **** >> > > ** ** >> > > Last year, President Obama signed into law the Dodd-Frank Wall Street > > Reform and Consumer Protection Act, which included the strongest
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> > consumer protections in American history. The Act created the CFPB, an > > agency with the primary mission of acting as a dedicated watchdog for > > American consumers. The CFPB helps ensure that consumers have the > > information they need to make the financial choices that are best for > > them and works to prevent abusive and deceptive financial practices. > > **** >> > > ** ** >> > > *Rajeev (Raj) V. Date* ** >> > > ** ** >> > > Raj Date currently serves as Associate Director of Research, Markets, > > & Regulations at CFPB. He oversees several offices, including > > Research, Regulations, Card Markets, Mortgage Markets, Credit > > Information Markets, Deposit Markets, and Specialty Finance Markets. > > Before joining CFPB, Date worked for more than a decade in the > > financial services industry, both at Capital One Financial, where he > > was a Senior Vice President, and later at Deutsche Bank, where he was > > a Managing Director. In 2009 he left to found the Cambridge Winter > > Center, a non-profit, nonpartisan organization dedicated to fostering > > an informed discourse on U.S. financial institutions policy. At > > Cambridge Winter, he served as Chairman and Executive Director, > > conducting research on a variety of financial issues, including > > housing finance, small business credit, and consumer protection. He is > > a graduate of the University of California at Berkeley and Harvard Law > > School. **** >> > > ** ** >> > > ### **** > > ----------------------------->> > > [image: Image removed by sender.]**** >> > > > > -> *************** > Brady Dennis > The Washington Post > dennisb@washpost.com > (b) (6) >
-*************** Brady Dennis The Washington Post dennisb@washpost.com

(b) (6)
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From:
(b) (6)
Re: OTR Chat with Raj Date Mon Apr 18 2011 11:42:37 EDT
Sounds like a plan... On Mon, Apr 18, 2011 at 11:38 AM, <Jennifer.Howard@treasury.gov> wrote: > I am so so unbelievably jealous. > > How about we say tentatively Friday at 2 pm? > > Jen Howard > Senior Spokesperson > Consumer Financial Protection Bureau Implementation Team > E: Jennifer.Howard@treasury.gov > O: 202-435-7454 > C: (b) (6) > > > -----Original Message----> From: (b) (6) On Behalf > Of Brady Dennis > Sent: Monday, April 18, 2011 11:35 AM > To: Howard, Jennifer (CFPB) > Subject: Re: OTR Chat with Raj Date > > Yeah, I had a blast. And a close second was sitting on a beach last week > beside a cooler full of Coronas :) > > Maybe later this week on Raj? > > On Mon, Apr 18, 2011 at 11:29 AM, <Jennifer.Howard@treasury.gov> wrote: > > > Congrats on getting married!!! Did you have fun at the wedding??? >> >> >> > > Not much last week. Professor Warren spoke at NAAG: >> > http://www.consumerfinance.gov/speech/remarks-to-the-national-association-of-attorneys-generalpresidential-initiative-summit/ >> >> >>
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> > OTR, came across this interesting nugget in Jamie Dimon's recent letter > to > > shareholders: >> > http://files.shareholder.com/downloads/ONE/1201956848x0x457315/cc3470a5-514f-4ade-908417db45e870dc/2010_JPMC_AR_letter.pdf >> >> >> > > *We need to create a Consumer Financial Protection Bureau that is > > effective for both consumers and banks* >> >> >> > > It has been widely reported that we were against the creation of a > Consumer > > Financial Protection Bureau (CFPB). We were not - we were against the > > creation of a standalone CFPB, operating separately and apart from > whatever > > regulatory agency already had oversight authority over banks. We thought > > that a CFPB should have been housed within the banking regulators and > with > > proper authority within that regulator. This would have avoided the > overlap, > > confusion and bureaucracy created by competing agencies. >> >> >> > > However, we fully acknowledge that there were many good reasons that led > to > > the creation of the CFPB and believe that if the CFPB does its job well, > the > > agency will benefit American consumers and the system. Strong regulatory > > standards, adequate review of new products and transparency to consumers > all > > are good things. Indeed, had there been stronger standards in the > mortgage > > markets, one huge cause of the recent crisis might have been avoided. > Other > > countries with stricter limits on mortgages, such as higher loan-to-value > > ratios, didn't experience a mortgage crisis comparable with ours. >> >> >> > > As recently as five years ago, most Americans would have called the U.S. > > mortgage market one of the best in the world - boy, was that wrong! What > > happened to our system did not work well for any market participant > lender > > or borrower - and a careful rewriting of the rules would benefit all. >> >> >> > > Let me know re: timing with Raj! >> >> >>
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> > Jen Howard >> > > Senior Spokesperson >> > > Consumer Financial Protection Bureau Implementation Team >> > > E: Jennifer.Howard@treasury.gov >> > > O: 202-435-7454 >> > > C: (b) (6) >> >> >> >> >> > > -----Original Message----> > From: (b) (6) On Behalf > > Of Brady Dennis > > Sent: Monday, April 18, 2011 11:24 AM > > To: Howard, Jennifer (CFPB) > > Subject: Re: OTR Chat with Raj Date >> >> >> > > Hey! I was off all last week (and actually not officially back until >> > > tomorrow), but I'm definitely up for dropping by to talk with Raj > soon.... >> >> >> > > What else did I miss last week? >> >> >> > > On Mon, Apr 11, 2011 at 11:13 AM, <Jennifer.Howard@treasury.gov> wrote: >> >> >> > > > Hey Brady>> >>> >> >>> >> >>> >> > > > Hope all is well! Do you want to come in sometime this week and speak > > with >> > > > Raj off the record? Now that he's taken on the associate director role, >I >> > > > want to make sure that reporters have a chance to get to know him. >>
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>>> >> >>> >> >>> >> > > > Let me know. >> >>> >> >>> >> >>> >> > > > Jen Howard >> >>> >> > > > Senior Spokesperson >> >>> >> > > > Consumer Financial Protection Bureau Implementation Team >> >>> >> > > > E: Jennifer.Howard@treasury.gov >> >>> >> > > > O: 202-435-7454 >> >>> >> > > > C: (b) (6) >> >>> >> >>> >> >>> >> >> >> >> >> >> >> > > ->> > > Brady Dennis >> > > The Washington Post >> > > dennisb@washpost.com >>
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> > (b) (6) >> > > > > -> Brady Dennis > The Washington Post > dennisb@washpost.com > (b) (6) >

(b) (6)
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From: Jackson, Peter </o=ustreasury/ou=exchange administrative group (fydibohf23spdlt)/cn=recipients/cn=jacksonpe> Geldon, Daniel </o=ustreasury/ou=exchange administrative group (fydibohf23spdlt)/cn=recipients/cn=geldond>
To:
RE: Brady Dennis Mon Nov 08 2010 16:35:17 EST
Give it another 30 minutes and if no luck, Ill find a way to connect with him.
From: Geldon, Daniel Sent: Monday, November 08, 2010 4:35 PM To: Jackson, Peter Subject: RE: Brady Dennis
Were getting to the point that we might need to phonebank/stalk him for there to be enough time for this to work.
From: Jackson, Peter Sent: Monday, November 08, 2010 4:34 PM To: Geldon, Daniel Subject: RE: Brady Dennis
Yes, were playing phone tag.
From: Geldon, Daniel Sent: Monday, November 08, 2010 4:29 PM To: Jackson, Peter Subject: Brady Dennis
Any call back?
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>> > > Jen Howard >> > > Senior Spokesperson >> > > Consumer Financial Protection Bureau Implementation Team >> > > E: Jennifer.Howard@treasury.gov >> > > O: 202-435-7454 >> > > C: (b) (6) >> >> >> >> >> > > -----Original Message----> > From: (b) (6) On Behalf > > Of Brady Dennis > > Sent: Monday, April 18, 2011 11:24 AM > > To: Howard, Jennifer (CFPB) > > Subject: Re: OTR Chat with Raj Date >> >> >> > > Hey! I was off all last week (and actually not officially back until >> > > tomorrow), but I'm definitely up for dropping by to talk with Raj > soon.... >> >> >> > > What else did I miss last week? >> >> >> > > On Mon, Apr 11, 2011 at 11:13 AM, <Jennifer.Howard@treasury.gov> wrote: >> >> >> > > > Hey Brady>> >>> >> >>> >> >>> >> > > > Hope all is well! Do you want to come in sometime this week and speak > > with >> > > > Raj off the record? Now that he's taken on the associate director role, >I >> > > > want to make sure that reporters have a chance to get to know him.
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>> >>> >> >>> >> >>> >> > > > Let me know. >> >>> >> >>> >> >>> >> > > > Jen Howard >> >>> >> > > > Senior Spokesperson >> >>> >> > > > Consumer Financial Protection Bureau Implementation Team >> >>> >> > > > E: Jennifer.Howard@treasury.gov >> >>> >> > > > O: 202-435-7454 >> >>> >> > > > C: (b) (6) >> >>> >> >>> >> >>> >> >> >> >> >> >> >> > > ->> > > Brady Dennis >> > > The Washington Post >> > > dennisb@washpost.com
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>> > > (b) (6) >> > > > > -> Brady Dennis > The Washington Post > dennisb@washpost.com > (b) (6) >

(b) (6)
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From: Jackson, Peter (CFPB) </o=ustreasury/ou=exchange administrative group (fydibohf23spdlt)/cn=recipients/cn=jacksonpe> Geldon, Daniel (CFPB) </o=ustreasury/ou=exchange administrative group (fydibohf23spdlt)/cn=recipients/cn=geldond>
To:
Cc: Bcc: Subject: Date: Attachments: Yep.
RE: Brady Dennis Tue Jan 04 2011 10:19:10 EST
From: Geldon, Daniel (CFPB) Sent: Tuesday, January 04, 2011 10:13 AM To: Jackson, Peter (CFPB) Subject: Brady Dennis
He just left me a voicemail any chance you can call him and say Im hugely over-extended right now? Do you have time?
I gave him the standard line and hes following up.
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From:
(b) (6)
on belhaf of Brady Dennis To: Jackson, Peter (CFPB) </o=ustreasury/ou=exchange administrative group (fydibohf23spdlt)/cn=recipients/cn=jacksonpe>
Re: coffee Mon Nov 15 2010 09:20:32 EST
Ok, cool. I'll see how things are looking deadline-wise this afternoon, and maybe 4 p.m. works. Otherwise, let's find another time that works in the next couple of days. Apologies for the change.... On Mon, Nov 15, 2010 at 9:19 AM, <Peter.Jackson@do.treas.gov> wrote: > Later today or tomorrow is no problem. Sorry, can't do lunch today. I'm > free after 4pm today and have some windows before then. Tomorrow is a bit > more open. > > Peter > > > > > > ----- Original Message ----> From: (b) (6) > To: Jackson, Peter (CFPB) > Sent: Mon Nov 15 09:06:45 2010 > Subject: coffee > > Hey Peter. Wanted to see if we could shift coffee to either later today or > perhaps tomorrow? If that's a problem, I can still make it at 10 today, > just > might be kinda tight. > > Also, if you are available for lunch today, that might work well for me.... > > Thanks, > Brady > > -> Brady Dennis > The Washington Post > dennisb@washpost.com > (b) (6) >
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(b) (6)
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From:
(b) (6)
To:
on belhaf of Brady Dennis <dennisb@washpost.com> Jackson, Peter (CFPB) </o=ustreasury/ou=exchange administrative group (fydibohf23spdlt)/cn=recipients/cn=jacksonpe>
Cc: Bcc: Subject: Blog) Date: Attachments: Cool, thanks...
[spam] Re: Warren: Welcoming Holly Petraeus to the CFPB Implementation Team (WH Thu Jan 06 2011 11:08:58 EST
On Thu, Jan 6, 2011 at 11:07 AM, <Peter.Jackson@do.treas.gov> wrote: > I'll find a way to get you paper/recording of the announcement if you can't > make it. As for your other question, I hope you won't hold it against me > that I don't know the answer off the top of my head. Will be back in > touch... > > Peter > > -----Original Message----> From: (b) (6) On Behalf > Of Brady Dennis > Sent: Thursday, January 06, 2011 11:05 AM > To: Jackson, Peter (CFPB) > Subject: Re: Warren: Welcoming Holly Petraeus to the CFPB Implementation > Team (WH Blog) > > Hey Peter: > > Couple of quick questions on the Holly Petraeus appointment today. > > 1) Not sure I can make it over to the 2 p.m. announcement. Do you guys plan > to record and/or publish Elizabeth's remarks there? > > 2) What will Holly Petraeus' salary be? > > Many thanks, > Brady > > > On Thu, Jan 6, 2011 at 8:53 AM, <Peter.Jackson@do.treas.gov> wrote: > >> >> > http://www.whitehouse.gov/blog/2011/01/06/welcoming-holly-petraeus-consumer-financial-protectionbureau-implementation-team >> >>
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>> > > The White House Blog >> >> >> > > *Welcoming Holly Petraeus to the Consumer Financial Protection Bureau > > Implementation Team* >> > > Posted by Elizabeth Warren on January 06, 2011 at 05:30 AM EST >> >> >> > > Today, nearly 300,000 American men and women are serving overseas, often > in > > harsh conditions and at grave risk. For many of these brave men and > women, > > the challenge of everyday life experienced by their families back home is >a > > significant worry, as loved ones struggle with car payments, credit card > > bills, and trying to find the cash needed to cover unexpected expenses. >> >> >> > > Regrettably, the evidence is clear: servicemembers and their families > are > > sometimes easy targets for unscrupulous lenders. Even families that stay > > with mainstream lenders can struggle as the impact of separation and > > frequent moving takes a financial toll, leaving a family mired in debt > and > > trying to digest reams of fine print. >> >> >> > > Today, we have good news to report. >> >> >> > > Holly Petraeus will take on a new role at the Consumer Financial > Protection > > Bureau Implementation Team, directing our effort to establish an Office > of > > Servicemember Affairs. >> >> >> > > I had been at the consumer agency for only a couple of weeks when I met > > Holly. After we introduced ourselves, she got straight to the point: > > despite strong efforts by the Department of Defense and others, too many > > military families find themselves in financial trouble, scrambling hard > to > > deal with mounting debts or falling into the arms of a predatory lender. >> >> >> > > Holly was then serving as the Director of the Better Business Bureau > (BBB)
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> > Military Line, a partnership between the BBB and the Department of > Defense > > Financial Readiness Campaign that provides consumer education and > advocacy > > for servicemembers and their families. She knew the challenges facing > > military families. Her son, brother, father, grandfather, and > > great-grandfather all served in our armed forces. Her husband, General > > David Petraeus, is serving now as Commander of the International Security > > Assistance Force and U.S. Forces in Afghanistan. >> >> >> > > Holly was doing her best to help by teaching financial education classes > to > > military personnel and in other ways, but she thought that as a country > we > > needed to do more-and she thought the new consumer agency was the way to > get > > things done. She listed one idea after another, focusing on better law > > enforcement, tighter rules, and stronger financial education. She wanted > to > > see action now. >> >> >> > > Wow, I thought. This woman is fired up. >> >> >> > > It soon became clear that Holly would be the perfect person to guide the > > establishment of the office. She is the kind of leader we need. >> >> >> > > Holly understands-from both her personal experience as a military spouse > > and her work at BBB-that men and women in our armed forces encounter > unique > > financial obstacles. >> >> >> > > Recently-enlisted servicemembers often experience their first steady > > paycheck and their first opportunity to be lured into easy credit offers. > > Far too many also get tangled in debt traps. A recent online survey > > commissioned by the FINRA Foundation found that almost one in four of the > > enlisted personnel or junior NCO respondents had used a high-cost > > alternative borrowing method, such as a payday or auto title loan, in the > > previous five years. The same survey found that mainstream credit > products > > can also pose problems: in the previous year, 53 percent of the enlisted > > personnel and junior NCOs had made only the minimum payment on a credit > > card, and 30 percent had made a late payment. >> >> >> > > Financial problems can be a dangerous distraction for our troops. As
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> > Undersecretary of Defense for Personnel and Readiness Clifford L. Stanley > > wrote last year, servicemembers "and their families are under increasing > > stress. When we have asked in surveys about the causes, servicemembers > > responded that finances were second only behind work and career concerns > and > > ahead of deployments, health, life events, family relationships and > > war/hostilities." Financial problems can also lead troops to lose their > > often essential security clearances. For example, the Department of the > > Navy reported in 2007 that financial management issues accounted for 78 > > percent of security clearance revocations and denials for Navy personnel. >> >> >> > > Those who serve in the military should be able to focus on their jobs and > > their families without having to worry about getting trapped by abusive > > financial practices. America's national security depends on that basic > > premise. As Undersecretary Stanley wrote, the "personal financial > readiness > > of our troops and families equates to mission readiness." Secretary of > the > > Army John McHugh similarly has argued that "Soldiers who are distracted > by > > financial issues at home are not fully focused on fighting the enemy, > > thereby decreasing mission readiness." >> >> >> > > In her role at the new agency, Holly will continue her work to strengthen > > consumer financial protection for servicemembers. The Office of > > Servicemember Affairs will work in partnership with the Department of > > Defense to help ensure that: military families receive the financial > > education they need to make the best financial decisions for them; > > complaints and questions from military families are monitored and > responded > > to; and federal and state agencies coordinate their activities to improve > > consumer protection measures for military families. >> >> >> > > This month, Holly and I will visit Lackland Air Force base in San > Antonio, > > Texas, where all three of my brothers took basic training. We will hear > > from servicemembers and financial counselors about the unique lending > > circumstances and challenges facing military communities. In this and in > > our later trips, we will ask many questions, listen to our troops, and > apply > > what we learn directly to our efforts. >> >> >> > > The goal of the new agency is to provide basic consumer protection and to > > be a voice for American families. Military families have unique > challenges, > > and now they have a unique advocate to ensure that their special concerns > > get the attention they deserve. >>
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>> >> > > *Elizabeth Warren is Assistant to the President and Special Advisor to > the > > Secretary of the Treasury for the Consumer Financial Protection Bureau* >> > > > > -> Brady Dennis > The Washington Post > dennisb@washpost.com > (b) (6) >

(b) (6)
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From: Adeyemo, Adewale (Wally) (CFPB) </o=ustreasury/ou=do/cn=do resources/cn=user accounts/cn=standard users/cn=adeyemoa> Geldon, Daniel (CFPB) </o=ustreasury/ou=exchange administrative group (fydibohf23spdlt)/cn=recipients/cn=geldond>; Jackson, Peter (CFPB) </o=ustreasury/ou=exchange administrative group (fydibohf23spdlt)/cn=recipients/cn=jacksonpe>
To:
Re: Brady Dennis Thu Dec 16 2010 09:49:01 EST
I'll send a longer email about the party around noon and will include it. _____ From: Geldon, Daniel (CFPB) To: Jackson, Peter (CFPB) Cc: Adeyemo, Adewale (Wally) (CFPB) Sent: Thu Dec 16 09:42:58 2010 Subject: Brady Dennis
Confirmed for tonight short of major breaking news that he cant control being called to. He is going to call my cell when he arrives and I will bring him up.
Wally are you sure this would be better coming as its own email from Peter rather than buried a bit in a party reminder email?
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From:
(b) (6)
n belhaf of Brady Dennis To: Howard, Jennifer (CFPB) </o=ustreasury/ou=exchange administrative group (fydibohf23spdlt)/cn=recipients/cn=howardje>
Yeah, I had a blast. And a close second was sitting on a beach last week beside a cooler full of Coronas :) Maybe later this week on Raj? On Mon, Apr 18, 2011 at 11:29 AM, <Jennifer.Howard@treasury.gov> wrote: > Congrats on getting married!!! Did you have fun at the wedding??? > > > > Not much last week. Professor Warren spoke at NAAG: > http://www.consumerfinance.gov/speech/remarks-to-the-national-association-of-attorneys-generalpresidential-initiative-summit/ > > > > OTR, came across this interesting nugget in Jamie Dimons recent letter to > shareholders: > http://files.shareholder.com/downloads/ONE/1201956848x0x457315/cc3470a5-514f-4ade-908417db45e870dc/2010_JPMC_AR_letter.pdf > > > > *We need to create a Consumer Financial Protection Bureau that is > effective for both consumers and banks* > > > > It has been widely reported that we were against the creation of a Consumer > Financial Protection Bureau (CFPB). We were not we were against the > creation of a standalone CFPB, operating separately and apart from whatever > regulatory agency already had oversight authority over banks. We thought > that a CFPB should have been housed within the banking regulators and with > proper authority within that regulator. This would have avoided the overlap, > confusion and bureaucracy created by competing agencies. > > > > However, we fully acknowledge that there were many good reasons that led to > the creation of the CFPB and believe that if the CFPB does its job well, the
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> > > > > Hey Brady> >> > >> > >> > > > Hope all is well! Do you want to come in sometime this week and speak > with > > > Raj off the record? Now that hes taken on the associate director role, I > > > want to make sure that reporters have a chance to get to know him. > >> > >> > >> > > > Let me know. > >> > >> > >> > > > Jen Howard > >> > > > Senior Spokesperson > >> > > > Consumer Financial Protection Bureau Implementation Team > >> > > > E: Jennifer.Howard@treasury.gov > >> > > > O: 202-435-7454 > >> > > > C: (b) (6) > >> >
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>> > >> > > > > > > > > -> > Brady Dennis > > The Washington Post > > dennisb@washpost.com > > (b) (6) >

(b) (6)
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> better footing, from a better foundation, with better tools, better > authority and on a 50-state basis." > > On getting the call from Elizabeth about the CFPB job: > "I just really hadn't given much thought to anything yet, and here she was > coming after me," he said. "It was unexpected." > > On the mixture of big picture/small detail stuff in his job -- i.e., he > talked about trying to form the broader mission of the enforcement division > while also evaluating IT systems: > "It kind of goes in fits and starts," Cordray said. "But you can see > progress ... Getting off to a good start with this bureau will set it on a > good footing for years to come." > > Asked about his previous comments on future political aspirations: > "I have an interest in that; I'm not going to deny it," he said. "Some day, > if and when I'm no longer here, I will take that up again and think about > that again. In the meantime, I've had to put that to the side and focus on > my job here. And I'm totally satisfied with that." > > Random facts I'd like to check for accuracy: > > --Rich's age is 51, correct? > > --Some other bio facts I wanted to check: BA from Michigan State > University, > master's in economics from Oxford University and law degree from the > University of Chicago; clerked for Supreme Court justice Anthony Kennedy; > had a five-day run as a Jeopardy champion in the late 1980s; served one > term > in the Ohio House of Representatives, argued cases before the U.S. Supreme > Court as Ohio's solicitor general and served stints as both a local and > state treasurer; won a special election to replace attorney general Marc > Dann in 2008. > > --He is staying with a friend in DC and commuting home to Ohio most > Thursdays. > > --His wife is a law professor, and they have 12-year-old twins. > > Thanks Jen, > > Brady > > > -------------------------------> Brady Dennis > The Washington Post > dennisb@washpost.com > (b) (6) >
-Brady Dennis
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The Washington Post dennisb@washpost.com
(b) (6)
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To:
RE: you around? Fri Dec 17 2010 12:17:52 EST
I can live with him using this one, but beyond that... > *With a little old manager, lively and neat* > > *She knew in a minute he must be Wall Street* > > *More rapid than eagles his proposals they came* > > *He whistled and shouted out by name* > > *"Now mortgages, now overdraft, now payday loans* > > *On debt collectors, on creditors, on foreclosed homes* > > *To the banked and the unbanked, to the big and the small,* > > *Now simplify, simplify, simplify all!".....* -----Original Message----From: Geldon, Daniel (CFPB) Sent: Friday, December 17, 2010 12:15 PM To: Jackson, Peter (CFPB) Subject: FW: you around?
-----Original Message----From: (b) (6) Sent: Friday, December 17, 2010 12:11 PM To: Geldon, Daniel (CFPB) Subject: Re: you around? Honestly, I think that's kind of lame to leave it at that. It loses any sense humor that was in it.
On Fri, Dec 17, 2010 at 12:09 PM, <Daniel.Geldon@do.treas.gov> wrote: > Could we talk you into just drawing from the first two stanzas? > > > *When out on K Street there arose such a clatter*
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> > *That Liz Warren leapt from her desk to see what was the matter* > > *Away to the window, she flew like a flash* > > *She looked down at the street and gave a big gasp* > >** > > *Streetlights lit up the sidewalks of snow* > > *Giving the luster of midday to objects below* > > *When what to her wondering eyes should appear* > > *But a miniature bank, and eight tiny financiers* > > > > > > -----Original Message----> From: (b) (6) > Of Brady Dennis > Sent: Friday, December 17, 2010 12:05 PM > To: Geldon, Daniel (CFPB) > Subject: Re: you around? > > Here are the two parts I like best (and the parts I think would be > understandable to people and not just inside jokes) > > *When out on K Street there arose such a clatter* > > *That Liz Warren leapt from her desk to see what was the matter* > > *Away to the window, she flew like a flash* > > *She looked down at the street and gave a big gasp* > >** > > *Streetlights lit up the sidewalks of snow* > > *Giving the luster of midday to objects below* > > *When what to her wondering eyes should appear* > > *But a miniature bank, and eight tiny financiers* > >** > > *With a little old manager, lively and neat* > > *She knew in a minute he must be Wall Street* > > *More rapid than eagles his proposals they came*
On Behalf
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> > *He whistled and shouted out by name* > > *"Now mortgages, now overdraft, now payday loans* > > *On debt collectors, on creditors, on foreclosed homes* > > *To the banked and the unbanked, to the big and the small,* > > *Now simplify, simplify, simplify all!".....* > >* >* > > *.....*She heard someone knocking and jumped out of her shoes > > As she gathered herself and was turning around > > Into the room, Wall Street came with a bound > > > > He was dressed all in pinstripes from his head to his toes > > And his pockets were stuffed with silver and gold > > He didn't waste a minute before stating quite bold > > That helping consumers was his primary goal (lots of laughter) > > Warren raised her eyebrows and she said, "You can join, > > We need all the help we can get from here to Des Moines" > > > Not sure if I'd have room for all of that, but hopefully some portion of > the > above. > > On Fri, Dec 17, 2010 at 12:01 PM, <Daniel.Geldon@do.treas.gov> wrote: > > > Any chance you could tell me what of this you want to use and then I can > > confirm rather than clearing the whole thing? >> >> > > -----Original Message----> > From: (b) (6) On Behalf > > Of Brady Dennis > > Sent: Friday, December 17, 2010 12:01 PM > > To: Geldon, Daniel (CFPB) > > Subject: Re: you around? >> > > Here's the poem as transcribed from my tape. There's obviously some > missed > > words here or there. Won't print the whole thing but whatever verse we > use,
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> > wanted to make sure it's right: >> >> >> > > Twas the night before transfer and all through DC >> > > Not a banker was stirring, not even J.P. ("that's Morgan") >> > > ..had been hired and lawyers to spare >> > > Examiners and analysts all had their chairs >> >> >> > > The interns were nestled all snug in their beds >> > > While visions of paying jobs danced in their heads >> > > And human capital with their payroll in hand >> > > Had just come up with a long term hiring plan >> >> >> > > When out on K Street there arose such a clatter >> > > That Liz Warren leapt from her desk to see what was the matter >> > > Away to the window, she flew like a flash >> > > She looked down at the street and gave a big gasp >> >> >> > > Streetlights lit up the sidewalks of snow >> > > Giving the luster of midday to objects below >> > > When what to her wondering eyes should appear >> > > But a miniature bank, and eight tiny financiers >> >> >> > > With a little old manager, lively and neat >> > > She knew in a minute he must be Wall Street >> > > More rapid than eagles his proposals they came >> > > He whistled and shouted out by name >> > > Now mortgages, now overdraft, now payday loans >> > > On debt collectors, on creditors, on foreclosed homes >>
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> > To the banked and the unbanked, to the big and the small >> > > Now simplify, simplify, simplify all (8:24) >> >> >> > > As dry leaves that before the wild hurricane fly >> > > When they meet with an obstacle mount to the sky >> > > So up to Warren's ears, the words as they formed >> > > Gave her the hope of major reform >> > > Just as she started to take stock of this news >> > > She heard someone knocking and jumped out of her shoes >> > > As she gathered herself and was turning around >> > > Into the room, Wall Street came with a bound >> >> >> > > He was dressed all in pinstripes from his head to his toes >> > > And his pockets were stuffed with silver and gold >> > > He didn't waste a minute before stating quite bold >> > > That helping consumers was his primary goal (lots of laughter) >> > > Warren raised her eyebrows and she said, "You can join, >> > > We need all the help we can get from here to Des Moines" >> >> >> > > She added, "I didn't just fall off the turnip truck, >> > > We're here for families, not to make a quick buck" >> > > He nodded, he smiled and said, "I brought friends" >> > > And into the room marched credit unions >> > > Then came student lenders, and then the small banks >> > > All eager to help implement Dodd-Frank >> > > The markets held fair, the contracts so clear >> > > Warren knew in a minute there was nothing to fear >> > > Together they worked with state regulators and AGs >>
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(b) (6)
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From: Jackson, Peter (CFPB) </o=ustreasury/ou=exchange administrative group (fydibohf23spdlt)/cn=recipients/cn=jacksonpe> Blenkinsopp, Alexander (CFPB) </o=ustreasury/ou=exchange administrative group (fydibohf23spdlt)/cn=recipients/cn=blenkinsoppa>
To:
RE: Brady Dennis's birthday coming up Wed Dec 29 2010 11:44:49 EST
Yep, but thanks for the heads up.
From: Blenkinsopp, Alexander (CFPB) Sent: Wednesday, December 29, 2010 11:00 AM To: Jackson, Peter (CFPB) Subject: Brady Dennis's birthday coming up
Not sure how good your relationship with him is, but considering he was at our party, I just wanted to make sure you knew that his birthday is Saturday, as mentioned in Playbook.
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From:
(b) (6)
To:
> on belhaf of Brady Dennis <dennisb@washpost.com> Howard, Jennifer (CFPB) </o=ustreasury/ou=exchange administrative group (fydibohf23spdlt)/cn=recipients/cn=howardje>
hey Tue Feb 01 2011 08:10:05 EST
still looking okay for drinks this evening, though i might have to head out by 8 or just before. that okay or does lunch work better today? -Brady Dennis The Washington Post dennisb@washpost.com
(b) (6)
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From:
(b) (6)
Hey! I was off all last week (and actually not officially back until tomorrow), but I'm definitely up for dropping by to talk with Raj soon.... What else did I miss last week? On Mon, Apr 11, 2011 at 11:13 AM, <Jennifer.Howard@treasury.gov> wrote: > Hey Brady> > > > Hope all is well! Do you want to come in sometime this week and speak with > Raj off the record? Now that hes taken on the associate director role, I > want to make sure that reporters have a chance to get to know him. > > > > Let me know. > > > > Jen Howard > > Senior Spokesperson > > Consumer Financial Protection Bureau Implementation Team > > E: Jennifer.Howard@treasury.gov > > O: 202-435-7454 > > C: (b) (6) > > >
-Brady Dennis The Washington Post
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dennisb@washpost.com
(b) (6)
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From:
(b) (6)
Cc: Bcc: Subject: Testimony Date: Attachments:
Re: Professor Elizabeth Warren Statement and Embargoed Excerpts from Written Tue Mar 15 2011 14:17:23 EDT
hey thanks. is this the three-line thing you were mentioning in regards to CFPB being involved in mortgage servicing? On Tue, Mar 15, 2011 at 2:13 PM, <Jennifer.Howard@treasury.gov> wrote: > *Statement from Professor Elizabeth Warren in advance of tomorrows > hearing:* > > > > Political attacks against federal and state law enforcement officials for > responding to alleged legal violations are dangerous. We know what can > happen when laws arent fairly or consistently enforced because of political > pressure, and it doesnt end well for American families, for honest > businesses, or for the economy. > > > > > > *EMBARGOED UNTIL 5 P.M.:** Excerpts from Professor Warrens 34-page > written testimony before the House Subcommittee on Financial Institutions > and Consumer Credit:* > > > > Thank you Chairman Capito, Ranking Member Maloney, and members of the > Subcommittee for inviting me to testify about the work of the Consumer > Financial Protection Bureau (CFPB). This is my first opportunity to report > to Congress formally about the significant progress we have made in bringing > to life the CFPB. While we have miles to go, the path ahead is straight and > clear. > > > > Let me begin with a personal note. Were it not for the importance of > oversight, I would not be here today for more than one reason. Not only do > those of us who are working to stand up the CFPB believe in oversight by > the public as well as Congress but my own public service began almost two > and a half years ago when Congress asked me to engage in direct oversight as
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> Chair of the Congressional Oversight Panel (COP). At the COP, we worked to > produce detailed monthly reports for you about the activities and policy > choices made by the Department of the Treasury as it administered the > Troubled Asset Relief Program. I also came to Capitol Hill on many > occasions to testify on behalf of the COP and to answer your questions and > discuss other lines of research to pursue on your behalf. From these > experiences, I understand and greatly appreciate the important role of > oversight. > > > > Since taking over the job of putting together the new bureau, I have had > more than sixty one-on-one conversations with Members of Congress, exploring > a number of different questions and suggestions in detail. I am pleased to > have this chance to appear before you today to update you on our progress > and to talk with you more in this forum. I also look forward to continuing > this conversation with you and your colleagues in Congress in the weeks and > months ahead. > > > > In June 2009, the House Financial Services Committee invited me to testify > about the CFPB for the first time. My testimony described in great detail > the advantages of bringing greater transparency and streamlined disclosure > to the consumer financial markets. During the question-and-answer segment > of the hearing, members of the committee many of you here today, from both > parties praised transparency as a valuable goal and asked how a consumer > bureau could focus on that objective. Today, we are pleased to report that > we firmly believe in the importance of making prices clearer, making risks > more obvious, and cutting back on the fine print and legalese that can make > it impossible for families to compare a mortgage or credit card with two or > three others. We are here to serve the American people by making sure the > consumer financial markets work for them. > > > > > > > > *Accountability and Transparency* > >** > > The CFPB was designed to increase accountability by consolidating into a > single agency the core consumer financial protection functions that had > existed across the federal government. Under the old system, seven > different federal agencies were responsible for consumer financial > protection. Those agencies had other responsibilities as well and consumer > financial protection was not anyones top priority. The tangle of seven > agencies failed to create effective rules and left gaping holes in > oversight. There were also basic problems of accountability. Because it > was no ones primary responsibility, it was more difficult to hold any > single agency accountable. The CFPB will be directly responsible to the > public for performing those core functions. Accountability was a central > policy rationale for the establishment of the CFPB, and it is essential that
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> the CFPB be accountable for its efforts moving forward. > >** > > *Oversight of the CFPB * > >** > > Oversight is a deeply important feature of our democracy that provides for > checks and balances and helps prevent overreach, violations of law, and > misguided expenditure of public funds. Oversight of the CFPB during its > stand-up and beyond will build greater confidence in the consumer bureau > by both other governmental entities and the public. The CFPB has an > interest in participating meaningfully in the oversight process, and we > intend to continue to be an active partner in the important work of > oversight. > > > > As is true with respect to all other federal agencies, Congress has the > last word on CFPB rule-making. If Congress is unhappy with a rule, it can > overturn that rule. In addition, the CFPB is subject to judicial review to > be certain that it operates only within the authority granted by Congress > and otherwise acts in accordance with law. If it fails to do so, the courts > can overturn its actions. In addition to these fundamental constraints, > Congress took important further steps in the Dodd-Frank Act to ensure > meaningful oversight and accountability of the CFPB. In particular, the > Dodd-Frank Act specifically requires that: > > > > - The CFPB submits annual financial reports to Congress; > - The CFPB reports to Congress twice each year to justify its budget > from the previous year; > - The Director of the CFPB testifies before and reports to Congress > twice each year regarding the CFPBs activities; > - The GAO conducts an audit each year of the consumer bureaus > expenditures and submits a report to Congress; and > - The CFPB submits its financial operating plans and forecasts and > quarterly financial reports to the Office of Management and Budget. > > > > Congress also took special steps to require the CFPB to carefully assess > the impact of its actions by way of various internal process requirements. > For example, in prescribing a rule under the federal consumer financial > laws, the consumer bureau is specifically charged with: > > > > Considering the potential costs and benefits both to consumers > and to providers of consumer financial products and services; > > - Considering the impact of proposed rules on community banks and > smaller credit unions and on consumers in rural areas; and > - Consulting with other federal banking regulators and considering any
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> written objections raised during the consultation process. > > > > In addition to the various process requirements that the CFPB must meet, > which are far more extensive than those that govern other banking > regulators, the CFPB also faces several additional forms of oversight: > > > > - The agencies sitting on the Financial Stability Oversight Council > (FSOC) can review regulations issued by the CFPB and, in some cases, even > reject the consumer bureaus regulations which the FSOC lacks the > authority to do over any other banking regulator; and > - The Inspectors General of the Treasury Department and the Federal > Reserve Board have been reviewing the CFPBs activities and inform Congress > and the public about the consumer bureaus programs and activities. > > > > In brief, there will be more oversight and accountability of the CFPB than > of any other federal banking regulator. Over time, I believe these limits > will succeed in ensuring both sunlight and accountability in the consumer > bureaus operations. > > > > ### > > > > Jen Howard > > Senior Spokesperson > > Consumer Financial Protection Bureau Implementation Team > > E: Jennifer.Howard@treasury.gov > > O: 202-435-7454 > > C: (b) (6) > > >

(b) (6)
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>> ->> Brady Dennis >> The Washington Post >> dennisb@washpost.com >> (b) (6)
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From:
(b) (6)
on belhaf of Brady Dennis To: Jackson, Peter (CFPB) </o=ustreasury/ou=exchange administrative group (fydibohf23spdlt)/cn=recipients/cn=jacksonpe>
coffee Mon Nov 15 2010 09:06:45 EST
Hey Peter. Wanted to see if we could shift coffee to either later today or perhaps tomorrow? If that's a problem, I can still make it at 10 today, just might be kinda tight. Also, if you are available for lunch today, that might work well for me.... Thanks, Brady -Brady Dennis The Washington Post dennisb@washpost.com
(b) (6)
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>> dennisb@washpost.com >> (b) (6) >> > > > > -> Brady Dennis > The Washington Post > dennisb@washpost.com > (b) (6)
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From:
(b) (6)
Cc: Bcc: Subject: Date: Attachments: Hey Jen:
Re: Drinks next week? Wed Jan 26 2011 12:31:12 EST
I'm actually going to be away on Thursday and Friday next week. Why don't we aim for Tuesday and see how things look that day? Work for you? On Wed, Jan 26, 2011 at 12:25 PM, <Jennifer.Howard@treasury.gov> wrote: > Hey Brady> > > > Do you have time next week to meet for drinks? Im thinking Thursday, but > really, Im free every day but Wednesday. > > > > Jen Howard > > Senior Spokesperson > > Consumer Financial Protection Bureau Implementation Team > > E: Jennifer.Howard@treasury.gov > > O: 202-435-7454 > > C: (b) (6) > > >

(b) (6)
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From:
(b) (6)
To:
> on belhaf of Brady Dennis <dennisb@washpost.com> Howard, Jennifer (CFPB) </o=ustreasury/ou=exchange administrative group (fydibohf23spdlt)/cn=recipients/cn=howardje>
Re: FYI Tue Mar 15 2011 13:12:25 EDT
Thanks for sending. Do you have any snippets from what she plans to say tmrw, or at least some guidance on what sort of reception she's expecting and how she plans to defend the agency's role on the Hill? On Tue, Mar 15, 2011 at 11:19 AM, <Jennifer.Howard@treasury.gov> wrote: > > > > > Jen Howard > > Senior Spokesperson > > Consumer Financial Protection Bureau Implementation Team > > E: Jennifer.Howard@treasury.gov > > O: 202-435-7454 > > C: (b) (6) > > >

(b) (6)
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From:
(b) (6)
Re: Hey Tue Mar 08 2011 19:05:32 EST
Hey there. Sorry, I've been off in Libya world. Thanks for sending along Rich's comments to the AGs. Looking unlikely that I get around to a story this week, but hopefully soon. It was good to finally meet him. Thanks again for setting it up... On Tue, Mar 8, 2011 at 1:28 PM, <Jennifer.Howard@treasury.gov> wrote: > Just checking in re: Rich Cordray interview.no pressure or anything. > > > > Jen Howard > > Senior Spokesperson > > Consumer Financial Protection Bureau Implementation Team > > E: Jennifer.Howard@treasury.gov > > O: 202-435-7454 > > C: (b) (6) > > >

(b) (6)
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From:
(b) (6)
hey Tue Mar 01 2011 11:08:07 EST
Yo. You guys reacting in any way to this latest effort from the Chamber folks pushing for no regulations from CFPB until there's a confirmed director? Would like to talk about that if you have a sec. Between that and the Hill hearing, seems like plenty of people are still out to roll back the bureau's authority. Speaking of which, do you have snippets from EW's remarks on the Hill that might be useful in such a story, or at least some preview of what she plans to talk about up there? -Brady Dennis The Washington Post dennisb@washpost.com
(b) (6)
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From: Geldon, Daniel </o=ustreasury/ou=exchange administrative group (fydibohf23spdlt)/cn=recipients/cn=geldond> Jackson, Peter </o=ustreasury/ou=exchange administrative group (fydibohf23spdlt)/cn=recipients/cn=jacksonpe>
To:
Cc: Bcc: Subject: Date: Attachments: Any call back?
Brady Dennis Mon Nov 08 2010 16:29:16 EST
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To:
Brady Dennis Tue Nov 09 2010 07:23:16 EST
Did you ever connect?
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From:
(b) (6)
RE: your story Wed Mar 02 2011 10:36:13 EST
Yes, that should work well. At 1800 L St? On Mar 2, 2011 10:29 AM, <Jennifer.Howard@treasury.gov> wrote: > Does Thursday at 11 work for you on the Rich Cordray interview? > > Jen Howard > Senior Spokesperson > Consumer Financial Protection Bureau Implementation Team > E: Jennifer.Howard@treasury.gov > O: 202-435-7454 > C: (b) (6) > > > -----Original Message----> From: (b) (6) On Behalf Of Brady Dennis > Sent: Wednesday, March 02, 2011 10:26 AM > To: Howard, Jennifer (CFPB) > Subject: RE: your story > > No worries. > On Mar 2, 2011 10:14 AM, <Jennifer.Howard@treasury.gov> wrote: >> Brady, thank you so much for adding that info. Really, really appreciated > it. >> >> Jen Howard >> Senior Spokesperson >> Consumer Financial Protection Bureau Implementation Team >> E: Jennifer.Howard@treasury.gov >> O: 202-435-7454 >> C: (b) (6) >> >> >> -----Original Message---->> From: (b) (6) On Behalf > Of Brady Dennis >> Sent: Tuesday, March 01, 2011 8:57 PM >> To: Howard, Jennifer (CFPB) >> Subject: Re: your story >> >> Ok, ill try my best to reflect that. Thanks.... >> On Mar 1, 2011 8:49 PM, <Jennifer.Howard@treasury.gov> wrote:
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>>> Hey>>> >>> I promise that I am not usually this annoying!! Just saw your story and > on >> deep background, wanted to point out two things: >>> >>> 1. The Chamber letter outlined some recommendation that we agree with and >> even praised some of the work CFPB is doing. For example: >>> >>> >>> * The Chamber praises the CFPB's work to "Develop an Effective and >> Efficient Structure to Facilitate Protection of Consumers and Promotion of >> Economic Growth": "in light of its broad objective and responsibilities, > we >> are pleased to see the Bureau will have a Chief Operating Officer (COO)." >>> >>> >>> * The Chamber praises the CFPB's work to "Empower Consumers by >> Rationalizing Disclosure Requirements": "We support the Bureau's early >> efforts to improve disclosure and seek industry input and urge that >> disclosure simplification across products be among the first of the > Bureau's >> priorities." >>> >>> 2. No one is happy with the director situation. It's not just the >> financial institutions, consumer groups aren't happy either and have been >> pushing for a director. >>> >>> I don't know if its too late to update, but is it possible to get those >> two points somewhere in the story to provide a little more balance? >>> >>> Thanks again for your patience tonight, and apologies for the late night >> call. >>> >>> >>> Jen Howard >>> Senior Spokesperson >>> Consumer Financial Protection Bureau Implementation Team >>> E: Jennifer.Howard@treasury.gov<mailto:Jennifer.Howard@treasury.gov> >>> O: 202-435-7454 >>> C: (b) (6) >>>
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> Are we good to go? > > Here's the line I was planning on adding: > > Later Tuesday, Warren sent a letter to two members of the House committee, > reiterating that "our interactions with small financial services providers > have had a real impact on the work we are doing," and "we've taken every > opportunity to let small companies know that this office is open to them."* >* > > -> Brady Dennis > The Washington Post > dennisb@washpost.com > (b) (6)
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From: Jackson, Peter </o=ustreasury/ou=exchange administrative group (fydibohf23spdlt)/cn=recipients/cn=jacksonpe>
Coffee with Brady Dennis Mon Nov 08 2010 17:12:25 EST
StartTime: Mon Nov 15 10:00:00 Eastern Standard Time 2010 EndTime: Mon Nov 15 11:00:00 Eastern Standard Time 2010 Location: Recurring: No ShowReminder: Yes ReminderMinutes: 15 ReminderTime: Mon Nov 15 09:45:00 Eastern Standard Time 2010 Accepted: No
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From: Howard, Jennifer (CFPB) </o=ustreasury/ou=exchange administrative group (fydibohf23spdlt)/cn=recipients/cn=howardje>
Brady Dennis, WaPo (tentative) Wed Jan 26 2011 12:37:43 EST
StartTime: Tue Feb 01 18:30:00 Eastern Standard Time 2011 EndTime: Tue Feb 01 20:30:00 Eastern Standard Time 2011 Location: Recurring: No ShowReminder: No Accepted: No
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It all happened so fast, Geldon said. Its kind of surreal.
Perhaps no one found the scene more surreal than Warren herself..... ....Eventually, Warren herself took a moment to praise her hand-picked staff, nearly 100 in all and growing by the week.
We have come together in no small part because of whats in our hearts, and that its about the mission that we have as being this new consumer agency, she told them. We have this incredible opportunity and this incredible responsibility to build a piece of government that we know is here to work on behalf of Americas families.
As she spoke, a strand of hastily hung Christmas lights fell from the ceiling behind her, causing her to flinch.
No big deal, shouted one staffer as the laughter subsided, Were a startup.

(b) (6)
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Consumer Financial Protection Bureau Implementation Team E: Jennifer.Howard@treasury.gov O: 202-435-7454 C: (b) (6)
-----Original Message----From: (b) (6) Sent: Tuesday, February 08, 2011 12:39 PM To: Howard, Jennifer (CFPB) Subject: Re: CFPB Blog: The CFPB and the Religious Community Hey. Thanks for sending along. You know any more details on that meeting -- who is attending (both religious folks and from gov't), time, who organized, agenda, etc....?
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From: Blenkinsopp, Alexander (CFPB) </o=ustreasury/ou=exchange administrative group (fydibohf23spdlt)/cn=recipients/cn=blenkinsoppa> Jackson, Peter (CFPB) </o=ustreasury/ou=exchange administrative group (fydibohf23spdlt)/cn=recipients/cn=jacksonpe>
To:
Brady Dennis's birthday coming up Wed Dec 29 2010 10:59:59 EST
Not sure how good your relationship with him is, but considering he was at our party, I just wanted to make sure you knew that his birthday is Saturday, as mentioned in Playbook.
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> > The White House Blog > > > > *Welcoming Holly Petraeus to the Consumer Financial Protection Bureau > Implementation Team* > > Posted by Elizabeth Warren on January 06, 2011 at 05:30 AM EST > > > > Today, nearly 300,000 American men and women are serving overseas, often in > harsh conditions and at grave risk. For many of these brave men and women, > the challenge of everyday life experienced by their families back home is a > significant worry, as loved ones struggle with car payments, credit card > bills, and trying to find the cash needed to cover unexpected expenses. > > > > Regrettably, the evidence is clear: servicemembers and their families are > sometimes easy targets for unscrupulous lenders. Even families that stay > with mainstream lenders can struggle as the impact of separation and > frequent moving takes a financial toll, leaving a family mired in debt and > trying to digest reams of fine print. > > > > Today, we have good news to report. > > > > Holly Petraeus will take on a new role at the Consumer Financial Protection > Bureau Implementation Team, directing our effort to establish an Office of > Servicemember Affairs. > > > > I had been at the consumer agency for only a couple of weeks when I met > Holly. After we introduced ourselves, she got straight to the point: > despite strong efforts by the Department of Defense and others, too many > military families find themselves in financial trouble, scrambling hard to > deal with mounting debts or falling into the arms of a predatory lender. > > > > Holly was then serving as the Director of the Better Business Bureau (BBB) > Military Line, a partnership between the BBB and the Department of Defense > Financial Readiness Campaign that provides consumer education and advocacy > for servicemembers and their families. She knew the challenges facing > military families. Her son, brother, father, grandfather, and > great-grandfather all served in our armed forces. Her husband, General > David Petraeus, is serving now as Commander of the International Security > Assistance Force and U.S. Forces in Afghanistan. > >
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> > Holly was doing her best to help by teaching financial education classes to > military personnel and in other ways, but she thought that as a country we > needed to do moreand she thought the new consumer agency was the way to get > things done. She listed one idea after another, focusing on better law > enforcement, tighter rules, and stronger financial education. She wanted to > see action now. > > > > Wow, I thought. This woman is fired up. > > > > It soon became clear that Holly would be the perfect person to guide the > establishment of the office. She is the kind of leader we need. > > > > Holly understandsfrom both her personal experience as a military spouse > and her work at BBBthat men and women in our armed forces encounter unique > financial obstacles. > > > > Recently-enlisted servicemembers often experience their first steady > paycheck and their first opportunity to be lured into easy credit offers. > Far too many also get tangled in debt traps. A recent online survey > commissioned by the FINRA Foundation found that almost one in four of the > enlisted personnel or junior NCO respondents had used a high-cost > alternative borrowing method, such as a payday or auto title loan, in the > previous five years. The same survey found that mainstream credit products > can also pose problems: in the previous year, 53 percent of the enlisted > personnel and junior NCOs had made only the minimum payment on a credit > card, and 30 percent had made a late payment. > > > > Financial problems can be a dangerous distraction for our troops. As > Undersecretary of Defense for Personnel and Readiness Clifford L. Stanley > wrote last year, servicemembers and their families are under increasing > stress. When we have asked in surveys about the causes, servicemembers > responded that finances were second only behind work and career concerns and > ahead of deployments, health, life events, family relationships and > war/hostilities. Financial problems can also lead troops to lose their > often essential security clearances. For example, the Department of the > Navy reported in 2007 that financial management issues accounted for 78 > percent of security clearance revocations and denials for Navy personnel. > > > > Those who serve in the military should be able to focus on their jobs and > their families without having to worry about getting trapped by abusive > financial practices. Americas national security depends on that basic > premise. As Undersecretary Stanley wrote, the personal financial readiness > of our troops and families equates to mission readiness. Secretary of the
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> Army John McHugh similarly has argued that Soldiers who are distracted by > financial issues at home are not fully focused on fighting the enemy, > thereby decreasing mission readiness. > > > > In her role at the new agency, Holly will continue her work to strengthen > consumer financial protection for servicemembers. The Office of > Servicemember Affairs will work in partnership with the Department of > Defense to help ensure that: military families receive the financial > education they need to make the best financial decisions for them; > complaints and questions from military families are monitored and responded > to; and federal and state agencies coordinate their activities to improve > consumer protection measures for military families. > > > > This month, Holly and I will visit Lackland Air Force base in San Antonio, > Texas, where all three of my brothers took basic training. We will hear > from servicemembers and financial counselors about the unique lending > circumstances and challenges facing military communities. In this and in > our later trips, we will ask many questions, listen to our troops, and apply > what we learn directly to our efforts. > > > > The goal of the new agency is to provide basic consumer protection and to > be a voice for American families. Military families have unique challenges, > and now they have a unique advocate to ensure that their special concerns > get the attention they deserve. > > > > *Elizabeth Warren is Assistant to the President and Special Advisor to the > Secretary of the Treasury for the Consumer Financial Protection Bureau* >

(b) (6)
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From: To: RD </o=ustreasury/ou=exchange administrative group (fydibohf23spdlt)/cn=recipients/cn=rd> Howard, Jennifer (CFPB) </o=ustreasury/ou=exchange administrative group (fydibohf23spdlt)/cn=recipients/cn=howardje>
Accepted: Call Carter Doughtery Thu Sep 01 2011 16:12:15 EDT
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From: Howard, Jennifer (CFPB) </o=ustreasury/ou=exchange administrative group (fydibohf23spdlt)/cn=recipients/cn=howardje> Date, Rajeev (CFPB) </o=ustreasury/ou=exchange administrative group (fydibohf23spdlt)/cn=recipients/cn=dater>
To:
Raj OTR with Brady Dennis, WaPo (tentative) Mon Apr 18 2011 11:39:08 EDT
When: Friday, April 22, 2011 2:00 PM-2:30 PM (UTC-05:00) Eastern Time (US & Canada). Where: Your office Note: The GMT offset above does not reflect daylight saving time adjustments. *~*~*~*~*~*~*~*~*~*
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To:
Call Carter Doughtery -- on deep background Tue May 31 2011 17:52:26 EDT
When: Tuesday, May 31, 2011 6:00 PM-6:30 PM (UTC-05:00) Eastern Time (US & Canada). Where: 202 624 1907 Note: The GMT offset above does not reflect daylight saving time adjustments. *~*~*~*~*~*~*~*~*~*
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From: Howard, Jennifer (CFPB) </o=ustreasury/ou=exchange administrative group (fydibohf23spdlt)/cn=recipients/cn=howardje> Date, Rajeev (CFPB) </o=ustreasury/ou=exchange administrative group (fydibohf23spdlt)/cn=recipients/cn=dater> RD </o=ustreasury/ou=exchange administrative group (fydibohf23spdlt)/cn=recipients/cn=rd> Call Carter Doughtery -- on deep background Tue May 31 2011 17:52:07 EDT
To:
StartTime: Tue May 31 18:00:00 Eastern Daylight Time 2011 EndTime: Tue May 31 18:30:00 Eastern Daylight Time 2011 Location: Invitees: Recurring: No ShowReminder: No Accepted: No
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To:
Canceled: Raj OTR with Brady Dennis, WaPo (tentative) Thu Apr 21 2011 11:02:38 EDT
When: Friday, April 22, 2011 2:00 PM-2:30 PM (UTC-05:00) Eastern Time (US & Canada). Where: Your office Note: The GMT offset above does not reflect daylight saving time adjustments. *~*~*~*~*~*~*~*~*~* He had to reschedule.
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From: Callan, Nicole (CFPB) </o=ustreasury/ou=exchange administrative group (fydibohf23spdlt)/cn=recipients/cn=callann> on belhaf of Date, Rajeev (CFPB) </o=ustreasury/ou=exchange administrative group (fydibohf23spdlt)/cn=recipients/cn=dater> Howard, Jennifer (CFPB) </o=ustreasury/ou=exchange administrative group (fydibohf23spdlt)/cn=recipients/cn=howardje>
To:
Accepted: Raj OTR with Brady Dennis, WaPo (tentative) Mon Apr 18 2011 12:04:38 EDT
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From: Howard, Jennifer (CFPB) </o=ustreasury/ou=exchange administrative group (fydibohf23spdlt)/cn=recipients/cn=howardje> Cordray, Richard (CFPB) </o=ustreasury/ou=exchange administrative group (fydibohf23spdlt)/cn=recipients/cn=cordrayr>
To:
Rich Cordray interview with Brady Dennis, WaPo (tentative time) Wed Mar 02 2011 10:30:22 EST
StartTime: Thu Mar 03 11:00:00 Eastern Standard Time 2011 EndTime: Thu Mar 03 11:30:00 Eastern Standard Time 2011 Location: Invitees: Recurring: No ShowReminder: No Accepted: No
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From: Howard, Jennifer (CFPB) </o=ustreasury/ou=exchange administrative group (fydibohf23spdlt)/cn=recipients/cn=howardje> Cordray, Richard (CFPB) </o=ustreasury/ou=exchange administrative group (fydibohf23spdlt)/cn=recipients/cn=cordrayr>
To:
Rich Cordray interview with Brady Dennis, WaPo (tentative time) Wed Mar 02 2011 10:30:22 EST
When: Thursday, March 03, 2011 11:00 AM-11:30 AM (UTC-05:00) Eastern Time (US & Canada). Where: in your office Note: The GMT offset above does not reflect daylight saving time adjustments. *~*~*~*~*~*~*~*~*~*
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From: Cordray, Richard (CFPB) </o=ustreasury/ou=exchange administrative group (fydibohf23spdlt)/cn=recipients/cn=cordrayr> Howard, Jennifer (CFPB) </o=ustreasury/ou=exchange administrative group (fydibohf23spdlt)/cn=recipients/cn=howardje>
To:
Accepted: Rich Cordray interview with Brady Dennis, WaPo (tentative time) Wed Mar 02 2011 10:56:31 EST
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From: Martinez, Zixta (CFPB) </o=ustreasury/ou=exchange administrative group (fydibohf23spdlt)/cn=recipients/cn=martinezz> Howard, Jennifer (CFPB) </o=ustreasury/ou=exchange administrative group (fydibohf23spdlt)/cn=recipients/cn=howardje>; Martin, Alyssa (CFPB) </o=ustreasury/ou=exchange administrative group (fydibohf23spdlt)/cn=recipients/cn=martinal>; Geldon, Daniel (CFPB) </o=ustreasury/ou=exchange administrative group (fydibohf23spdlt)/cn=recipients/cn=geldond>; English, Leandra (CFPB) </o=ustreasury/ou=exchange administrative group (fydibohf23spdlt)/cn=recipients/cn=englistl>; Jackson, Peter (CFPB) </o=ustreasury/ou=exchange administrative group (fydibohf23spdlt)/cn=recipients/cn=jacksonpe>
To:
RE: Readout on faith rountable Tue Feb 08 2011 16:41:35 EST
I can confirm all except Esperanza, USA. If you need a list of affiliations I have it. 20 individuals attended. ZQM Zixta Q. Martinez CFPB Implementation Team 202.435.7204
-----Original Message----From: Howard, Jennifer (CFPB) Sent: Tuesday, February 08, 2011 4:32 PM To: Martin, Alyssa (CFPB); Martinez, Zixta (CFPB); Geldon, Daniel (CFPB); English, Leandra (CFPB); Jackson, Peter (CFPB) Subject: Re: Readout on faith rountable Zixta can you confirm that all these groups were there?
----- Original Message ----From: Martin, Alyssa (CFPB) To: Martinez, Zixta (CFPB); Geldon, Daniel (CFPB); Howard, Jennifer (CFPB); English, Leandra (CFPB); Jackson, Peter (CFPB) Sent: Tue Feb 08 13:52:16 2011 Subject: RE: Readout on faith rountable Looks good. -----Original Message----From: Martinez, Zixta (CFPB) Sent: Tuesday, February 08, 2011 1:50 PM To: Geldon, Daniel (CFPB); Howard, Jennifer (CFPB); Martin, Alyssa (CFPB); English, Leandra (CFPB); Jackson, Peter (CFPB) Subject: Re: Readout on faith rountable
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From: Martinez, Zixta (CFPB) </o=ustreasury/ou=exchange administrative group (fydibohf23spdlt)/cn=recipients/cn=martinezz> Martin, Alyssa (CFPB) </o=ustreasury/ou=exchange administrative group (fydibohf23spdlt)/cn=recipients/cn=martinal>; Howard, Jennifer (CFPB) </o=ustreasury/ou=exchange administrative group (fydibohf23spdlt)/cn=recipients/cn=howardje>; Geldon, Daniel (CFPB) </o=ustreasury/ou=exchange administrative group (fydibohf23spdlt)/cn=recipients/cn=geldond>; English, Leandra (CFPB) </o=ustreasury/ou=exchange administrative group (fydibohf23spdlt)/cn=recipients/cn=englistl>; Jackson, Peter (CFPB) </o=ustreasury/ou=exchange administrative group (fydibohf23spdlt)/cn=recipients/cn=jacksonpe>
To:
RE: Readout on faith rountable Tue Feb 08 2011 16:46:03 EST
I can confirm that Esperanza was invited but cancelled this morning. ZQM Zixta Q. Martinez CFPB Implementation Team 202.435.7204
-----Original Message----From: Martin, Alyssa (CFPB) Sent: Tuesday, February 08, 2011 4:40 PM To: Howard, Jennifer (CFPB); Martinez, Zixta (CFPB); Geldon, Daniel (CFPB); English, Leandra (CFPB); Jackson, Peter (CFPB) Subject: RE: Readout on faith rountable Now that I think on it, was Esperanza there (Peggy Ellis)? I can't remember now. There's also one more you should add to the list: Hindu American Seva Charities (Anju Bhargava) -----Original Message----From: Howard, Jennifer (CFPB) Sent: Tuesday, February 08, 2011 4:32 PM To: Martin, Alyssa (CFPB); Martinez, Zixta (CFPB); Geldon, Daniel (CFPB); English, Leandra (CFPB); Jackson, Peter (CFPB) Subject: Re: Readout on faith rountable Zixta can you confirm that all these groups were there?
----- Original Message ----From: Martin, Alyssa (CFPB) To: Martinez, Zixta (CFPB); Geldon, Daniel (CFPB); Howard, Jennifer (CFPB); English, Leandra (CFPB); Jackson, Peter (CFPB) Sent: Tue Feb 08 13:52:16 2011
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(b) (5)
Othwise, good. ZQM ----- Original Message ----From: Geldon, Daniel (CFPB) To: Howard, Jennifer (CFPB); Martinez, Zixta (CFPB); Martin, Alyssa (CFPB); English, Leandra (CFPB); Jackson, Peter (CFPB) Sent: Tue Feb 08 13:34:08 2011 Subject: RE: Readout on faith rountable
(b) (5)
-----Original Message----From: Howard, Jennifer (CFPB) Sent: Tuesday, February 08, 2011 1:18 PM To: Martinez, Zixta (CFPB); Martin, Alyssa (CFPB); English, Leandra (CFPB); Jackson, Peter (CFPB); Geldon, Daniel (CFPB) Subject: Readout on faith rountable I want to send the below readout to the WaPo this afternoon. Let me know if this is ok.
(b) (5)
-----Original Message----From: (b) (6) Sent: Tuesday, February 08, 2011 12:39 PM To: Howard, Jennifer (CFPB)
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Subject: Re: CFPB Blog: The CFPB and the Religious Community Hey. Thanks for sending along. You know any more details on that meeting -- who is attending (both religious folks and from gov't), time, who organized, agenda, etc....?
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Two letters Tue Mar 01 2011 11:58:15 EST Neugebauer Letter.pdf IG Report CFPB.pdf
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Neugebauer Letter.pdf (Attachment 1 of 2)
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IG Report CFPB.pdf (Attachment 2 of 2)
January 10, 2011
OIG-CA-11-004 FRB OIG 2011-01 The Honorable Spencer Bachus Chairman Committee on Financial Services The Honorable Judy Biggert Chairman Committee on Financial Services, Subcommittee on Insurance, Housing and Community Opportunity U.S. House of Representatives 2129 Rayburn House Office Building Washington, DC 20515 Dear Chairman Bachus and Chairman Biggert: This letter and its enclosure respond to your November 22, 2010, request for information concerning the Department of the Treasurys (Treasury) activities to establish the Bureau of Consumer Financial Protection (Bureau). In preparing our response, we (1) reviewed the applicable sections of the DoddFrank Wall Street Reform and Consumer Protection Act and other relevant laws and (2) requested, obtained, and reviewed relevant information and documentation from Treasury and the Board of Governors of the Federal Reserve System. In addition, we interviewed key Treasury officials including: the Assistant to the President and Special Advisor to the Secretary of the Treasury on the Consumer Financial Protection Bureau, Treasurys General Counsel, the Chief of Staff of the Bureau Implementation Team, the Deputy Assistant Secretary for Management and Budget, and the Director of the Office of Financial Management. As a courtesy, we provided the Treasury Deputy Secretary with a draft of this letter and its enclosure and considered Treasurys comments as we prepared the final document.
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Enclosure Page 1 Joint Response by the Inspectors General of the Department of the Treasury and Board of Governors of the Federal Reserve System Request for Information Regarding the Bureau of Consumer Financial Protection
A. Transparency 1. While the interim authority of the Bureau lies with Treasury, who is responsible for exercising the role of Inspector General the Federal Reserve OIG or Treasurys OIG? Both the Office of Inspector General (OIG) for the Board of Governors of the Federal Reserve System (Board) and the OIG for the Department of the Treasury (Treasury) have a role in overseeing the Bureau of Consumer Financial Protection (Bureau) during the interim period. Under provisions of the DoddFrank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act), the Boards Inspector General is responsible for exercising the role of Inspector General for the Bureau. Specifically, the Dodd-Frank Act provides that the Boards Inspector General shall have all of the authorities and responsibilities provided by [the Inspector General Act of 1978] with respect to the [Bureau], as if the Bureau were part of the [Board]. This provision became effective on the date of enactment. Moreover, Treasury OIG has authority to oversee the interim efforts to establish the Bureau because (1) Treasury has authority to conduct interim activities related to establishing the Bureau and (2) the Inspector General Act grants Treasury OIG the authority to conduct audits, investigations, and other reviews of Treasurys programs and operations. 1 The Board OIG and Treasury OIG plan to coordinate and cooperate on audits, inspections, and other reviews of the Bureaus operations, as appropriate. 2. Has Secretary Geithner taken any steps, formally or informally, to delegate to any other person or persons the interim authority granted to him by Section 1066 of the Dodd-Frank Act? If so, please identify the person or persons, describe any delegation of authority or duties and provide copies of any document reflecting that delegation.
Treasury OIGs oversight authority does not include the Internal Revenue Service, which is under the jurisdictional oversight of the Treasury Inspector General for Tax Administration, or the Troubled Asset Relief Program (TARP), which is under the jurisdictional oversight of the Special Inspector General for the TARP.
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The interim authority contained in section 1066 of the Dodd-Frank Act is divided into two sections: section 1066(a) and section 1066(b). Section 1066(a) grants authority to the Secretary of the Treasury (Secretary) to perform the Bureaus functions included under subtitle F of title X of the Dodd-Frank Act. Prior to the designated transfer date, the functions of the Bureau under subtitle F include, among other things, the authority to (1) negotiate employee transfers with the transferring agencies; (2) carry out the provisions of subtitle F related to the compensation and benefits of those employees transferring to the Bureau; and (3) accompany the current federal regulators on consumer compliance examinations of large banks, savings associations, and credit unions. On the designated transfer date, however, the functions of the Bureau under subtitle F are expanded to include rulemaking, examination, and other functions that transfer to the Bureau from the other federal regulators. Section 1066(b) grants Treasury authority to perform administrative services in support of the Bureau. Secretary Geithner delegated the interim authority granted to him under section 1066 of the Dodd-Frank Act to Professor Elizabeth Warren, in her role as Special Advisor to the Secretary, and other Treasury officials who are working to stand up the Bureau, design its structure, identify and hire staff, and set initial goals and priorities. According to Treasurys General Counsel, Treasurys organic statute, which defines the Departments general authorities, (1) permits the Secretary to delegate his authorities (in this case, the interim authority granted under section 1066), and (2) does not require documentation of such delegations. 2 Apart from standing delegation orders, Treasury officials told us that the delegation of the Secretarys interim authority under section 1066 has not been documented. For matters related to funding the Bureau, Treasury and the Board executed an interagency agreement that identifies certain employees who are authorized to act in the Secretarys place and with his authority for designated activities. As part of this interagency agreement, Secretary Geithner authorized the following individuals to work with the Board on funding-related matters: Dan Tangherlini,
2
31 U.S.C. 321(b)(2) (providing the Secretarys delegation authority).
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Assistant Secretary for Management and Chief Financial Officer; Adewale Adeyemo, Chief of Staff of the Bureau Implementation Team; Nani Coloretti, Deputy Assistant Secretary for Management and Budget; Elizabeth Erickson, Acting Chief Financial Officer of the Bureau Implementation Team; Dorrice Roth, Director, Office of Financial Management; and David Legge, Associate Director for Accounting, Office of Financial Management. The interagency agreement is provided as an Exhibit to this Enclosure. 3. What oversight, if any, is Secretary Geithner (or anyone designated by Secretary Geithner) exercising with respect to (a) acts undertaken by others utilizing the interim authority conferred on the Treasury Secretary by Section 1066; and (b) proposals advanced by others with respect to use of that authority? Are Secretary Geithner or others within the Department able to exercise oversight effectively with respect to Professor Warren in light of her status as an Assistant to the President? As a practical matter, does that status preclude any oversight by anyone outside the White House? According to Treasury, when Professor Warren began her work on September 20, 2010, the Department put an oversight framework in place to provide for regular reviews of the implementation of the Bureau. These reviews include, but are not limited to, the following topics: policy priorities, the organizational design of the Bureau, resource allocation and budget, and decisions regarding personnel and hiring. As part of this process, Professor Warren has met regularly with the Secretary, Deputy Secretary, and other senior Treasury officials, including the Under Secretary for Domestic Finance, the Assistant Secretary for Financial Institutions, the Assistant Secretary for Management and Budget, the Chief of Staff, and the General Counsel. Treasury advised that over the course of this initial period, Professor Warren has met or talked by phone with the Secretary on at least seven separate occasions, including at least one private one-on-one meeting or call each month. She has met with the Deputy Secretary on at least eight separate occasions (three of which also included the Secretary). Treasury also advised that going forward, the Deputy Secretary has organized a regular, bi-weekly Bureau update meeting that will be attended by the Deputy Secretary, Professor Warren, other senior Treasury officials, and various members of the Bureau implementation team.
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Professor Warren stated that her role as an Assistant to the President is separate from her role as a Special Advisor to the Secretary. She explained that, as a Special Advisor to the Secretary, she is a full-time Treasury employee whose activities, which include periodically updating the President on the Bureaus implementation, are subject to the same oversight by the Secretary or his delegates afforded to any other Treasury official. She further noted that her role as an Assistant to the President does not preclude oversight related to her Bureau responsibilities. In describing her role as an Assistant to the President, Professor Warren stated that she speaks to the President and his advisors about issues that are not related to standing up the Bureau. 4. Section 1100G of the Act requires the Bureau to describe the impact of any proposed rule on the cost of credit for small entities. Who will be in charge of conducting this analysis? Please provide descriptions of positions and the dates of hire for each Bureau staff person charged with conducting this analysis. The Bureau implementation team has not yet identified an individual(s) to conduct the analysis regarding the impact of any proposed rule on the cost of credit for small entities. Section 1100G, which requires the Bureau to perform this analysis, is not effective until the designated transfer date. Position description(s) for the individual(s) who will be conducting the analysis are not yet available. According to Treasury officials, the Bureau does not plan to propose any rules prior to the transfer date. Treasury officials further stated that they recognize that this is an important issue, and that the Bureau implementation team expects to review the issue carefully during the course of its future work. 5. Do you agree that the interim authority specified in Section 1066 of the Act terminates on the designated transfer date, and that after such date, the Bureau can function only if a director has been confirmed with the advice-and-consent of the Senate? The interim authority specified in section 1066 of the Dodd-Frank Act does not fully terminate on the designated transfer date. Sections 1066(a) and 1066(b) identify two different expirations for Treasurys authority. The Secretarys
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authority under section 1066(a) terminates when a Director is confirmed by the Senate, rather than on the designated transfer date. Section 1066(a) states, The Secretary is authorized to perform the functions of the Bureau under this subtitle until the Director of the Bureau is confirmed by the Senate.... In contrast, the authority of the Department of the Treasury under section 1066(b) terminates on the designated transfer date. Section 1066(b) states, The Department of the Treasury may provide administrative services necessary to support the Bureau before the designated transfer date. If the Bureau does not have a Senate-confirmed Director by the designated transfer date, the Bureau may continue to operate under the Secretarys section 1066(a) authority. As discussed above, the Secretarys authority under section 1066(a) does not expire on the designated transfer date; instead, this authority continues until a Director is confirmed by the Senate. Specifically, until a Director is confirmed, section 1066(a) grants the Secretary the authority to carry out the functions of the Bureau found under subtitle F of title X. 3 On the designated transfer date, subtitle F grants the Bureau the authority to: prescribe rules, issue orders, and produce guidance related to the federal consumer financial laws that were, prior to the designated transfer date, within the authority of the Board, the Office of the Comptroller of the Currency, the Office of Thrift Supervision, the Federal Deposit Insurance Corporation, and the National Credit Union Administration; conduct examinations (for federal consumer financial law purposes) of banks, savings associations, and credit unions with total assets in excess of $10 billion, and any affiliates thereof; prescribe rules, issue guidelines, and conduct a study or issue a report (with certain limitations) under the enumerated consumer laws that were previously within the authority of the Federal Trade Commission (FTC) prior to the designated transfer date;
These transferred authorities are found in sections 1061(b) and 1063 of the Dodd-Frank Act, which are effective on the designated transfer date.
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conduct all consumer protection functions relating to the Real Estate Settlement Procedures Act of 1974, the Secure and Fair Enforcement for Mortgage Licensing Act of 2008, and the Interstate Land Sales Full Disclosure Act that were previously within the authority of the Secretary of the Department of Housing and Urban Development prior to the designated transfer date; enforce all orders, resolutions, determinations, agreements, and rulings that have been issued, made, prescribed, or allowed to become effective prior to the designated transfer date by any transferor agency or by a court of competent jurisdiction, in the performance of consumer financial protection functions that are transferred to the Bureau, with respect to a bank, savings association, or credit union with total assets in excess of $10 billion, and any affiliates thereof; and replace the Board, the Office of the Comptroller of the Currency, the Office of Thrift Supervision, the Federal Deposit Insurance Corporation, the National Credit Union Administration, and the Department of Housing and Urban Development in any lawsuit or proceeding that was commenced by or against one of the transferor agencies prior to the designated transfer date, with respect to a consumer financial protection function transferred to the Bureau.
Since subtitle F transfers the above functions to the Bureau on the designated transfer date, in the absence of a Senate-confirmed Director, the text of section 1066(a) authorizes the Secretary to perform these transferred functions. The Secretarys authority to carry out these transferred functions terminates when a Director is confirmed by the Senate. In addition to the transferred functions, the Bureau has newly-established federal consumer financial regulatory authorities. The Secretary is not permitted to perform certain newly-established Bureau authorities if there is
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no confirmed Director by the designated transfer date. 4 For example, if there is no Senate-confirmed Director by the designated transfer date, in general, the Secretary is not permitted to exercise the Bureaus authority to: prohibit unfair, deceptive, or abusive acts or practices under subtitle C in connection with consumer financial products and services; prescribe rules and require model disclosure forms under subtitle C to ensure that the features of a consumer financial product or service are fairly, accurately, and effectively disclosed both initially and over the term of the product or service; prescribe rules under section 1022 relating to, among other things, the filing of limited reports to the Bureau for the purpose of determining whether a nondepository institution should be supervised by the Bureau; supervise nondepository institutions under section 1024, including the authority to (a) prescribe rules defining the scope of nondepository institutions subject to the Bureaus supervision, (b) prescribe rules establishing recordkeeping requirements that the Bureau determines are needed to facilitate nondepository supervision, and (c) conduct examinations of nondepository institutions.
6. What appropriation account, or accounts, is the Treasury Department using to fund the work relating to the Bureau? How much does the Department estimate that this effort will cost in total? According to Treasury, funds from the Board, not from appropriation accounts, support the activities of the Bureau. 5 Treasury established a separate Treasury General Account to receive disbursements from a Board account, called the
4
The Bureaus newly-established authorities are found throughout title X of the Dodd-Frank Act, including section 1024, and multiple provisions of section 1022 and subtitle C. According to the text of the Dodd-Frank Act, the Secretarys authority under section 1066(a) does not extend to these newly-established authorities. 5 The Board is not funded through appropriations. 12 U.S.C. 243-44.
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Bureau Fund, which was established in accordance with the funding provisions set forth in the Dodd-Frank Act. 6 Thus far, the Bureau implementation team has made two requests to the Board for funds to support the activities to establish the Bureau an initial request on August 11, 2010, for $18.4 million and a supplemental request on December 21, 2010, for $14.37 million. Treasury officials stated that it would currently be very difficult to estimate the total cost of establishing the Bureau because that activity will span several years. We were told that the Bureau implementation team currently has a draft budget for Fiscal Year (FY) 2011 and FY 2012, which will be included in the Presidents FY 2012 budget request. 7. Please provide a list of all employees of the Treasury Department, Board of Governors, and any other federal agency who since July 21, 2010, have performed, are performing, or are likely to perform any tasks relating in any way to establishing the Bureau and who are (a) serving in positions for which they were nominated by the President and confirmed by the Senate; (b) members of the Senior Executive Service; (c) Schedule C employees; or (d) paid at the GS15 level or its equivalent. Treasurys Response: The list below, provided by Treasury, includes: (1) Presidentially appointed, Senate-confirmed (PAS) officials within Treasurys Departmental Offices who have performed any task related to establishing the Bureau; (2) staff hired by Treasury to work full-time on establishing the Bureau; (3) Treasury employees detailed to work on implementation efforts; (4) other Treasury employees who spend 50 percent or more of their time on implementation activities; and (5) detailees assigned to Treasury from other federal or state agencies working on Bureau implementation.
The Treasury General Account established for the Bureau is a no-year special receipts account in which the funds will remain available until expended.
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The list does not include all employees who have performed, are performing, or are likely to perform any tasks relating in any way to establishing the Bureau because, according to the Chief of Staff of the Bureau Implementation Team: [T]he request would require Treasury to identify every qualifying employee who has received (or is likely to receive) even a single email related to the [Bureau] or has had (or is likely to have) even a single discussion related to the [Bureau]. No such list currently exists. And creating such a list, and confirming its accuracy, would require a significant amount of time and resources. Moreover, it would include numerous employees who have done very little work regarding the [Bureau]. For all these reasons, we submitted an alternative list . . . of all qualifying employees who have devoted a majority of their time, in various capacities, to establishing the Bureau. With respect to Treasury PAS employees, Treasury stated that the list provided, given the broad scope of the requested information, includes every PAS official who has received an email related to the Bureau, had a discussion related to the Bureau, or attended a meeting at which the Bureau was discussed. Additionally, the list below includes employees of the Board and other federal or state agencies that have been detailed to Treasury. According to the Chief of Staff of the Bureau Implementation Team, Treasury is unable to identify personnel from other agencies who may be working on Bureau issues but are not detailees. 7 Last Name Allison Barr Brainard Cohen Collyns
7
First Name Herb Michael Lael David Charles
Category PAS (no longer with Treasury) PAS (no longer with Treasury) PAS PAS PAS
If the Board OIG identifies personnel in other agencies who are working on Bureau issues, it will provide that information under a separate cover.
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Last Name Geithner Goldstein Ireland Krueger Lago Levey Madison Miller Mundaca Rios Tangherlini Wallace Wolin Coloretti Warren Horowitz Lepley Twohig Antonakes Dickman Slagter Breslaw Burniston Campbell Chow Hancock Leiss Marshall Gordon Adeyamo Goldfarb Cochran Coleman
First Name Timothy Jeffrey S. Leslie Alan Marisa Stuart George Mary Michael Rosie Daniel Kim Neal Nani Elizabeth Linda Rich Peggy Steve Marilyn Dennis April Tim Michael Edwin Gary Wayne Mira Mike Adewale Rachael Kelly John
Category PAS PAS PAS PAS (no longer with Treasury) PAS PAS PAS PAS PAS PAS PAS PAS PAS Non-Career SES Non-Career SES SES SES SES Limited Term SES Limited Term SES Limited Term SES SES Equivalent SES Equivalent SES Equivalent SES Equivalent SES Equivalent SES Equivalent SES Equivalent Senior-Level Schedule C/GS-14 Schedule C/GS-15 GS-15 GS-15
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Last Name Date Galicki Geldon Hrdy Huang Kershbaum Lev Martinez Martinez Morris Pluta Reilly Royster Scanlon Silberman Stapleton Vale Cantrell Decker Duncan McCoy VanMeter Boards Response:
First Name Rajeev Josh Dan Alice Eugene Sharon Ori Adam Zixta Lucy Scott Deborah Felicia Thomas David Claire Elizabeth Diane Sharon Tim Patricia Stephen
Category GS-15 GS-15 GS-15 GS-15 GS-15 GS-15 GS-15 GS-15 GS-15 GS-15 GS-15 GS-15 GS-15 GS-15 GS-15 GS-15 GS-15 GS-15 Equivalent GS-15 Equivalent GS-15 Equivalent GS-15 Equivalent GS-15 Equivalent
Many Board employees have been consulted on matters pertaining to the Bureau. The following is a list of Board employees who have or are performing a substantive role in tasks related to establishing the Bureau. Specifically, these individuals have been involved in matters relating to the transfer of functions and employees, retirement benefits issues, information sharing agreements, and information technology security issues.
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Last Name Duke Alvarez Boutillier Braunstein Chanin Clark Fox Glissman Hammond Mitchell Price Riesz Romero Tinsley Pelitere Vassallo Wheatley Acconero Anderson Delaney Eskow Foster Kapoor Richards Roach
First Name Elizabeth Scott Elaine Sandra Leonard Michell Lynn Todd Donald William Tonda James Raymond Tara Karen Katherine Michael Jean Craig Beverley Alye Michelle Brenda Reginald
Category PAS SES Equivalent SES Equivalent SES Equivalent SES Equivalent SES Equivalent SES Equivalent SES Equivalent SES Equivalent SES Equivalent SES Equivalent SES Equivalent SES Equivalent SES Equivalent SES Equivalent SES Equivalent GS-15 Equivalent GS-15 Equivalent GS-15 Equivalent GS-15 Equivalent GS-15 Equivalent GS-15 Equivalent GS-15 Equivalent GS-15 Equivalent
8. The Federal Deposit Insurance Corporation (FDIC), the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) are publicly disclosing the names of all persons from outside government who meet with officials of those agencies with respect to implementation of the Act, as well as the subject matter of such meetings. Are the federal employees responsible for establishing the Bureau, including Professor Warren, complying with this protocol with respect to meetings regarding the Bureau and all related issues? If so, where is this information available? Has this information been
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disclosed with respect to meetings that have taken place since the President signed the Act into law on July 21? On November 1, 2010, Treasury announced a policy to disclose meetings regarding Dodd-Frank Act implementation (which includes Bureau-related activities) between certain Treasury officials and individuals from private sector entities and/or nongovernmental organizations. 8 The policy covers meetings attended by Treasury officials who are Deputy Assistant Secretaries or of equal or higher rank, including (1) Counselors to the Secretary and (2) Special Advisors to the Secretary, including Professor Warren. The policy also states that Treasury will respond to individual requests for information about meetings that occurred prior to November 1, 2010, through the standard Freedom of Information Act process. In accordance with its policy, on December 30, 2010, Treasury released information on Dodd-Frank implementation meetings that occurred during the month of November 2010. The disclosure included the names and affiliations of all non-Treasury participants and a list of primary discussion topics. As of the date of our letter, the disclosure is at www.treasury.gov/initiatives/wsr/Pages/DoddFrank.aspx. Also, in response to a Freedom of Information Act request, Treasury posted to its website Professor Warrens schedule from September 20, 2010, through December 3, 2010. 9 Treasury plans to continue to post Professor Warrens schedule on a regular basis. B. Bureau Organizational Structure 1. Have those responsible for organizing the Bureau studied the organizational and managerial criticisms of existing federal financial regulators and changes they have made to address these issues? Have they identified lessons learned from
The policy, Treasury Policy on Voluntary Disclosure of Meetings on Dodd-Frank Implementation, can be found on Treasurys website at www.financialstability.gov/roadtostability/transparency.html. 9 As of the date of our letter, Professor Warrens schedule was available at www.treasury.gov/FOIA/Pages/other-index.aspx.
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the enforcement failures that plagued these agencies in recent years? How are they incorporating these lessons in designing the structure of the Bureau? According to Treasury, the Bureau implementation team has met with officials from a number of federal financial regulators and has studied their organizational structures and managerial frameworks. 10 The Bureau implementation team reported that it also met with officials from other recently created governmental entities, such as Treasurys Office of Financial Stability and the Federal Housing Finance Agency, to identify lessons learned and seek advice about how to avoid start-up pitfalls. Furthermore, Treasury commissioned (and received) a study that addressed lessons learned from previous federal mergers, stand-ups, and reorganizations. According to the Deputy Assistant Secretary for Management and Budget, the Bureau is incorporating a lesson learned from a recently established federal agency that experienced morale problems when it attempted to use six different payroll and compensation systems to pay employees performing the same function. As a result, the Bureau plans to implement a single payroll and compensation system prior to the transfer of employees from other agencies. According to the Chief of Staff of the Bureau Implementation Team, the Bureau will continue to identify the lessons learned from regulatory enforcement failures. The Bureau implementation team is establishing a Memorandum of Understanding with each of the other regulatory agencies to gain access to the proprietary and restricted regulatory information associated with enforcement issues. Furthermore, Professor Warren said that she has identified several lessons learned that she is applying to the Bureau. For instance, she believes that in order to establish an effective enforcement and supervision function, an organization must have a strong culture, effectively communicate its mission, and maintain a coherent vision. According to Professor Warren, it is important that senior leadership support line-level employees, including delegating sufficient authority to complete assigned duties and responsibilities. In addition,
10
These federal financial regulators include the Board, Office of the Comptroller of the Currency, Office of Thrift Supervision, Federal Deposit Insurance Corporation, Federal Trade Commission, and National Credit Union Administration.
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Professor Warren stated that regulators need to maintain distance from the institutions they are examining. 2. Is there a plan for the Bureaus organizational structure? What divisions or offices are being considered? Has a draft organizational plan or draft budget been prepared? If so, please describe the process for obtaining public comment with respect to such drafts. If a draft organizational plan and budget have not yet been prepared, please describe the process for preparing them, including the persons responsible, the factors and models being considered, and whether and how public input will be sought with respect to a draft organizational plan and budget. The Bureau implementation team currently has a draft plan of the Bureaus organizational structure and a draft budget for FY 2011 and FY 2012. A December 8, 2010, draft of the Bureaus organizational structure indicates that, in addition to administrative divisions and offices, the Bureau is considering three mission-related directorates: Education and Engagement; Supervision and Enforcement; and Research, Markets, and Rules. According to Treasury officials, the organizational plan is a work-in-progress, and the Bureau implementation team expects to continue modifying the plan going forward. Treasury officials also stated that the Bureau implementation teams draft budgets for FY 2011 and FY 2012 will be included in the Presidents FY 2012 request, which traditionally is released at the end of January or beginning of February. Regarding the solicitation of public input, Treasury does not have a formal process to obtain feedback regarding the draft organizational plan and draft budget. However, Professor Warren stated that she regularly seeks input from federal agencies, industry participants, and other stakeholders during informal discussions. In addition, the Bureau plans to include an online forum for public input on its website, which it intends to launch by the end of January 2011. 3. How will the Bureaus structure address the need to ensure that regulations, examinations, and enforcement strategies do not lead to a further reduction in the availability or affordability of credit for small businesses and consumers?
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The Bureau implementation team plans to include an Office of Small Business and Community Banks within the Bureaus organizational structure. In addition, the Bureaus draft organizational chart includes a Research, Markets, and Rules division that, according to Treasury, comprises three components: a research team that studies consumer behavior and product risks; a rulemaking team that drafts rules, interpretations, and guidance; and a markets team that focuses on understanding and monitoring markets for individual products, such as mortgages, credit cards, and student loans. The Bureau implementation team expects that these teams will work together to ensure that policy initiatives are tailored to identified problems and that any policy initiatives that affect consumer risk, affordability, and access are appropriately estimated. 4. Despite an infusion of at least $500 million in Federal funds, the Bureau will be subject to little or no oversight of how such money is spent. What internal processes and mechanisms will be in place to safeguard against waste, fraud and abuse? As discussed in our answer to Question A.6., Treasury reported that the Bureau implementation team made two requests to the Board for funds to support the activities to establish the Bureau an initial request on August 11, 2010, for $18.4 million and a supplemental request on December 21, 2010, for $14.37 million. 11 The Bureau implementation team follows existing Treasury internal controls policies and procedures for financial activities such as contracting, purchase requests, and disbursements. In addition, Treasury officials stated that the Bureau of the Public Debts Administrative Resource Center (ARC) provides the Bureau with financial management services to ensure that financial systems and processes comply with federal laws and regulations. 12 The Bureau implementation team is in the process of developing the Bureaus policies and procedures and determining whether to continue using ARC or implement a different financial management system after the designated transfer date.
11
According to section 1017(c) of the Dodd-Frank Act, the funds transferred from the Board to the Bureau are not government funds or appropriated monies. 12 ARC provides administrative services such as financial management to various federal agencies, including the Bureau implementation team.
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The ongoing independent oversight provided by the OIGs is another means for safeguarding against waste, fraud, and abuse within the Bureaus programs and operations. Additionally, the new Bureau will be subject to external oversight by Congress and others. For example, the Government Accountability Office (GAO) is responsible for conducting an annual audit of the financial transactions of the Bureau in accordance with generally accepted government auditing standards, and the Bureau is required to provide GAO with an assertion as to the effectiveness of its internal controls for financial reporting. C. Bureau Regulatory Agenda 1. Is the Treasury Secretary, his designee or anyone else, empowered to exercise the Bureaus rulemaking authority prior to the designated transfer date? If so, will any proposed rules, final rules, or advanced notices of proposed rulemaking be issued prior to the designated transfer date (if possible, please identify the topics those rules will address or identify the date or dates by which those topics will be identified). Is there a plan for the Secretary or his designee to solicit public input before formulating a proposed rule by, for example, issuing advanced notices of proposed rulemaking, as other agencies implementing the Act have done? The Treasury Secretary is not authorized to prescribe rules under the Bureaus rulemaking authority prior to the designated transfer date. 13 Until that date, rulemaking authority under federal consumer financial law remains with the federal regulatory agencies that currently have such rulemaking responsibilities. 14 However, if confirmed by the Senate, the Director of the
13
Subtitle F of title X of the Dodd-Frank Act, which describes the Secretarys interim authority, does not include a provision that authorizes the Secretary to issue rules prior to the designated transfer date under the Bureaus authority. In addition, since the Secretary is not authorized to prescribe rules prior to the designated transfer date, the Secretary cannot delegate this authority to a designee. 14 The provisions of the Dodd-Frank Act that transfer rulemaking authority to the Bureau are found in subtitles F and H of title X, and these provisions do not become effective until the designated transfer date.
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Bureau is granted a limited amount of rulemaking authority prior to the designated transfer date, 15 to include, among other things: conditional or unconditional exemptions of certain individuals, institutions, or consumer financial products or services from the Bureau-related provisions of the Dodd-Frank Act; 16 the process for gathering information from individuals or institutions participating in the consumer financial services markets; 17 the filing of limited reports to the Bureau for the purpose of determining whether a nondepository institution should be supervised and regulated by the Bureau; 18 the confidential treatment of information obtained from persons in connection with an exercise of the Bureaus authority; 19 the process for registering persons that participate in the consumer financial services markets (other than insured depository institutions, credit unions, or related persons); 20
15
Rulemaking authority for the Federal consumer financial laws was provided to the Director under section 1022 of the Dodd-Frank Act. Prior to the designated transfer date, this rulemaking authority for the Federal consumer financial laws applies to the provisions of the Dodd-Frank Act that are effective as of enactment. Prior to the designated transfer date, the Directors rulemaking authority does not include (1) those laws that must be transferred to the Bureau from the other federal regulators, or (2) the newly-established Bureau authorities found under subtitle C. Under sections 1061(d) and 1037, the rulemaking authority related to these provisions is effective on the designated transfer date. 16 Section 1022(b)(3). 17 Section 1022(c)(4). 18 Section 1022(c)(5). 19 Section 1022(c)(6)(A). 20 Section 1022(c)(7)(A).
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the scope of nondepository institutions subject to the supervision and regulation of the Bureau, which must be issued in consultation with the FTC; 21 and the process of recordkeeping and other informational requirements that the Bureau determines are needed to facilitate the supervision of nondepository persons and institutions, which must be issued in consultation with state agencies. 22
While the Secretary is not authorized to prescribe rules prior to the designated transfer date, Treasury is considering whether it will issue advance notices of proposed rulemaking (ANPRs), which according to Treasury, do not contain substantive rules, but are a means of gathering information and input, before the transfer date. Treasury has not yet made a decision regarding the content or timing of any such potential ANPRs. According to Treasury officials, the Bureau implementation team is using informal channels, including public forums and meetings with industry representatives, to collect information regarding the Bureaus rulemaking considerations. In addition, the Bureau implementation team intends to include a page on the Bureau website, which is planned to be launched by the end of January 2011, where the public can provide its input on any number of topics relating to the Bureau. 2. Will priorities be identified prior to the designated transfer date with respect to rulemaking proceedings to be undertaken by the Bureau after the designated transfer date? Who is responsible for identifying those priorities? What considerations will be taken into account in identifying those priorities? Is there a plan to seek public input with respect to those priorities? Professor Warren and the Bureau implementation team are in the process of identifying priorities for rulemaking proceedings to be undertaken after the
21 22
Section 1024(a)(2). Section 1024(b)(7).
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designated transfer date. Professor Warren told us that cost savings, improved regulatory compliance, and simplified consumer disclosures are among the factors being considered in establishing the rulemaking priorities. In addition, Professor Warren and members of the Bureau implementation team have met with staff from the financial regulatory agencies that will be transferring rulemaking authority to the Bureau in an effort to better understand existing regulatory priorities. Professor Warren provided examples of two policy initiatives that will receive priority: (1) consolidating duplicate and overlapping mortgage disclosure forms mandated by the Truth in Lending Act and the Real Estate Settlement Procedures Act and (2) simplifying credit card agreements to ensure that customers fully understand fees and finance charges. Professor Warren has informally collected public input through meetings with industry representatives and consumer groups. In addition, according to Treasury, Bureau officials are continuing to meet with members of the public to obtain input with respect to rulemaking priorities. The Bureau also intends to collect public input through its website, which it plans to launch by the end of January 2011. 3. Does the Treasury Secretary, his designee, or anyone else have the power to order supervisory examinations prior to the designated transfer date? The Treasury Secretary is not authorized to conduct supervisory examinations prior to the designated transfer date. 23 Until that date, consumer compliance examinations may be conducted by the regulatory agencies that have examination authority under current law. 24 However, during the interim period, the Secretary may exercise the Bureaus authority to have Bureau examiners
23
Subtitle F of title X of the Dodd-Frank Act, which describes the Secretarys interim authority, does not include a provision that authorizes the Treasury Secretary to order supervisory examinations prior to the designated transfer date. In addition, since the Treasury Secretary is not authorized to order examinations prior to the designated transfer date, the Treasury Secretary cannot delegate this authority to a designee. 24 The provisions of the Dodd-Frank Act that transfer rulemaking, examination, and other authorities to the Bureau are found in subtitles F and H of title X, and these provisions do not become effective until the designated transfer date.
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participate (on a sampling basis) in the current regulators compliance examinations of depository institutions with total assets greater than $10 billion, and any affiliate thereof. In addition, if nominated by the President and confirmed by the Senate, the Director is authorized to conduct supervisory examinations of nondepository institutions prior to the designated transfer date. 25 4. Will priorities be identified prior to the designated transfer date with respect to enforcement proceedings to be undertaken by the Bureau after the designated transfer date? Who is responsible for identifying those priorities? What considerations will be taken into account in identifying those priorities? Is there a plan to seek public input with respect to those priorities? According to Treasury, the Bureau implementation team is developing plans, policies, procedures, and staffing levels for the Bureaus enforcement function. While the Bureau has not yet established priorities for enforcement activities that will be undertaken after the designated transfer date, the recent hiring of implementation team leaders for (1) enforcement and (2) nondepository and depository supervision will enhance the priority-setting process. Professor Warren stated that she will make sure that lessons learned from other regulatory agencies are considered as the Bureau sets its enforcement priorities. With regard to public input, Professor Warren said that she derives insights from meetings with industry, consumer groups, and citizens. She noted that she plans to collect public input on enforcement issues through the Bureaus website, which is planned to be launched by the end of January 2011. 5. Several provisions of the Act require coordination between the Bureau and the Federal Trade Commission (FTC). Have discussions taken place with regard to this coordination? Have decisions been made regarding the considerations that will be taken into account in determining how to coordinate the activities of these two agencies? Is there a plan to seek public input with respect to this issue?
25
The Directors authority to examine nondepository institutions is found in section 1024 of the Dodd-Frank Act, and this provision became effective on the date of enactment.
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Professor Warren stated that coordination with FTC has occurred at all levels, and that she regularly speaks with the FTC Chairman. In addition, the Bureau implementation team and FTC staff are discussing the status and timing of the rulemaking authority that will transfer to the Bureau. Coordination on enforcement issues has not yet begun. However, Professor Warren said the Bureau implementation team intends to begin developing a specific coordination plan that will include a Memorandum of Understanding that addresses topics such as enforcement, consumer financial products and services, consumer complaints, and civil actions. The Bureau implementation team and FTC have also discussed coordination issues during meetings of an interagency working group comprised of representatives from each of the federal regulatory agencies that will be transferring consumer protection functions to the Bureau. 26 According to a Treasury official, there is no formal plan to seek public input regarding coordination with FTC; however, coordination issues are addressed during meetings between the Bureau implementation team (including Professor Warren) and the public. In addition, Professor Warren stated that the new Bureau website will include a mechanism for public input on any Bureau-related issue, and that the Bureau plans to launch its website in late January 2011.
26
The participating agencies in the interagency working group are the Board, Office of the Comptroller of the Currency, Office of Thrift Supervision, Federal Deposit Insurance Corporation, National Credit Union Association, Department of Housing and Urban Development, and FTC.
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Draft Tue Mar 01 2011 18:18:22 EST EW - Letter to Capito Maloney DRAFT.pdf
Draft letter, embargoed until you hear back from me. It could change, so if you want to pull anything either run the lines past me, or check them against final when I send around.
Thanks Brady, youre the best!!!
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EW - Letter to Capito Maloney DRAFT.pdf (Attachment 1 of 1)

DRAFT CONFIDENTIAL March 1, 2011
Dear Chairman Capito and Ranking Member Maloney: Tomorrow, the House Subcommittee on Financial Institutions and Consumer Credit will hold a hearing tomorrow afternoon on The Effect of Dodd-Frank on Small Financial Institutions and Small Businesses. I thought it might be helpful to provide you with an update on the work standing up the Consumer Financial Protection Bureau (CFPB) established under the DoddFrank Act and how we have proceeded with small businesses foremost in mind. In particular, I would like to highlight three points. First, the CFPB has made engagement with small businesses one of its top priorities. Second, the CFPB will promote transparency in the credit markets, which will help level the playing field between large and small financial institutions an outcome that will also benefit consumers. Third, the CFPB will continue to assess how the CFPBs actions will affect small businesses moving forward. I have reached out to small businesses since my very first day with the CFPB implementation team, when I met with community bankers from my home state of Oklahoma. Since then, I have met or spoken with community bankers from nearly 40 states. We have also actively reached out to credit unions, and just this morning I spoke to the Credit Union National Association. We have worked hard to build outreach to small providers into this new agencys DNA. Whether in Washington or outside the Beltway, we aim to maintain an ongoing conversation with these companies to ensure that they are included from the beginning in all initiatives. One of our early senior hiring announcements was for an Assistant Director for Community Banks and Credit Unions, and we have taken every opportunity to let small companies know that this office is open to them. Our interactions with small financial services providers have had real impact on the work we are doing. Weve heard about duplicative and complicated paperwork and how often these small companies need to take employees away from serving customers in order to fill out more forms. Weve heard about the high cost of regulatory compliance. Weve heard about how hard it can be to get a clear answer on what is or is not required by a particular regulation. Weve heard a lot of frustration and deep concern over the future of small financial services providers. Small businesses tend to build their businesses on long-term customer relationships. They worry about dissatisfied customers and reputational damage. But the small service providers with whom I have spoken must compete with lenders who have been less reluctant to use unscrupulous practices. When small businesses, which are making the true cost of their loans clear up front, have to compete with lenders who use pricing tricks, the small businesses offerings seem more expensive, and customers gravitate toward the less transparent credit products. This makes it almost impossible for good competitors to beat out bad ones, which is a
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EW - Letter to Capito Maloney DRAFT.pdf (Attachment 1 of 1)

serious problem in any market. Competition should revolve around who makes the best products at the best price, rather than who can conceal costs from consumers most effectively. The CFPB is seeking to repair the market by introducing transparency across the board, which will enable consumers to comparison-shop and will permit small businesses to win customers through their better products. We believe in markets, but we know that markets work only when people can see the prices and risks up front and make apples-to-apples comparisons among product. We want consumers to have the information they need upfront, not buried in the fine print to make the choices that are best for them about mortgages, credit cards, and other financial products and services. This is a market that will allow small businesses to compete. Small financial institutions are vitally important to this countrys economy. This country needs a robust, diversified consumer financial services industry. They are a critical growth engine for our larger economy and an essential source of financial services for many consumers. We are also in the process of making certain that small business concerns are factored into our processes moving forward. In particular, we are working to comply with the requirements of the Dodd-Frank Act and to make sure that Small Business Regulatory Enforcement Fairness Act (SBREFA) panels are an important component of the CFPBs broader ongoing efforts to assess the effectiveness and impact of its regulations. In January, I traveled to Maine at the invitation of Senator Olympia Snowe to meet with groups of community bankers and small businesses and also to discuss our implementation of small business review panels. As you know, Senator Snowe co-authored the amendment to the DoddFrank Act that provides for small business review panels, and I have benefitted greatly from her past and continued guidance in this process. I look forward to speaking with you in the weeks and months ahead so that I can learn from your experiences and incorporate your advice in the work of the CFPB.
Sincerely,
Elizabeth Warren
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CNBC Tue Mar 01 2011 11:14:45 EST
CNBC Squawk Box March 1, 2011
Quintanilla: i can't imagine you think she would be approved.
Bachus: well, you know, the odds on conventional wisdom is she would not. but that's up for the senate. and they would have hearings. and she would be in -- she's a very persuasive individual. and she -- she may -- the senate may approve her nomination.
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Excerpts from Professor Warren's Prepared Remarks at CUNA Tomorrow Tue Mar 01 2011 11:15:12 EST
Elizabeth Warren Credit Union National Association Excerpted Remarks as Prepared for Delivery Tuesday, March 1, 2011
Tomorrow, the Financial Institutions Subcommittee of the House Financial Services Committee will hold a hearing on the effect of the Dodd-Frank Act on small financial institutions. Bill Cheney will testify to represent the views of CUNAs members. I look forward to reading testimony from Bill and other witnesses at tomorrows hearing, and I look forward even more to discussing these issues when I testify before the same subcommittee on March 16.
In particular, I look forward to testifying about what I have discussed today how the consumer bureau s focus on transparency can make the markets work better for consumers and small providers alike. And I look forward to discussing how we have worked hard to make outreach to small institutions credit unions and community banks part of the new consumer bureaus DNA.
Since I started my current job in September, I have spoken directly with small providers from nearly 40 states. These conversations have informed our thinking about our stand-up efforts and the functioning of the consumer finance markets. We intend to maintain an ongoing conversation both in Washington and outside the Beltway with credit unions and community bankers to be certain that you are included in our initiatives from the beginning.
###
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CU speech Tue Mar 01 2011 11:22:11 EST
David beat Goliath, but make no mistake: Goliath is not down for the count. Families can and should be proud of their new watchdog, but they would be wrong if they take its future security and independence for granted. Many of those who have opposed the CFPB are still trying to chip away at its independence by subjecting it entirely to Congressional appropriations without any dedicated funding from the Federal Reserve. Politicizing the funding of bank supervision would be a dangerous precedent, and it would deprive the CFPB of the predictable funding it will need to examine large and powerful banks consistently and to provide a level playing field with their nonbank competitors. While the banking regulators charged with preserving the safety and soundness of financial institutions and ensuring consumer protection compliance by smaller banks would continue to receive independent funding, the agency in the financial regulatory system with lead responsibility for protecting consumers would face a different set of rules rules that threaten its independence. Today, we live in a time of austerity, strained budgets, and deep deficits in part because of a financial crisis that started one lousy mortgage at a time. Under the caps on dedicated funding that currently govern the CFPB, it would take nearly 20 years to invest as much money in protecting consumers and consumer financial markets as it cost the government to resolve IndyMac a single institution that failed in the financial crisis of 2008. Reducing the CFPBs funding is asking the American people to believe that a pound of cure is worth an ounce of prevention. Increasing the risk of financial crisis wont reduce our deficits.
-----Original Message----From: Howard, Jennifer (CFPB) Sent: Tuesday, February 15, 2011 12:22 PM To: Howard, Jennifer (CFPB) Subject: Elizabeth Warren's Prepared Remarks at Consumers Union 75th Anniversary Celebration Remarks as Prepared for Delivery Elizabeth Warren Consumers Union 75th Anniversary Celebration Tuesday, Feb. 15, 2011, 3:30 pm Seventy-five years ago, when an economics professor teamed up with an engineer and several
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consumer advocates to establish Consumers Union, they probably did not imagine what the world would look like in 2011. When CU published the first of its Reports in 1936, it evaluated milk, soap, stockings and credit unions. Some of the products have changed since then, but the vision for consumer protection has remained the same: when consumers can make apples-to-apples comparisons among products, when costs and risks are clear, competition is stronger and market forces can drive down prices and spur innovations that are valuable to customers. For three-quarters of a century, CU has worked to make the financial marketplace function better by providing clear, objective evaluations of products. From its early assessments of credit unions, to its current scrutiny of credit cards, to its ongoing efforts to improve financial literacy, CU has worked hard to empower consumers. It is a great pleasure to be here to celebrate this anniversary and to thank you for all you have done to make markets work for consumers, for lenders that want to offer value to their customers, and for the whole economy. But Im here to thank you for something else as well: Your participation in making the new Consumer Financial Protection Bureau (CFPB) a reality. You dont need me to remind you how improbable a victory this new consumer bureau represents. Barney Frank said that, at the beginning, the idea wouldnt even qualify as a pipe dream. Aggressive, no-holds-barred lobbying from some big Wall Street players combined with intense campaigns launched by special interest groups with massive budgets for one purpose: to stop the creation of the consumer bureau. But we pushed back. CU was part of a coalition of more than 200 organizations that came together in the wake of a huge financial crisis and that pushed hard for new safeguards, particularly the establishment of the CFPB. CU helped its members across the country join informal groups bloggers, concerned citizens who wrote letters to the editor, people who spoke up at town hall meetings and signed petitions. In the end, American families won. They got the financial watchdog they need. And Ill tell you who else won: responsible financial services providers who are willing to compete fairly for consumers business. These are the companies that want to make prices clear and risks clear because they believe they can put forward the best products and services and they want people to know that. Getting the consumer agency was an important victory for consumers and for anyone who believes that well-informed consumers make markets work. David beat Goliath, but make no mistake: Goliath is not down for the count. Families can and should be proud of their new watchdog, but they would be wrong if they take its future security and independence for granted. Many of those who have opposed the CFPB are still trying to chip away at its independence by subjecting it entirely to Congressional appropriations without any dedicated funding from the Federal Reserve. Politicizing the funding of bank supervision would be a dangerous precedent, and it would deprive the CFPB of the predictable funding it will need to examine large and powerful banks consistently and to provide a level playing field with their nonbank competitors. While the banking regulators charged with preserving the safety and soundness of financial institutions and ensuring consumer protection compliance by smaller banks would continue to receive independent funding, the agency in the financial regulatory system with lead responsibility for protecting consumers would face a different set of rules rules that threaten its independence. Today, we live in a time of austerity, strained budgets, and deep deficits in part because of a financial crisis that started one lousy mortgage at a time. Under the caps on dedicated funding that currently govern the CFPB, it would take nearly 20 years to invest as much money in protecting consumers and consumer financial markets as it cost the government to resolve IndyMac a single institution that failed in the financial crisis of 2008. Reducing the CFPBs funding is asking the American people to believe that a pound of cure is worth an ounce of prevention. Increasing the risk of financial crisis wont
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reduce our deficits. So where do we go from here? How can we the new consumer bureau and CU and all the other organizations and institutions and individuals who support the CFPBs mission continue working sideby-side for American families? Over the past six months, the consumer bureau has been hard at work setting initial priorities, building infrastructure, and engaging with the American public and various stakeholders. We have learned more about the consumer financial markets and gotten thoughtful advice about our stand-up effort. As Jim Guest suggested to me the first week I was on the job, weve gotten outside Washington and heard from people around the country and were still doing that. Two weeks ago, we launched our first website at ConsumerFinance.gov, which invites public participation and comment. In the months ahead, the CFPB will provide a platform for financial education, helping advance more ways to make consumers stronger. The bureau will be charged with enforcing the rules of the road in the consumer financial marketplace. And it will have special offices dedicated to protecting servicemembers and older Americans from abuse. The CFPB will also use a variety of tools to push for a market that works both for consumers and for responsible credit unions, banks, and other kinds of financial services providers. For the new consumer bureau to succeed in that last effort, we need to start by recognizing some of the unique features of the modern financial marketplace. Thats what I want to explore today. In the markets for physical products, CU has been on the forefront of empowering consumers. For example, Consumer Reports provides reviews of a wide range of products from cars, cameras, and computers, to cribs and coffeemakers. These products come in all sorts of shapes and sizes, but thanks to CU and other groups that test and report on products, quality and price can pretty much be compared straight up. Through the years, as a consumer, I have made a lot of good decisions about what I bought, guided by a clear and objective analysis of the products. But today, credit markets work differently. With credit, the product is, in an important sense, the contract itself. And lengthy credit agreements written in overly legalistic language too often make it difficult for families to compare costs, benefits, and risks. Certain lenders have taken advantage of this lack of transparency. Too many profit models have been built around keeping customers confused or uncertain, pretending to sell at one price on the front end and knowing that the real profits will be made on fees, penalties and re-pricing on the back end when it is too late. Too many profit models have been built around steering customers into products they cant understand and may not be able to afford. All this was a way to boost profits by avoiding head-to-head competition on features that customers could easily understand. CU is leading the way in addressing this issue. You have supplemented the traditional product comparison approach by calling for changes with a clear and important purpose: get rid of dense legal jargon in loan contracts and replace it with simple and straightforward language. You know how strongly I stand behind that goal, and the new consumer bureau will do everything it can to advance it. CUs call for comprehensible contracts is an important start, but the challenge for consumers in navigating credit markets runs even deeper. When a retailer sells a car, a camera, or the like, the price is the same regardless of who buys it. If you can get to the store or find it online, then you can get the product at the offered price, regardless of who you are. And for most products, search engines can enable you to find the best price for any given make and model a price that is available to all comers. In other words, the market works in an open and transparent way. But when it comes to credit, the price for you may not be the price for me for products that otherwise seem very similar. The reasons for these differences are often known only to the lender. And the story gets even more complicated because the price for any one of us or all of us can change over time. When you buy a toaster, the price and the toaster stays the same after purchase. But in many
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credit contracts, the lender can change the credit terms at least prospectively just by sending out a notice in the mail, a notice that is packed with more fine print and legalese. The fine print and the ability to change products and prices in subtle and not-so-subtle ways creates layers of complexity that stand in the way of direct, apples-to-apples comparisons among credit products. The kind of comparisons that drive competition around lower prices and better features for cameras and toasters is too often missing for credit cards and checking accounts. How does a consumer compare two credit products based on an advertisement when the true cost wont be clear until months later? And how does a consumer draw comparisons when there are so many different components of cost in each product? How does a consumer keep track of the continual evolution of the products being offered across the entire market by different providers? And, finally, how does a consumer draw comparisons among products without knowing the nature or likelihood of changes that are likely to occur after the deal is struck? The result of all this uncertainty is that it can be very difficult for Consumer Reports or anyone else to rate credit products in a way that is reliable over the long term. The information CU and others collect and publish about credit is a source of decision-making information for consumers. These ratings and product summaries can help the consumer understand what the best deals and companies are, and the range of deals that are available in the marketplace. But to make a good decision on credit, an individual consumer needs more to comparison shop effectively. Thats where the new consumer bureau comes in. We believe in comparison shopping. We want the price and the risks to be clearer, so that consumers can see what is being offered and decide the products that are best for them. We want to see innovations, lots of innovations. But innovations need to be around real product differences that consumers can see and understand not around misleading advertising and new tricks buried in the fine print. Our goal is simple: We want the credit market to work better for consumers, for responsible providers, and for the whole economy. Congress has already begun to change credit markets. The new CARD Act changed certain elements of credit card pricing, and the mortgage reform provisions of Dodd-Frank will alter some of the ways mortgages are sold. It is too soon to tell how much these new rules will push the markets in the right direction, but the consumer bureau is already beginning the work of trying to assess how the market has reacted to changes in the credit card landscape and to watch out for consumers. One week from today, the consumer bureau will host a conference on the Credit CARD Act at the Treasury building in Washington. Congress indentified a number of unfair practices in the credit card industry and outlawed them in the CARD Act, and it will be the one-year anniversary of the implementation of most of the provisions that law. Our plan is to find out how much has changed in that year. To do that, we are going to take a hard look at the data interest rates, re-pricing and the like. We will bring together academics, industry leaders, consumer advocates, and voices from within government to look at the data from multiple directions, and to analyze how the industry has reacted and how consumers are responding. The idea is to establish a fact base upon which the CFPB can improve our understanding of the impact of the CARD Act and to help us understand how we can make credit markets work better. We will be working hard for consumers across the country, but we cannot and will not go it alone. We can do our part to help level the playing field, to cut out the tricks and traps, to make it possible to master a credit card contract or a mortgage closing without needing an army of lawyers. In tandem, CU can do what it has always done help consumers make informed decisions. And as the credit products get clearer, the impact of what CU does will get stronger. When prices and risks are clearer, CU can help consumers make comparisons among products and make the financial decisions that are best for them. CU helped make the new consumer bureau a reality, and for that I offer my deepest thanks. Now we
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can play complementary roles in realizing our shared goals of a marketplace where consumers have the information to make the decisions that are best for them. CUs goals are clear in its mission statement: a fair, just, and safe marketplace for all consumers and to empower consumers to protect themselves. Together, we can help inform and empower consumers so that credit markets work for them. Happy birthday, Consumers Union. Congratulations on 75 years of support for American consumers. You have a proud history of past service, and great new opportunities in the years ahead. ###
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From: Jackson, Peter (CFPB) </o=ustreasury/ou=exchange administrative group (fydibohf23spdlt)/cn=recipients/cn=jacksonpe> Brady Dennis (dennisb@washpost.com) <dennisb@washpost.com>
Perhaps I can be of assistance? Tue Jan 04 2011 10:20:13 EST
Geldon asked me to follow up with you as hes a bit over extended at the moment but wanted to be helpful. Im at my desk (202-435-7126).
Peter
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To: Cc: Bcc: Subject: Date: Attachments: Brady
Elizabeth Warren's Schedule -- 9/20-11/2 Wed Nov 24 2010 10:04:14 EST Elizabeth Warren Calendar - 9.20-11.2.2010.pdf
Attached is Prof. Warrens schedule from her first day on the job (Sept. 20) through November 2. Please shoot me an e-mail or give me a call if you have any questions.
Peter
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From:
(b) (6)
> on belhaf of Brady Dennis To: Howard, Jennifer (CFPB) </o=ustreasury/ou=exchange administrative group (fydibohf23spdlt)/cn=recipients/cn=howardje>
Re: Email me when you get here. Thu Mar 03 2011 10:57:33 EST
One block away. Be there in a minute .. On Mar 3, 2011 10:42 AM, <Jennifer.Howard@treasury.gov> wrote: >
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From:
(b) (6)
To:
> on belhaf of Brady Dennis <dennisb@washpost.com> Jackson, Peter (CFPB) </o=ustreasury/ou=exchange administrative group (fydibohf23spdlt)/cn=recipients/cn=jacksonpe>
Re: Perhaps I can be of assistance? Tue Jan 04 2011 10:21:35 EST
Sure thing. In a meeting buy call u shortly... On Jan 4, 2011 10:20 AM, <Peter.Jackson@do.treas.gov> wrote: > Geldon asked me to follow up with you as he's a bit over extended at the moment but wanted to be helpful. I'm at my desk (202-435-7126). > > Peter
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From:
(b) (6)
To:
Cc: Bcc: Subject: Celebration Date: Attachments:
Re: Elizabeth Warren's Prepared Remarks at Consumers Union 75th Anniversary Tue Feb 15 2011 12:27:00 EST
Cool thanks...! On Feb 15, 2011 12:24 PM, <Jennifer.Howard@treasury.gov> wrote: > Remarks as Prepared for Delivery > Elizabeth Warren > Consumers Union 75th Anniversary Celebration > Tuesday, Feb. 15, 2011, 3:30 pm > > Seventy-five years ago, when an economics professor teamed up with an engineer and several consumer advocates to establish Consumers Union, they probably did not imagine what the world would look like in 2011. When CU published the first of its Reports in 1936, it evaluated milk, soap, stockings and credit unions. Some of the products have changed since then, but the vision for consumer protection has remained the same: when consumers can make apples-to-apples comparisons among products, when costs and risks are clear, competition is stronger and market forces can drive down prices and spur innovations that are valuable to customers. > > For three-quarters of a century, CU has worked to make the financial marketplace function better by providing clear, objective evaluations of products. From its early assessments of credit unions, to its current scrutiny of credit cards, to its ongoing efforts to improve financial literacy, CU has worked hard to empower consumers. > > It is a great pleasure to be here to celebrate this anniversary and to thank you for all you have done to make markets work for consumers, for lenders that want to offer value to their customers, and for the whole economy. > > But Im here to thank you for something else as well: Your participation in making the new Consumer Financial Protection Bureau (CFPB) a reality. > > You dont need me to remind you how improbable a victory this new consumer bureau represents. Barney Frank said that, at the beginning, the idea wouldnt even qualify as a pipe dream. Aggressive, no-holds-barred lobbying from some big Wall Street players combined with intense campaigns launched by special interest groups with massive budgets for one purpose: to stop the creation of the consumer bureau. But we pushed back. CU was part of a coalition of more than 200 organizations that came together in the wake of a huge financial crisis and that pushed hard for new safeguards, particularly the establishment of the CFPB.
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> > CU helped its members across the country join informal groups bloggers, concerned citizens who wrote letters to the editor, people who spoke up at town hall meetings and signed petitions. In the end, American families won. They got the financial watchdog they need. And Ill tell you who else won: responsible financial services providers who are willing to compete fairly for consumers business. These are the companies that want to make prices clear and risks clear because they believe they can put forward the best products and services and they want people to know that. Getting the consumer agency was an important victory for consumers and for anyone who believes that well-informed consumers make markets work. > > David beat Goliath, but make no mistake: Goliath is not down for the count. Families can and should be proud of their new watchdog, but they would be wrong if they take its future security and independence for granted. > > Many of those who have opposed the CFPB are still trying to chip away at its independence by subjecting it entirely to Congressional appropriations without any dedicated funding from the Federal Reserve. Politicizing the funding of bank supervision would be a dangerous precedent, and it would deprive the CFPB of the predictable funding it will need to examine large and powerful banks consistently and to provide a level playing field with their nonbank competitors. While the banking regulators charged with preserving the safety and soundness of financial institutions and ensuring consumer protection compliance by smaller banks would continue to receive independent funding, the agency in the financial regulatory system with lead responsibility for protecting consumers would face a different set of rules rules that threaten its independence. > > Today, we live in a time of austerity, strained budgets, and deep deficits in part because of a financial crisis that started one lousy mortgage at a time. Under the caps on dedicated funding that currently govern the CFPB, it would take nearly 20 years to invest as much money in protecting consumers and consumer financial markets as it cost the government to resolve IndyMac a single institution that failed in the financial crisis of 2008. Reducing the CFPBs funding is asking the American people to believe that a pound of cure is worth an ounce of prevention. Increasing the risk of financial crisis wont reduce our deficits. > > So where do we go from here? How can we the new consumer bureau and CU and all the other organizations and institutions and individuals who support the CFPBs mission continue working side-by-side for American families? > > Over the past six months, the consumer bureau has been hard at work setting initial priorities, building infrastructure, and engaging with the American public and various stakeholders. We have learned more about the consumer financial markets and gotten thoughtful advice about our stand-up effort. As Jim Guest suggested to me the first week I was on the job, weve gotten outside Washington and heard from people around the country and were still doing that. Two weeks ago, we launched our first website at ConsumerFinance.gov, which invites public participation and comment. In the months ahead, the CFPB will provide a platform for financial education, helping advance more ways to make consumers stronger. The bureau will be charged with enforcing the rules of the road in the consumer financial marketplace. And it will have special offices dedicated to protecting
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servicemembers and older Americans from abuse. > > The CFPB will also use a variety of tools to push for a market that works both for consumers and for responsible credit unions, banks, and other kinds of financial services providers. > > For the new consumer bureau to succeed in that last effort, we need to start by recognizing some of the unique features of the modern financial marketplace. Thats what I want to explore today. > > In the markets for physical products, CU has been on the forefront of empowering consumers. For example, Consumer Reports provides reviews of a wide range of products from cars, cameras, and computers, to cribs and coffeemakers. These products come in all sorts of shapes and sizes, but thanks to CU and other groups that test and report on products, quality and price can pretty much be compared straight up. Through the years, as a consumer, I have made a lot of good decisions about what I bought, guided by a clear and objective analysis of the products. > > But today, credit markets work differently. With credit, the product is, in an important sense, the contract itself. And lengthy credit agreements written in overly legalistic language too often make it difficult for families to compare costs, benefits, and risks. Certain lenders have taken advantage of this lack of transparency. Too many profit models have been built around keeping customers confused or uncertain, pretending to sell at one price on the front end and knowing that the real profits will be made on fees, penalties and re-pricing on the back end when it is too late. Too many profit models have been built around steering customers into products they cant understand and may not be able to afford. All this was a way to boost profits by avoiding head-to-head competition on features that customers could easily understand. > > CU is leading the way in addressing this issue. You have supplemented the traditional product comparison approach by calling for changes with a clear and important purpose: get rid of dense legal jargon in loan contracts and replace it with simple and straightforward language. You know how strongly I stand behind that goal, and the new consumer bureau will do everything it can to advance it. > > CUs call for comprehensible contracts is an important start, but the challenge for consumers in navigating credit markets runs even deeper. When a retailer sells a car, a camera, or the like, the price is the same regardless of who buys it. If you can get to the store or find it online, then you can get the product at the offered price, regardless of who you are. And for most products, search engines can enable you to find the best price for any given make and model a price that is available to all comers. In other words, the market works in an open and transparent way. > > But when it comes to credit, the price for you may not be the price for me for products that otherwise seem very similar. The reasons for these differences are often known only to the lender. And the story gets even more complicated because the price for any one of us or all of us can change over time. When you buy a toaster, the price and the toaster stays the same after purchase. But in many credit contracts, the lender can change the credit terms at least prospectively just by sending out a notice in the mail, a notice that is packed with more fine print and legalese.
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> > The fine print and the ability to change products and prices in subtle and not-so-subtle ways creates layers of complexity that stand in the way of direct, apples-to-apples comparisons among credit products. The kind of comparisons that drive competition around lower prices and better features for cameras and toasters is too often missing for credit cards and checking accounts. How does a consumer compare two credit products based on an advertisement when the true cost wont be clear until months later? And how does a consumer draw comparisons when there are so many different components of cost in each product? How does a consumer keep track of the continual evolution of the products being offered across the entire market by different providers? And, finally, how does a consumer draw comparisons among products without knowing the nature or likelihood of changes that are likely to occur after the deal is struck? > > The result of all this uncertainty is that it can be very difficult for Consumer Reports or anyone else to rate credit products in a way that is reliable over the long term. The information CU and others collect and publish about credit is a source of decision-making information for consumers. These ratings and product summaries can help the consumer understand what the best deals and companies are, and the range of deals that are available in the marketplace. But to make a good decision on credit, an individual consumer needs more to comparison shop effectively. > > Thats where the new consumer bureau comes in. > > We believe in comparison shopping. We want the price and the risks to be clearer, so that consumers can see what is being offered and decide the products that are best for them. We want to see innovations, lots of innovations. But innovations need to be around real product differences that consumers can see and understand not around misleading advertising and new tricks buried in the fine print. Our goal is simple: We want the credit market to work better for consumers, for responsible providers, and for the whole economy. > > Congress has already begun to change credit markets. The new CARD Act changed certain elements of credit card pricing, and the mortgage reform provisions of Dodd-Frank will alter some of the ways mortgages are sold. It is too soon to tell how much these new rules will push the markets in the right direction, but the consumer bureau is already beginning the work of trying to assess how the market has reacted to changes in the credit card landscape and to watch out for consumers. > > One week from today, the consumer bureau will host a conference on the Credit CARD Act at the Treasury building in Washington. Congress indentified a number of unfair practices in the credit card industry and outlawed them in the CARD Act, and it will be the one-year anniversary of the implementation of most of the provisions that law. Our plan is to find out how much has changed in that year. To do that, we are going to take a hard look at the data interest rates, re-pricing and the like. We will bring together academics, industry leaders, consumer advocates, and voices from within government to look at the data from multiple directions, and to analyze how the industry has reacted and how consumers are responding. The idea is to establish a fact base upon which the CFPB can improve our understanding of the impact of the CARD Act and to help us understand how we can make credit markets work better.
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> > We will be working hard for consumers across the country, but we cannot and will not go it alone. We can do our part to help level the playing field, to cut out the tricks and traps, to make it possible to master a credit card contract or a mortgage closing without needing an army of lawyers. In tandem, CU can do what it has always done help consumers make informed decisions. And as the credit products get clearer, the impact of what CU does will get stronger. When prices and risks are clearer, CU can help consumers make comparisons among products and make the financial decisions that are best for them. > > CU helped make the new consumer bureau a reality, and for that I offer my deepest thanks. Now we can play complementary roles in realizing our shared goals of a marketplace where consumers have the information to make the decisions that are best for them. CUs goals are clear in its mission statement: a fair, just, and safe marketplace for all consumers and to empower consumers to protect themselves. Together, we can help inform and empower consumers so that credit markets work for them. > > Happy birthday, Consumers Union. Congratulations on 75 years of support for American consumers. You have a proud history of past service, and great new opportunities in the years ahead. > > ###
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From:
(b) (6)
To:
Re: Fyi Tue Feb 15 2011 11:50:26 EST
Thanks. Saw that. What time are you expecting to send out the full text? On Feb 15, 2011 11:49 AM, <Jennifer.Howard@treasury.gov> wrote: > We're sending out the full remarks later, but wanted to be sure you have this (which is not embargoed): > > Elizabeth Warren, Assistant to the President and Special Advisor to the Secretary of the Treasury on the CFPB > > Excerpts from prepared remarks at Consumers Union's 75th Anniversary Event > > ..... > > David beat Goliath, but make no mistake: Goliath is not down for the count. Families can and should be proud of their new watchdog, but they would be wrong if they take its future security and independence for granted. > Many of those who have opposed the CFPB are still trying to chip away at its independence by subjecting it entirely to Congressional appropriations without any dedicated funding from the Federal Reserve. Politicizing the funding of bank supervision would be a dangerous precedent, and it would deprive the CFPB of the predictable funding it will need to examine large and powerful banks consistently and to provide a level playing field with their nonbank competitors. While the banking regulators charged with preserving the safety and soundness of financial institutions and ensuring consumer protection compliance by smaller banks would continue to receive independent funding, the agency in the financial regulatory system with lead responsibility for protecting consumers would face a different set of rules rules that threaten its independence. > > Today, we live in a time of austerity, strained budgets, and deep deficits in part because of a financial crisis that started one lousy mortgage at a time. Under the caps on dedicated funding that currently govern the CFPB, it would take nearly 20 years to invest as much money in protecting consumers and consumer financial markets as it cost the government to resolve IndyMac a single institution that failed in the financial crisis of 2008. Reducing the CFPBs funding is asking the American people to believe that a pound of cure is worth an ounce of prevention. Increasing the risk of financial crisis wont reduce our deficits. >
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> ..... > > One week from today, the consumer bureau will host a conference on the Credit CARD Act at the Treasury building in Washington. Congress identified a number of unfair practices in the credit card industry and outlawed them in the CARD Act, and it will be the one-year anniversary of the implementation of most of the provisions that law. Our plan is to find out how much has changed in that year. To do that, we are going to take a hard look at the data interest rates, re-pricing and the like. We will bring together academics, industry leaders, consumer advocates, and voices from within government to look at the data from multiple directions, and to analyze how the industry has reacted and how consumers are responding. The idea is to establish a fact base upon which the CFPB can improve our understanding of the impact of the CARD Act and to help us understand how we can make credit markets work better. > > ###
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From:
(b) (6)
Re: Tue Feb 01 2011 19:02:39 EST
Few minutes away... On Feb 1, 2011 7:01 PM, <Jennifer.Howard@treasury.gov> wrote: > Are you here?
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From:
(b) (6)
Political Economy - Banks reminded on military personnel protections Tue Feb 01 2011 21:00:33 EST
Thanks again for meeting yo. Let's do it again.... http://voices.washingtonpost.com/political-economy/2011/02/post_2.html
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From: Howard, Jennifer (CFPB) </o=ustreasury/ou=exchange administrative group (fydibohf23spdlt)/cn=recipients/cn=howardje> Dennis, Brady <dennisb@washpost.com>
RE: here you go Wed May 25 2011 15:45:25 EDT
http://www.youtube.com/watch?v=RET2Z5AVJ8A
Jen Howard Senior Spokesperson Consumer Financial Protection Bureau E: Jennifer.Howard@treasury.gov O: 202-435-7454 C: (b) (6)
From: Howard, Jennifer (CFPB) Sent: Wednesday, May 25, 2011 3:42 PM To: Dennis, Brady Subject: here you go
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here you go Wed May 25 2011 15:42:24 EDT medium_imager.gif
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To: Cc: Bcc: Subject: Date: Attachments: Hey Brady-
OTR Chat with Raj Date Mon Apr 11 2011 11:13:24 EDT
Hope all is well! Do you want to come in sometime this week and speak with Raj off the record? Now that hes taken on the associate director role, I want to make sure that reporters have a chance to get to know him.
Let me know.
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Can you give me a call? Thu Mar 31 2011 16:26:45 EDT
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Statement on Role of CFPB in the Mortgage Servicing Law Enforcement Matter Wed Mar 30 2011 15:20:30 EDT
As Elizabeth Warren testified to Congress earlier this month, the consumer bureau provided advice to various officials involved in the mortgage servicing law enforcement matter. She is aware that not everyone agrees with that advice or how to address the serious deficiencies at some of the nations largest mortgage servicing firms, said Jen Howard, senior spokesperson for the Consumer Financial Protection Bureau.
Also, on background, for informational purposes:
Definition of ADVICE according to the Merriam-Webster Dictionary:
1. recommendation regarding a decision or course of conduct
http://www.merriam-webster.com/dictionary/advice
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Is story running tomorrow? Tue Mar 29 2011 22:38:56 EDT
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Can you give me a call when you have a sec? Thu Feb 17 2011 13:20:14 EST
Not at all urgent, so feel free to ignore if youre swamped.
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Sorry! Fri Jan 28 2011 16:04:31 EST
This story hit my in box at the end of our chat.
Critic Of Consumer Bureau Encouraged By White House Adviser Warren
By Maya Jackson Randall, Of DOW JONES NEWSWIRES WASHINGTON -(Dow Jones)- U.S. Rep. Randy Neugebauer, a staunch critic of the Consumer Financial Protection Bureau, is "pleasantly surprised" by the way White House adviser Elizabeth Warren is setting up the highly controversial agency charged with policing financial markets. Still, he has harsh words for President Barack Obama, who has yet to nominate someone to serve as the consumer bureau's permanent director. "The president needs to get off high center here and give that agency someone who's in charge," the Texas Republican said in an interview. "Some pretty important decisions are being made, and we need to make sure that we're dealing with the person that's going to be there [in the] long term." If Neugebauer had his way, the president would make the announcement within days, which would then kick off what could be a lengthy approval process in the U.S. Senate. "He really needs to do it in the next week or two," said Neugebauer, chairman of the House Financial Services Committee's oversight and investigations subcommittee. "We have this huge new bureaucracy that's being stood up by someone who has not been confirmed. I just don't think that's good policy."
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Neugebauer won't vote on the nominee because the Obama pick only needs Senate approval. But the lawmaker says he'd like Obama's nominee to be someone who enjoys support from financial industry players as well as consumers. While nothing has been finalized, Neugebauer envisions a spring hearing at which Warren would testify before members of the panel about the progress she's making in setting up the consumer watchdog agency. In the meantime, he's eagerly awaiting Warren's response to a series of questions he recently sent her on the agency's budget plans, staffing decisions and other issues. The consumer bureau, a centerpiece of the Dodd-Frank financial-regulatory overhaul, would have broad power to supervise banks and other financial firms. Although Neugebauer believes the consumer bureau is flawed and could take actions that would hurt financial markets, he and other members of Congress who opposed the bureau's creation were defeated when a majority of their colleagues backed the Dodd-Frank Act last summer. With the bureau poised to start in six months, newly empowered House Republicans are seeking to curb the bureau's powers and change its structure and funding so that it faces greater congressional scrutiny. Congress created the bureau as an independent agency that receives funding from the Federal Reserve's budget. However, Neugebauer and other Republicans want to change that. "I feel strongly we have to take it out of the Fed," he said. "Does consumer protection require the same amount of independence as monetary policy? I don't think so." Still, Neugebauer's criticisms are aimed mostly at the bureau and not at Warren, whom he describes as "intelligent" and "a good listener." Neugebauer said Warren had a reputation as a financial industry villain, someone who routinely criticized banks and Wall Street. But she seems to be making balanced decisions about the agency, hiring people with industry experience, for instance, he said. Also, he agrees with her push for simpler mortgage disclosure forms. "I think there are some things that she's working on that are positive, and that's an encouraging sign," said Neugebauer. "We don't want somebody coming in here that's very dictatorial and just trying to beat up on industry. "I am pleasantly surprised that Ms. Warren is listening to both sides of the argument," he continued. "I think that's important." Warren has been meeting with a diverse group of lawmakers, bankers and consumer advocates as she works to standing up the bureau. Neugebauer had planned to reach out to Warren, but she called him first. "She beat us to the punch," said Neugebauer, who had his first sit-down meeting with Warren earlier this month. The Obama administration decided against nominating Warren for the top bureau post earlier this year because of signs Republicans would block her appointment. Bypassing the Senate confirmation process all together, Obama named Warren a special adviser in charge of setting up the agency in September.
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Still, without a Senate-confirmed director, the bureau's powers will be limited when it comes to supervising nonbank financial firms, for instance. In the interview, Neugebauer seemed somewhat open to backing the Harvard law professor as the bureau's permanent chief. "She wouldn't be my last choice. I don't know whether she's my first choice, but she certainly wouldn't be my last choice," Neugebauer said. If someone other than Warren were to run the bureau, the agency's direction could change, creating more uncertainty among stakeholders, he noted. "If it (the Consumer Financial Protection Bureau) isn't going away, then what we have to do is deal with what we've got, and I think it's easer to deal with an agency where we have a little bit more permanency about its operations," he said. -By Maya Jackson Randall, Dow Jones Newswires; 202-862-6687; maya.jackson- randall@dowjones. com
(END) Dow Jones Newswires 01-28-111519ET Copyright (c) 2011 Dow Jones & Company, Inc.
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From: Howard, Jennifer (CFPB) </o=ustreasury/ou=exchange administrative group (fydibohf23spdlt)/cn=recipients/cn=howardje> Geldon, Daniel (CFPB) </o=ustreasury/ou=exchange administrative group (fydibohf23spdlt)/cn=recipients/cn=geldond>; Jackson, Peter (CFPB) </o=ustreasury/ou=exchange administrative group (fydibohf23spdlt)/cn=recipients/cn=jacksonpe>
To:
RE: Press check-in Tue Apr 26 2011 12:14:23 EDT
Yep. ________________________________________ From: Geldon, Daniel (CFPB) Sent: Tuesday, April 26, 2011 12:13 PM To: Howard, Jennifer (CFPB); Jackson, Peter (CFPB) Subject: RE: Press check-in Thanks Jen. What list are you operating off of right now for personal finance writers? I assume we gave you our large one at some point?
From: Howard, Jennifer (CFPB) Sent: Tuesday, April 26, 2011 11:52 AM To: Geldon, Daniel (CFPB); Jackson, Peter (CFPB) Subject: Re: Press check-in Matt Miller - I can own, but need help with prep since I don't know the subject. PerFi columnists: they're on the list for embargoed briefing. Figuring out logistics later this week. RajAlready done: Dave Clark, Reuters Deb Soloman, WSJ Peter Schroeder, The Hill Ylan Miu, WaPo Ben Protess, NYT Tom Braithwaite, FT Ryan Grim, HuffPo Stacy Kaper, NJ Coming up: Kate Davidson and Cheyenne Hopkins, Banker Working to reschedule: Brady Dennis, WaPo Jim Puzzanghera, LA Times
Page 1510 of 7675

________________________________ From: Geldon, Daniel (CFPB) To: Jackson, Peter (CFPB); Howard, Jennifer (CFPB) Sent: Tue Apr 26 11:38:04 2011 Subject: Press check-in In lieu of todays meeting, which you might want to cancel Peter:
1. Recruitment Video Peter, have you followed up on carving out EW time to tape and coordinating with new media and Stephanie? 2. 3. 4. Matt Miller Peters thought is we say yes. Jen, are you owning that? Supervision video Peter, where are we on coordinating supervision/new media/OGC? Big Brain speech Peter, did we tape that yesterday?
5. Personal finance Jen, what do you think about adding a personal finance conference call to the mortgage disclosure press day? 6. Press assistant any updates on how were doing getting her in the door (I keep forgetting her name)? 7. Raj Jen, can you send a quick summary on who is done and who is pending/scheduled?
Page 1511 of 7675

From: Howard, Jennifer (CFPB) </o=ustreasury/ou=exchange administrative group (fydibohf23spdlt)/cn=recipients/cn=howardje> Adeyemo, Adewale (Wally) (CFPB) </o=ustreasury/ou=do/cn=do resources/cn=user accounts/cn=standard users/cn=adeyemoa>; Antonakes, Steve (CFPB) </o=ustreasury/ou=exchange administrative group (fydibohf23spdlt)/cn=recipients/cn=antonakess>; Canfield, Anna (CFPB) </o=ustreasury/ou=exchange administrative group (fydibohf23spdlt)/cn=recipients/cn=canfielda>; Cordray, Richard (CFPB) </o=ustreasury/ou=exchange administrative group (fydibohf23spdlt)/cn=recipients/cn=cordrayr>; Date, Rajeev (CFPB) </o=ustreasury/ou=exchange administrative group (fydibohf23spdlt)/cn=recipients/cn=dater>; Geldon, Daniel (CFPB) </o=ustreasury/ou=exchange administrative group (fydibohf23spdlt)/cn=recipients/cn=geldond>; Jackson, Peter (CFPB) </o=ustreasury/ou=exchange administrative group (fydibohf23spdlt)/cn=recipients/cn=jacksonpe>; McCoy, Patricia (CFPB) </o=ustreasury/ou=exchange administrative group (fydibohf23spdlt)/cn=recipients/cn=mccoyp>; Petraeus, Holly (CFPB) </o=ustreasury/ou=exchange administrative group (fydibohf23spdlt)/cn=recipients/cn=petraeush>; Vale, Elizabeth (CFPB) </o=ustreasury/ou=exchange administrative group (fydibohf23spdlt)/cn=recipients/cn=valee>; Warren, Elizabeth (CFPB) </o=ustreasury/ou=exchange administrative group (fydibohf23spdlt)/cn=recipients/cn=warrene>
To:
Rich Cordray profile in WaPo Tue Mar 29 2011 23:07:28 EDT
I think the headline writer was confused....but I love that "often not wearing shoes" is in the lede. Richard Cordray prepares to lead new consumer-protection agency By Brady Dennis, Tuesday, March 29, 10:56 PM The tall, soft-spoken man padding around the fifth floor of 1801 L St. often not wearing shoes and occasionally quoting Shakespeare seems at first more like a college professor than a hard-charging enforcer. But he holds what soon could become a powerful post in Washingtons changing financial regulatory landscape, a prospect that has heartened consumer advocacy groups and deepened the concerns of an already skeptical financial industry. Just months ago, Richard Cordray was Ohios attorney general. In that role, he sued some of the nation s largest banks for their bungling of mortgage foreclosures, spoke of Wall Street as a fixed casino and became a leading advocate for the creation of the federal Consumer Financial Protection Bureau. Today, he is the chief enforcement officer for the fledgling watchdog. When the bureau officially opens this summer, Cordray will head a federal team with wide authority to write and enforce rules that will govern many of the firms that he butted heads with as a state official. It offered a possibility to continue to do some of the most important work I felt I was doing as a state
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attorney general, Cordray said in a recent interview in his new office in Washington, and in many respects, on a better footing, from a better foundation, with better tools, better authority and on a 50state basis. Many state attorneys general, who have complained that their efforts to enforce stricter consumer protections have been stymied by federal regulators over the years, have echoed consumer advocates in cheering Cordrays appointment. Hes got a gold-plated resume and a wealth of experience. ... Hes very reasonable, hes very smart, hes very fair, said Illinois Attorney General Lisa Madigan. He understands the financial, the economic, the fiscal things, as well as the law enforcement side of it. ... To me, thats the type of person you want in that position. Representatives of the banking industry have reacted with far less enthusiasm, saying they fear that Cordray will overreach in his new role and burden them with unnecessary new oversight. Richard Cordray was known as sort of a regulatory zealot in Ohio and generally was pretty tough on the financial services industry within his state, said Camden Fine, head of the Independent Community Bankers of America, echoing others in the financial industry who were reluctant to speak publicly. We have concerns about how he will handle enforcement of CFPB regulations and the new rules that the CFPB will be pumping out. ... The jury is still out. The 51-year-old Ohio native took a circuitous, and in many ways accidental, path on his way to becoming a Washington regulator, including a law degree from the University of Chicago, a stint as a clerk for Supreme Court Justice Anthony M. Kennedy and a five-day run as a Jeopardy champion in the late 1980s. After losing races for the U.S. House and Senate, Cordray won a special election in 2008 to replace Attorney General Marc Dann, who left during the middle of his term after a sexual harassment scandal. Well before the robo-signing issue triggered a national furor last fall, Cordray aggressively went after financial firms for what he perceived as fraudulent and shoddy mortgage servicing and foreclosure practices. In 2009, he sued multiple-loan servicing companies, alleging that they had violated state consumer laws. Last year, he filed suit against GMAC Mortgage and its parent company, Ally Financial, alleging fraudulent, unfair and deceptive practices. Along the way, he lobbied for the creation of the CFPB, which had become a controversial topic in Washington. Several days after he lost his bid for reelection in November, part of a wave of Republican victories in Ohio, Cordray got a call from Elizabeth Warren, the Harvard law professor appointed by President Obama to set up the new bureau. I just really hadnt given much thought to anything yet, and here she was recruiting me, he said. It was unexpected. Despite his initial reservations about seeing his wife and 12-year-old twins back in Ohio only on weekends, Cordray agreed to join the new bureau. Richard Cordray has the vision and experience to help us build a team that ensures every lender in the marketplace is playing by the rules, Warren said in a December statement announcing Cordrays hire. These days, Cordrays time is a mixture of looking at the big picture and small details. For every meeting about changes to mortgage-servicing practices an issue he still cares about intensely there are personnel issues that demand attention. Questions about the bureaus overall enforcement philosophy compete with questions about IT systems and office space. It kind of goes in fits and starts, Cordray said. But you can see progress. ... Getting off to a good start with this bureau will set it on a good footing for years to come.
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In December, he was quoted in a Columbus Dispatch article saying he intends to run for governor of Ohio in 2014. But ensconced in his small office on L Street, he now takes a more measured approach about his political future. Someday, if and when Im no longer here, I will think about that again, he said. In the meantime, Ive had to put that to the side and focus on my job here. And Im totally happy with that. http://www.washingtonpost.com/business/economy/richard-cordray-prepares-to-lead-new-consumerprotection-agency/2011/03/28/AF66aLzB_print.html
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From: Howard, Jennifer (CFPB) </o=ustreasury/ou=exchange administrative group (fydibohf23spdlt)/cn=recipients/cn=howardje> Geldon, Daniel (CFPB) </o=ustreasury/ou=exchange administrative group (fydibohf23spdlt)/cn=recipients/cn=geldond>; Jackson, Peter (CFPB) </o=ustreasury/ou=exchange administrative group (fydibohf23spdlt)/cn=recipients/cn=jacksonpe>
To:
Cc: Bcc: Subject: firms Date: Attachments:
Fw: WaPo: Geithner defends consumer agencys role in talks on deal with mortgage Tue Mar 15 2011 23:20:20 EDT
He misinterpreted the quote, but not as badly as I feared. _____ From: Adamske, Steven To: _DL_FYI Sent: Tue Mar 15 22:50:38 2011 Subject: WaPo: Geithner defends consumer agencys role in talks on deal with mortgage firms
Geithner defends consumer agencys role in talks on deal with mortgage firms
By Brady Dennis, Tuesday, March 15, 8:56 PM
Treasury Secretary Timothy F. Geithner pushed back Tuesday against lawmakers questioning the new Consumer Financial Protection Bureau role in negotiating a settlement with mortgage servicing firms whose shoddy practices and flawed foreclosure paperwork came to light last fall. Republicans on Capitol Hill have said that the CFPB should not participate in the talks because it has no permanent director and because it wont have regulatory authority until it opens in July. Sen. Richard C. Shelby (R-Ala.) recently accused the bureaus acting director, Harvard law professor Elizabeth Warren, of leading what appears to be nothing less than a regulatory shakedown of some of the nations biggest banks. Geithner said during testimony on Capitol Hill that he had asked Warren to advise the federal agencies and state attorneys general collaborating on the pending settlement on how to design appropriate mortgage servicing standards. In a separate letter Tuesday to Rep. Spencer Bachus (R-Ala.), chairman of the House Financial Services Committee, Geithner said that the CFPB would not be a party to any formal settlement with mortgage servicers. But he said that bureau officials had played an active role in the settlement talks because the new watchdog will have significant authority in overseeing the mortgage servicing industry. In a statement, Warren hit back against the notion that a watchdog created to help consumers shouldnt
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participate in an issue that affects potentially millions of Americans. Political attacks against federal and state law enforcement officials for responding to alleged legal violations are dangerous, she said. We know what can happen when laws arent fairly or consistently enforced because of political pressure, and it doesnt end well for American families, for honest businesses, or for the economy. The new bureau, which has been among the most aggressive agencies in seeking penalties against the servicers, has people with wide knowledge of the mortgage industry on its growing staff. Several months ago, Richard Cordray was the Ohio attorney general and had sued several servicers for alleged deceptive business practices. Now he heads up the consumer bureaus enforcement division. The controversy over the bureaus role in resolving the mortgage foreclosure mess comes as Warren is to testify before Congress on Wednesday for the first time. It also underscores the philosophical battle over the proper role for the consumer bureau. Most Republicans opposed the creation of such an entity last year, saying that the broad powers and independent funding given to the bureau would constrict credit to consumers and create an unnecessary layer of regulation for businesses. They have proposed changing its funding structure so that it would have to rely on appropriations from Congress rather than the Federal Reserve. Rep. Shelley Moore Capito (R-W.Va.) chairwoman of the subcommittee holding Wednesdays hearing, has said she called the session in part because of reservations about the bureau and unintended consequences it could have on consumer choice in financial products. But Democrats and consumer advocates see the bureau as a key component of preventing the widespread abuses by lenders in recent years. Warren has said that the bureau is an essential part of the post-crisis regulatory landscape a case she plans to make again Wednesday. Under the old system, seven different federal agencies were responsible for consumer financial protection, Warren plans to say in part of her 34-page prepared remarks. The tangle of seven agencies failed to create effective rules and left gaping holes in oversight. ... The CFPB will be directly responsible to the public for performing those core functions. dennisb@washpost.com Staff writer Dina Elboghdady contributed to this report.
Steven Adamske Deputy Assistant Secretary Office of Public Affairs 202.622.0501 (direct)
(b) (6)
(mobile)
202.622.2920 (office) Steven.adamske@treasury.gov
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From: Howard, Jennifer (CFPB) </o=ustreasury/ou=exchange administrative group (fydibohf23spdlt)/cn=recipients/cn=howardje> Geldon, Daniel (CFPB) </o=ustreasury/ou=exchange administrative group (fydibohf23spdlt)/cn=recipients/cn=geldond>
To:
FW: LA Times question Tue Mar 29 2011 10:52:51 EDT
Ben Protess and Brady Dennis asking as well. Jen Howard Senior Spokesperson Consumer Financial Protection Bureau Implementation Team E: Jennifer.Howard@treasury.gov O: 202-435-7454 C: (b) (6)
-----Original Message----From: Puzzanghera, Jim [mailto:Jim.Puzzanghera@latimes.com] Sent: Tuesday, March 29, 2011 10:12 AM To: Howard, Jennifer (CFPB) Subject: LA Times question Jen, I'm working on a story ahead of tomorrow's mortgage settlement talks. We've heard that there might be push to require servicers to allow more short sales. I'm wondering if Raj or someone else there might be available to talk or provide some guidance. Thanks, Jim Jim Puzzanghera National business writer Los Angeles Times Tribune Washington Bureau 1090 Vermont Ave. NW, Suite 1000 Washington, DC, 20005 office 202-824-8345 cell (b) (6) email jim.puzzanghera@latimes.com<mailto:jim.puzzanghera@latimes.com> web www.latimes.com<http://www.latimes.com>
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From: Geldon, Daniel (CFPB) </o=ustreasury/ou=exchange administrative group (fydibohf23spdlt)/cn=recipients/cn=geldond> Blenkinsopp, Alexander (CFPB) </o=ustreasury/ou=exchange administrative group (fydibohf23spdlt)/cn=recipients/cn=blenkinsoppa> Jackson, Peter (CFPB) </o=ustreasury/ou=exchange administrative group (fydibohf23spdlt)/cn=recipients/cn=jacksonpe>; Howard, Jennifer (CFPB) </o=ustreasury/ou=exchange administrative group (fydibohf23spdlt)/cn=recipients/cn=howardje> RE: Another assignment for next week Fri Feb 18 2011 19:09:25 EST
To:
Cc:
Another one -- Brady Denniss holiday party piece in WaPo
(I might keep sending them over as I think of them)
From: Blenkinsopp, Alexander (CFPB) Sent: Friday, February 18, 2011 7:08 PM To: Geldon, Daniel (CFPB) Cc: Jackson, Peter (CFPB); Howard, Jennifer (CFPB) Subject: RE: Another assignment for next week
Will do, and thanks for those first five suggestions. Input from Jen and Peter is very welcome. Note that I am less familiar with clips from before November, when I began doing them.
From: Geldon, Daniel (CFPB) Sent: Friday, February 18, 2011 7:05 PM To: Blenkinsopp, Alexander (CFPB) Cc: Jackson, Peter (CFPB); Howard, Jennifer (CFPB) Subject: Another assignment for next week
Can you try to gather what you think the 20 best clips have been on CFPB since September and compile them? This is for Pete Rouse. As some examples to get you thinking:
1.
The Neugebauer piece in the journal
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2. 3. 4. 5. Bloombergs piece on AG relationships Bloombergs piece on community banks relationships Whatever the best clip is from Maine (maybe just Snowes press release) David Corns profile
Jen and Peter might be able to add more.
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To:
Cc: Bcc: Subject: Date: Attachments: Well done!
RE: Tomorrow's Media Thing at 11am Thu Oct 21 2010 19:02:15 EDT
From: Jackson, Peter Sent: Thursday, October 21, 2010 7:02 PM To: Martin, Alyssa Cc: Geldon, Daniel Subject: Tomorrow's Media Thing at 11am
These are the reporters who will be there or might be there in the case of Brady Dennis:
Maya Jackson-Randall (Dow Jones) - YES Dan Wagner (AP) - YES Ian Katz (Bloomberg) - YES David Clarke (Reuters) - YES Brady Dennis (WaPo) - LM Joe Adler (American Banker) YES Ed Wyatt (NYT) - YES Tom Braithwaite (FT) - YES Jim Puzzanghera (LA Times) - YES
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From: To: Dina ElBoghdady <elboghdadyd@washpost.com> Howard, Jennifer (CFPB) </o=ustreasury/ou=exchange administrative group (fydibohf23spdlt)/cn=recipients/cn=howardje>
My contact information Wed May 18 2011 13:40:20 EDT
Hi there. Now you have my complicated email. An easier way to reach me is: dina@washpost.com As I mentioned, I cover the mortgage/real estate industries. Ylan Mui covers credit cards. I think you hear from Brady Dennis too, who covers CFPB as an institution in the context of the Dodd-Frank legislation. Other ways to reach me: 202/334-7709 (office) (b) (6) (cell) Thanks.
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From: Howard, Jennifer (CFPB) </o=ustreasury/ou=exchange administrative group (fydibohf23spdlt)/cn=recipients/cn=howardje> Riley, Jeffrey (CFPB) </o=ustreasury/ou=exchange administrative group (fydibohf23spdlt)/cn=recipients/cn=rileyje> Miller, Kimberly (CFPB) </o=ustreasury/ou=exchange administrative group (fydibohf23spdlt)/cn=recipients/cn=millerki>; Martin, Alyssa (CFPB) </o=ustreasury/ou=exchange administrative group (fydibohf23spdlt)/cn=recipients/cn=martinal> Media Memo Fri May 06 2011 13:26:46 EDT EW Media May 9.docx
To:
Cc:
Sorry for the delay!
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EW Media May 9.docx (Attachment 1 of 1)

May 6, 2011 MEMORANDUM FOR ELIZABETH WARREN FROM: SUBJECT: Jen Howard Media on May 9, 2011
You have the following media scheduled for Monday, May 9, 2011: Associated Press Roundtable 8:30-9:30 a.m. This is an in-person roundtable with the Associated Press, set up by Dan Wagner, a financial reporter who covers CFPB and Treasury. Attendees include three editors: Kevin Shinkle, Brad Foss, and Fred Monyak. Reporters that have rsvp ed include: Mike Sandler, Derek Kravitz, Jim Kuhnhenn, Matt Perrone, Chris Rugaber, and Paul Wiseman (recently transitioned from USA Today). This roundtable is likely to cover a broad range of topics from politics to financial products to CFPB s regulatory mandate and priorities. As a reminder, I ve included brief bullets on some sensitive topics that might come up. This roundtable is on deep background, which means they can use the information to help inform future stories, but it cannot be attributed, quoted, or paraphrased. Suzanna Andrews, Vanity Fair 1:30-2:30 p.m. This is an in-person interview with Suzanna Andrews for Vanity Fair. She is writing a profile of you for the July issue. She would like to focus on your background, your vision for the CFPB, and the work you have done to get the agency off the ground. She is very interested in learning more about any experiences that relate to your perspective on the middle class (i.e. what made you such a passionate advocate for consumer/middle class issues)? This interview is on background with cleared quotes. She will likely include physical details about you and your office to provide color and context. Ylan Mui, Washington Post 4:30-5:00 p.m. This is an in-person interview with Ylan (Ya-lan) Mui, who is taking over for Brady Dennis as the new CFPB beat reporter. Her background is in personal finance, so she is very interested in the practical impact of CFPB s work on the
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EW Media May 9.docx (Attachment 1 of 1)

products and services consumers can access. This interview will be focused on CFPB vision and goals, but you should be prepared for sensitive subjects. The interview is on background with cleared quotes.
(b)(5)
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From: Jackson, Peter (CFPB) </o=ustreasury/ou=exchange administrative group (fydibohf23spdlt)/cn=recipients/cn=jacksonpe> Blenkinsopp, Alexander (CFPB) </o=ustreasury/ou=exchange administrative group (fydibohf23spdlt)/cn=recipients/cn=blenkinsoppa>; Geldon, Daniel (CFPB) </o=ustreasury/ou=exchange administrative group (fydibohf23spdlt)/cn=recipients/cn=geldond> Howard, Jennifer (CFPB) </o=ustreasury/ou=exchange administrative group (fydibohf23spdlt)/cn=recipients/cn=howardje> RE: Another assignment for next week Fri Feb 18 2011 19:12:46 EST
To:
Cc:
Michelle Singletarys column in the Post
Brady Denniss story on our holiday party (may not be in the top 20, but I suggest it nonetheless)
American Banker profile for innovator of the year
National Journal: "Warren Outlines Sweeping New Approach to Consumer Financial Protection"
McClatchy: "Warren nimble in building Consumer Financial Protection Bureau
Candice Chois AP Q&A
David Lazaruss column on EW/CFPB (LAT)
From: Blenkinsopp, Alexander (CFPB) Sent: Friday, February 18, 2011 7:08 PM To: Geldon, Daniel (CFPB) Cc: Jackson, Peter (CFPB); Howard, Jennifer (CFPB) Subject: RE: Another assignment for next week
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Will do, and thanks for those first five suggestions. Input from Jen and Peter is very welcome. Note that I am less familiar with clips from before November, when I began doing them.
From: Geldon, Daniel (CFPB) Sent: Friday, February 18, 2011 7:05 PM To: Blenkinsopp, Alexander (CFPB) Cc: Jackson, Peter (CFPB); Howard, Jennifer (CFPB) Subject: Another assignment for next week
Can you try to gather what you think the 20 best clips have been on CFPB since September and compile them? This is for Pete Rouse. As some examples to get you thinking:
1. 2. 3. 4. 5.
The Neugebauer piece in the journal Bloombergs piece on AG relationships Bloombergs piece on community banks relationships Whatever the best clip is from Maine (maybe just Snowes press release) David Corns profile
Jen and Peter might be able to add more.
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From: Howard, Jennifer (CFPB) </o=ustreasury/ou=exchange administrative group (fydibohf23spdlt)/cn=recipients/cn=howardje> Howard, Jennifer (CFPB) </o=ustreasury/ou=exchange administrative group (fydibohf23spdlt)/cn=recipients/cn=howardje> CARTER DOUGHERTY, BLOOMBERG/ NEWSROOM: <cdougherty6@bloomberg.net>; Jackson-Randall, Maya <maya.jackson-randall@dowjones.com>; Kaper, Stacy <skaper@nationaljournal.com>; Hopkins, Cheyenne <cheyenne.hopkins@sourcemedia.com>; Wyatt, Ed <wyatt@nytimes.com>; Protess, Benjamin <benjamin.protess@nytimes.com>; Dennis, Brady <dennisb@washpost.com>; Peter Schroeder <pschroeder@thehill.com> Response to Financial Services Committee Letter Mon Apr 04 2011 11:31:44 EDT Response to Financial Services Committee Letter.pdf
To:
Cc: Bcc:
Subject: Date: Attachments: Attached.
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Response to Financial Services Committee Letter.pdf (Attachment 1 of 1)
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EMBARGOED - CFPB Office of Older Americans Press Release.docx (Attachment 2 of 2)
EMBARGOED UNTIL 10:30AM ON WEDNESDAY, OCTOBER 19, 2011
FOR IMMEDIATE RELEASE: October 19, 2011 CONTACT: Office of Public Affairs Tel: (202) 435-7454
CONSUMER FINANCIAL PROTECTION BUREAU ANNOUNCES HUBERT (SKIP) HUMPHREY III TO HEAD THE OFFICE OF OLDER AMERICANS
WASHINGTON The Consumer Financial Protection Bureau (CFPB) today announced the selection of Hubert H. (Skip) Humphrey III to head up the newly established Office of Older Americans. Humphrey has spent much of his professional life working to protect consumers, serving first as a state Senator and later as Attorney General of Minnesota. He has also worked on behalf of seniors as president of the Minnesota AARP and, until recently, served on AARPs national board. As baby boomers join the ranks of the retired, their hard-earned savings should help them realize opportunities, not serve as the target of deception and fraud, noted Raj Date, the Special Advisor to the Secretary of the Treasury on the CFPB. Skipsexperience as a state Attorney General and state Senator, and his work with seniors in his home state of Minnesota as well as on the national front, make him a perfect fit to lead the Office of Older Americans. The Dodd-Frank Wall Street Reform and Consumer Protection Act directs the CFPB to create an office within the agency to address the needs of older Americans, defined as those 62 and over. This office is tasked with improving the financial decision-making of seniors and preventing unfair, deceptive, and abusive practices targeted at seniors. I am honored and excited to bring my experience in consumer protection and my work with seniors to the CFPB to help educate seniors about fair practices and how to make financial decisions that are right for them, said Humphrey. A well informed consumer is the best protection against fraud and deceptive practices - especially if that knowledge is backed up by tough regulatory enforcement. Seniors have been hit hard by the economic crisis. Even if they planned well, theyve seen their retirement savings and home equity shrink. Making it worse is the growing epidemic of elder financial abuse that puts their savings and homes at risk. The Office of Older Americans will help seniors navigate these financial challenges by: Educating and engaging seniors about their financial choices in the area of long-term savings, retirement planning, and long-term care; Reaching out to and coordinating with senior groups, law enforcement, financial institutions, and other Federal and state agencies to identify and prevent scams targeting seniors; Using information from the field along with direct input from seniors to identify trends and bad practices in a timely and effective way; and Protecting seniors from fraud and deception in financial counseling services.
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EMBARGOED - CFPB Office of Older Americans Press Release.docx (Attachment 2 of 2)
EMBARGOED UNTIL 10:30AM ON WEDNESDAY, OCTOBER 19, 2011

Skip Humphrey has broad management and policy experience. He served in Minnesota for nearly three decades, as state Senator for 10 years and state Attorney General for 16 years. After leaving elective office, Mr. Humphrey returned to the private sector where his roles included senior vice-president at Tunheim Partners, a communications and public affairs management company, and teacher and advisor for graduate level courses at the University of Minnesota s School of Public Health, Law School, and the School of Public Policy. Mr. Humphrey also served as former State President and national board member of AARP, the nations largest consumer senior nonprofit organization. His public and private sector experience have honed a deeper interest in advancing both protections for older Americans and helping them obtain the necessary skills through consumer education to allow them to protect themselves. Humphrey has advocated consumer education as an important part of tough, effective enforcement measures. As Attorney General, he initiated broad-ranging educational initiatives that helped reduce crime targeting consumers, especially those who are older and more vulnerable. For information about the Office of Older Americans and resources to help older Americans and their families, visit: www.consumerfinance.gov/older-americans. ###
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Washington Post.docx (Attachment 1 of 1)

Washington Post On taking the job: It offered a possibility to continue to do some of the most important work I felt I was doing as a state attorney general, and in many respects, on a better footing, from a better foundation, with better tools, better authority and on a 50-state basis. On getting the call from Elizabeth about the CFPB job: "I just really hadnt given much thought to anything yet, and here she wasrecruiting me, he said. It was unexpected. On the mixture of big picture/small detail stuff in his job -- i.e., he talked about trying to form the broader mission of the enforcement division while also evaluating IT systems: It kind of goes in fits and starts, Cordray said. But you can see progress ... Getting off to a good start with this bureau will set it on a good footing for years to come. Asked about his previous comments on future political aspirations: Some day, if and when Im no longer here, I will take that up again and think about that again. In the meantime, Ive had to put that to the side and focus on my job here. And Im totally satisfied with that. Random facts I'd like to check for accuracy: --Rich's age is 51, correct? --Some other bio facts I wanted to check: BA from Michigan State University, masters in economics from Oxford University and law degree from the University of Chicago; clerked for Supreme Court justice Anthony Kennedy; had a five-day run as a Jeopardy champion in the late 1980s; served one term in the Ohio House of Representatives, argued cases before the U.S. Supreme Court as Ohios solicitor general and served stints as both a local and state treasurer; won a special election to replace attorney general Marc Dann in 2008. --He is staying with a friend in DC and commuting home to Ohio most Thursdays. --His wife is a law professor, and they have 12-year-old twins.
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From: Howard, Jennifer (CFPB) </o=ustreasury/ou=exchange administrative group (fydibohf23spdlt)/cn=recipients/cn=howardje> Howard, Jennifer (CFPB) </o=ustreasury/ou=exchange administrative group (fydibohf23spdlt)/cn=recipients/cn=howardje> David.C.Clarke@thomsonreuters.com <david.c.clarke@thomsonreuters.com>; Hopkins, Cheyenne <cheyenne.hopkins@sourcemedia.com>; Schwartz, Nelson <nschwartz@nytimes.com>; Simon, Ruth <ruth.simon@wsj.com>; Liberto, Jennifer <jliberto@turner.com>; Ben White <bwhite@politico.com>; Protess, Benjamin <benjamin.protess@nytimes.com>; Zach Carter <zach.carter@huffingtonpost.com>; Shahien Nasiripour (b) (6) >; Tom Braithwaite <tom.braithwaite@ft.com>; Brady Dennis <dennisb@washpost.com>; Peter Schroeder <pschroeder@thehill.com>; Puzzanghera, Jim <jim.puzzanghera@latimes.com> FYI Tue Mar 15 2011 11:19:17 EDT FINAL Letter Bachus.pdf
To:
Cc: Bcc:
Subject: Date: Attachments:
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From: Jackson, Peter (CFPB) </o=ustreasury/ou=exchange administrative group (fydibohf23spdlt)/cn=recipients/cn=jacksonpe> Jackson, Peter (CFPB) </o=ustreasury/ou=exchange administrative group (fydibohf23spdlt)/cn=recipients/cn=jacksonpe> Dave Clark (David.C.Clarke@thomsonreuters.com) <david.c.clarke@thomsonreuters.com>; Dan Wagner (DWagner@ap.org) <dwagner@ap.org>; Swindell, Bill <bswindell@nationaljournal.com>; Jim Puzzanghera (Jim.Puzzanghera@latimes.com) <jim.puzzanghera@latimes.com>; Maya Jackson Randall (Maya.Jackson-Randall@dowjones.com) <maya.jackson-randall@dowjones.com>; Carter Dougherty (cdougherty6@bloomberg.net) <cdougherty6@bloomberg.net>; Cheyenne Hopkins (cheyenne.hopkins@sourcemedia.com) <cheyenne.hopkins@sourcemedia.com>; Brady Dennis <dennisb@washpost.com> Background Briefing with CFPB Senior Officials Mon Dec 20 2010 11:31:01 EST
To:
Cc: Bcc:
The CFPB Implementation Team will hold a short background briefing for members of the media today at 1pm via teleconference. Wally Adeyemo and Raj Date will announce that the CFPB implementation team now has grown to 100 team members. They will discuss and take questions on recent senior leadership hires and the operational progress made to date standing up the Consumer Financial Protection Bureau. The ground rules for the briefing are on background with no direct quotations information may be cited to Treasury officials.
WHO:
CFPB Implementation Team Senior Leaders Wally Adeyemo, Chief of Staff Raj Date, Senior Advisor
WHAT:
Background Briefing for the Media
WHEN:
Monday, December 20, 2010 1:00 1:20PM
WHERE:
Teleconference 202-927-2255
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Code: (b) (6)
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From: Jackson, Peter (CFPB) </o=ustreasury/ou=exchange administrative group (fydibohf23spdlt)/cn=recipients/cn=jacksonpe> Jackson, Peter (CFPB) </o=ustreasury/ou=exchange administrative group (fydibohf23spdlt)/cn=recipients/cn=jacksonpe> Dave Clark (David.C.Clarke@thomsonreuters.com) <david.c.clarke@thomsonreuters.com>; Dan Wagner (DWagner@ap.org) <dwagner@ap.org>; Swindell, Bill <bswindell@nationaljournal.com>; Jim Puzzanghera (Jim.Puzzanghera@latimes.com) <jim.puzzanghera@latimes.com>; Maya Jackson Randall (Maya.Jackson-Randall@dowjones.com) <maya.jackson-randall@dowjones.com>; Carter Dougherty (cdougherty6@bloomberg.net) <cdougherty6@bloomberg.net>; Cheyenne Hopkins (cheyenne.hopkins@sourcemedia.com) <cheyenne.hopkins@sourcemedia.com>; Brady Dennis <dennisb@washpost.com>; Peter Schroeder (pschroeder@thehill.com) <pschroeder@thehill.com> Materials for Today's Background Briefing Mon Dec 20 2010 12:30:46 EST CFPB Org Chart DRAFT 121610.pdf CFPB Implementation Team Directory 122010.pdf
To:
Cc: Bcc:
Attached you will find two files we wanted you to have in hand for todays background briefing:
1. Current CFPB Implementation Team Staff Directory with all 100 team members and their functions. 2. Current draft of the CFPB org chart.
You may NOT republish or post online these documents in their current form. You may describe and reproduce this information, which includes having your graphics or art department redraw the org chart.
Please contact me if you have any questions.
Peter
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CFPB Implementation Team Directory 122010.pdf (Attachment 2 of 2)
Obtained via FOIA by Judicial Watch, Inc. CFPBIMPLEMENTATION TEAM STAFFDIRECTORY

FIRST Wally Steve Alex Pam April John Amy Charles Gail Tim Matthew Michael Anna Diane Deidra Edwin Kelly John Nani Raymond Chuck Eben Raj Sharon Marilyn Jane Darian Mark Brandace Leandra Elizabeth (Eli) Ashley Andrew Josh Jane Dan Liz Rachael Mike Stephanie Laurie Jamice Gary Pam Maria Linda Alice Eugene LAST Adeyemo Antonakes Blenkinsopp Blumenthal Breslaw Brolin Brown Brown Burden Burniston Burton Campbell Canfield Cantrell Chandler Chow Cochran Coleman Coloretti Coyle Cross Darling Date Decker Dickman Dokko Dorsey Egerman Elliott English Erickson Evans Fay Galicki Gao Geldon Glaser Goldfarb Gordon Gorski Gregorio Hammonds Hancock Harpe Hart Horowitz Hrdy Huang FUNCTION Chief of Staff Bank Supervision Communications Rulemaking Bank Supervision Rulemaking GC Human Capital Human Capital Bank Supervision Technology Innovation Bank Supervision Chief of Staff Operations Consumer Response Bank Supervision Rulemaking GC Management Lead Human Capital Non-Depository Supervision Consumer Response Front Office Bank Supervision Human Capital Research Consumer Response Credit Cards Administrative Support Outreach Budget Policy Intern Consumer Response Procurement Rulemaking Front Office Human Capital Technology Innovation Enforcement FOIA/Privacy/Records Technology Innovation Administrative Support Bank Supervision Human Capital Human Capital GC Fair Lending/Enforcement Technology Innovation
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FIRST James Monica Peter Nick Lynn Steve Wayne Rich Ori Alejandra Ben Mira Alyssa Adam Zixta Patricia Christine Juan Sean Lucy Lea Sheila Meredith Alexander Scott Walter Garry Deborah Mariana Felicia Tom R. Colgate David Dennis Rebecca Nick Claire Nathan Patrick James Andrew Kevin Peggy Elizabeth Amanda Julie Steven Merici LAST Hupp Jackson Jackson Krafft Kim Lauderdale Leiss Lepley Lev Lopez-Fernandini Mann Marshall Martin Martinez Martinez McCoy Megee Mestre Miller Morris Mosena Nelson Osborn Plunkett Pluta Rahmey Reeder Reilly Rexroth Royster Scanlon Selden Silberman Slagter Smullin Smyth Stapelton Sterken Tierney Tingwald Trueblood Tucker Twohig Vale Vail Vanderslice Van Meter Vinton FUNCTION Technology Innovation Administrative Support Front Office Non-Depository Supervision Human Capital FOIA/Records Technology Innovation GC Enforcement Research/Financial Ed Management Bank Supervision Front Office Human Capital Outreach Non-Depository Supervision Human Capital Operations Policy Intern Enforcement GC Administrative Support Policy Analysis Human Capital Consumer Response DO Fellow Markets Consumer Response Bank Supervision Human Capital GC Rulemaking Credit Cards Human Capital Consumer Response Policy Analysis Privacy Technology Innovation DO Fellow Human Capital Consumer Response Administrative Support Non-Depository Supervision Mortgage/Credit Card General Counsel Non-Depository Supervision GC Technology Innovation
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FIRST Elizabeth Anya John Victor LAST Warren Williams Yuda Zapanta FUNCTION Front Office Administrative Support Technology Innovation Technology Innovation
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From: Jackson, Peter (CFPB) </o=ustreasury/ou=exchange administrative group (fydibohf23spdlt)/cn=recipients/cn=jacksonpe> Jackson, Peter (CFPB) </o=ustreasury/ou=exchange administrative group (fydibohf23spdlt)/cn=recipients/cn=jacksonpe> Bill Swindell (BSwindell@nationaljournal.com) <bswindell@nationaljournal.com>; Brady Dennis (dennisb@washpost.com) <dennisb@washpost.com>; Carter Dougherty (cdougherty6@bloomberg.net) <cdougherty6@bloomberg.net>; Cheyenne Hopkins (cheyenne.hopkins@sourcemedia.com) <cheyenne.hopkins@sourcemedia.com>; Dan Wagner (DWagner@ap.org) <dwagner@ap.org>; Dave Clark (David.C.Clarke@thomsonreuters.com) <david.c.clarke@thomsonreuters.com>; Solomon, Deborah <deborah.solomon@wsj.com>; Jim Puzzanghera (Jim.Puzzanghera@latimes.com) <jim.puzzanghera@latimes.com>; Maya Jackson Randall (Maya.Jackson-Randall@dowjones.com) <maya.jackson-randall@dowjones.com>; Peter Schroeder (pschroeder@thehill.com) <pschroeder@thehill.com>; Ryan Grim (ryan@huffingtonpost.com) <ryan@huffingtonpost.com>; Shahien Naisiripour (shahien@huffingtonpost.com) <shahien@huffingtonpost.com> Background Briefing on CFPB Organization and Hiring Fri Dec 17 2010 18:34:11 EST
To:
Cc: Bcc:
Subject: Date: Attachments: All
I wanted to give you a heads up that were looking to organize a background briefing with two senior CFPB implementation team members for you on Monday, December 20, at 1pm via teleconference. We want to provide you an update on our operations and personnel and the opportunity to ask questions on those topics.
Please let me know if youd like to participate. Ill provide call-in information and more details on format Monday morning.
Thanks and best wishes for the weekend.
Peter
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From: Geldon, Daniel (CFPB) </o=ustreasury/ou=exchange administrative group (fydibohf23spdlt)/cn=recipients/cn=geldond> LeCompte, Jenni </o=ustreasury/ou=do/cn=do resources/cn=user accounts/cn=standard users/cn=engebretsenj>; Adeyemo, Adewale (Wally) (CFPB) </o=ustreasury/ou=do/cn=do resources/cn=user accounts/cn=standard users/cn=adeyemoa>; Adamske, Steven </o=ustreasury/ou=exchange administrative group (fydibohf23spdlt)/cn=recipients/cn=adamskes> Jackson, Peter (CFPB) </o=ustreasury/ou=exchange administrative group (fydibohf23spdlt)/cn=recipients/cn=jacksonpe> RE: CFPB 101 Person Party Wed Dec 15 2010 15:01:08 EST
To:
Cc:
We are in the process of nailing down for sure, but the reporter would be Brady Dennis. The goal is for him to do a blog post that mentions the staff milestone, Barneys appearance at the party, and maybe also this weeks hiring announcements.
Dan
From: LeCompte, Jenni Sent: Wednesday, December 15, 2010 2:58 PM To: Adeyemo, Adewale (Wally) (CFPB); Adamske, Steven Cc: Geldon, Daniel (CFPB); Jackson, Peter (CFPB) Subject: Re: CFPB 101 Person Party
Thanks Wally. I am out tomorrow but appreciate the invite. Are you planning any press on the 101 milestone beyond the WaPo there OTR? Seems like it could be a fun blog hit if nothing else. And re: WaPo - is this for a larger piece they are working on? Who is the reporter?
_____ From: Adeyemo, Adewale (Wally) (CFPB) To: LeCompte, Jenni; Adamske, Steven Cc: Geldon, Daniel (CFPB); Jackson, Peter (CFPB) Sent: Wed Dec 15 13:52:01 2010
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Subject: RE: CFPB 101 Person Party Looping in Adamske.
From: Adeyemo, Adewale (Wally) (CFPB) Sent: Wednesday, December 15, 2010 1:48 PM To: LeCompte, Jenni; Antonakes, Steve (CFPB) Cc: Geldon, Daniel (CFPB); Jackson, Peter (CFPB) Subject: CFPB 101 Person Party
Hey Jenni and Steve,
I wanted to give you an FYI that were having a holiday/101 person party at CFPB tomorrow. Chairman Frank will be in attendance. Similarly to our previous event, we also plan on inviting a WaPo reporter (off the record w/ quote clearance). I plan on sending staff an email to notify them of the reporters presence at the event. Of course you are both invited to join us tomorrow.
Thanks,
Wally
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From: Jackson, Peter (CFPB) </o=ustreasury/ou=exchange administrative group (fydibohf23spdlt)/cn=recipients/cn=jacksonpe> dennisb@washpost.com <dennisb@washpost.com>
Re: coffee Wed Nov 17 2010 19:12:09 EST
Monday is better than Friday, but I could make either work.
----- Original Message ----From: (b) (6) <(b) (6) To: Jackson, Peter (CFPB) Sent: Wed Nov 17 19:10:01 2010 Subject: Re: coffee Hey Peter. Tomorrow's looking tough, but maybe Friday or Monday? On Wed, Nov 17, 2010 at 2:25 PM, <Peter.Jackson@do.treas.gov> wrote: > Any daylight in your schedule between now and Turkey day? > > -----Original Message----> From: (b) (6) On Behalf > Of Brady Dennis > Sent: Monday, November 15, 2010 9:21 AM > To: Jackson, Peter (CFPB) > Subject: Re: coffee > > Ok, cool. I'll see how things are looking deadline-wise this afternoon, and > maybe 4 p.m. works. Otherwise, let's find another time that works in the > next couple of days. Apologies for the change.... > > On Mon, Nov 15, 2010 at 9:19 AM, <Peter.Jackson@do.treas.gov> wrote: > > > Later today or tomorrow is no problem. Sorry, can't do lunch today. I'm > > free after 4pm today and have some windows before then. Tomorrow is a bit > > more open. >> > > Peter >> >> >> >> >> > > ----- Original Message ----> > From: (b) (6) <(b) (6) > > To: Jackson, Peter (CFPB)
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> > Sent: Mon Nov 15 09:06:45 2010 > > Subject: coffee >> > > Hey Peter. Wanted to see if we could shift coffee to either later today > or > > perhaps tomorrow? If that's a problem, I can still make it at 10 today, > > just > > might be kinda tight. >> > > Also, if you are available for lunch today, that might work well for > me.... >> > > Thanks, > > Brady >> > > -> > Brady Dennis > > The Washington Post > > dennisb@washpost.com > > (b) (6) >> > > > > -> Brady Dennis > The Washington Post > dennisb@washpost.com > (b) (6) >

(b) (6)
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From: Howard, Jennifer (CFPB) </o=ustreasury/ou=exchange administrative group (fydibohf23spdlt)/cn=recipients/cn=howardje> dennisb@washpost.com <dennisb@washpost.com>
Re: hey Tue Feb 01 2011 17:24:49 EST
I have black glasses...I will see you there! ----- Original Message ----From: (b) (6) To: Howard, Jennifer (CFPB) Sent: Tue Feb 01 17:18:49 2011 Subject: Re: hey Works for me... On Tue, Feb 1, 2011 at 5:11 PM, <Jennifer.Howard@treasury.gov> wrote: > Here you go! > > Sure, have you been to Dirty Martini yet?? > > Jen Howard > Senior Spokesperson > Consumer Financial Protection Bureau Implementation Team > E: Jennifer.Howard@treasury.gov > O: 202-435-7454 > C: (b) (6) > > > -----Original Message----> From: (b) (6) On Behalf Of Brady Dennis > Sent: Tuesday, February 01, 2011 5:08 PM > To: Howard, Jennifer (CFPB) > Subject: hey > > hey jen. doing an item on Holly Petraeus letter. do you have this > separate letter she sent Jamie Dimon? thanks. > > Also, 7 p.m. okay? I'm up for whatever. Wanna try somewhere near Dupont Circle? > > -> Brady Dennis > The Washington Post > dennisb@washpost.com > (b) (6) > <(b) (6)
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(b) (6)
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To: Cc: Bcc: Subject: Date: Attachments: Ha!
Re: hey Tue Feb 01 2011 17:27:26 EST
----- Original Message ----From: (b) (6) To: Howard, Jennifer (CFPB) Sent: Tue Feb 01 17:26:25 2011 Subject: Re: hey
<(b) (6)
I have on white shirt, navy-and-pink tie, martini in left hand.... On Tue, Feb 1, 2011 at 5:24 PM, <Jennifer.Howard@treasury.gov> wrote: > I have black glasses...I will see you there! > > ----- Original Message ----> From: (b) (6) <(b) (6) > To: Howard, Jennifer (CFPB) > Sent: Tue Feb 01 17:18:49 2011 > Subject: Re: hey > > Works for me... > > On Tue, Feb 1, 2011 at 5:11 PM, <Jennifer.Howard@treasury.gov> wrote: >> Here you go! >> >> Sure, have you been to Dirty Martini yet?? >> >> Jen Howard >> Senior Spokesperson >> Consumer Financial Protection Bureau Implementation Team >> E: Jennifer.Howard@treasury.gov >> O: 202-435-7454 >> C: (b) (6) >> >> >> -----Original Message---->> From: (b) (6) On Behalf Of Brady Dennis >> Sent: Tuesday, February 01, 2011 5:08 PM >> To: Howard, Jennifer (CFPB) >> Subject: hey >> >> hey jen. doing an item on Holly Petraeus letter. do you have this >> separate letter she sent Jamie Dimon? thanks.
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>> >> Also, 7 p.m. okay? I'm up for whatever. Wanna try somewhere near Dupont Circle? >> >> ->> Brady Dennis >> The Washington Post >> dennisb@washpost.com >> (b) (6) >> > > > > -> Brady Dennis > The Washington Post > dennisb@washpost.com > (b) (6) >

(b) (6)
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Re: hey Tue Feb 01 2011 08:18:29 EST
That works great! What time do you want to meet? ----- Original Message ----From: (b) (6) To: Howard, Jennifer (CFPB) Sent: Tue Feb 01 08:10:05 2011 Subject: hey <(b) (6)
still looking okay for drinks this evening, though i might have to head out by 8 or just before. that okay or does lunch work better today? -Brady Dennis The Washington Post dennisb@washpost.com
(b) (6)
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To:
RE: When are we sending speech to reporters? Thu Oct 28 2010 11:27:36 EDT
Just tried you. About to head out to Google, so if you call back please wait 15 minutes or so... Here are the reporters who have asked me for advanced copies of the speech thus far: Dan Wagner Maya Jackson Randall Carter Dougherty Cecilia Kang Christine Dugas Brady Dennis
-----Original Message----From: Geldon, Daniel Sent: Thursday, October 28, 2010 11:04 AM To: Jackson, Peter Subject: RE: When are we sending speech to reporters? It should be ready in 30-60 minutes. Is there any value in holding until early afternoon though? Call if you can to discuss. -----Original Message----From: Jackson, Peter Sent: Thursday, October 28, 2010 11:03 AM To: Geldon, Daniel Subject: When are we sending speech to reporters?
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From: Howard, Jennifer (CFPB) </o=ustreasury/ou=exchange administrative group (fydibohf23spdlt)/cn=recipients/cn=howardje> Jackson, Peter (CFPB) </o=ustreasury/ou=exchange administrative group (fydibohf23spdlt)/cn=recipients/cn=jacksonpe>
To:
Fri May 06 2011 12:21:28 EDT EW Media May 9.docx
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To:
RE: Tomorrow's Media Thing at 11am Fri Oct 22 2010 13:06:17 EDT
Im printing and framing this email, btw.
From: Geldon, Daniel Sent: Thursday, October 21, 2010 7:02 PM To: Jackson, Peter Subject: RE: Tomorrow's Media Thing at 11am
Well done!
Maya Jackson-Randall (Dow Jones) - YES Dan Wagner (AP) - YES Ian Katz (Bloomberg) - YES David Clarke (Reuters) - YES Brady Dennis (WaPo) - LM Joe Adler (American Banker) YES Ed Wyatt (NYT) - YES
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To:
Cc: Bcc: Subject: Date: Attachments: Ha
RE: Tomorrow's Media Thing at 11am Fri Oct 22 2010 13:10:31 EDT
From: Jackson, Peter Sent: Friday, October 22, 2010 1:06 PM To: Geldon, Daniel Subject: RE: Tomorrow's Media Thing at 11am
Im printing and framing this email, btw.
From: Geldon, Daniel Sent: Thursday, October 21, 2010 7:02 PM To: Jackson, Peter Subject: RE: Tomorrow's Media Thing at 11am
Well done!
Maya Jackson-Randall (Dow Jones) - YES Dan Wagner (AP) - YES
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From: Warren, Elizabeth </o=ustreasury/ou=exchange administrative group (fydibohf23spdlt)/cn=recipients/cn=warrene> Jackson, Peter </o=ustreasury/ou=exchange administrative group (fydibohf23spdlt)/cn=recipients/cn=jacksonpe>
To:
Beat Reporters - Tour Thu Oct 21 2010 19:04:18 EDT
When: Friday, October 22, 2010 11:00 AM-11:30 AM (UTC-05:00) Eastern Time (US & Canada). Note: The GMT offset above does not reflect daylight saving time adjustments. *~*~*~*~*~*~*~*~*~* Maya Jackson-Randall (Dow Jones) Dan Wagner (AP) Ian Katz (Bloomberg) David Clarke (Reuters) Brady Dennis (WaPo) - possibly Joe Adler (American Banker) Ed Wyatt (NYT) Tom Braithwaite (FT) Jim Puzzanghera (LA Times)
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To:
Cc: Bcc: Subject: Date: Attachments: D/S/PD
Invite List for Friday Thu Oct 21 2010 14:44:26 EDT
Would like to invite all of theseat least a handful Im sure wouldnt be able to attend. I can explain Clarke (Reuters) and Borak (AB).
Maya Jackson-Randall (Dow Jones) Dan Wagner (AP) Ian Katz (Bloomberg) David Clarke (Reuters) Deborah Solomon (WSJ) Brady Dennis (WaPo) Donna Borak (American Banker) Ed Wyatt (NYT) Tom Braithwaite (FT) Jim Puzzanghera (LA Times) Michael Kranish (Boston Globe)
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From: To: None Michalosky, Martin (CFPB) </o=ustreasury/ou=exchange administrative group (fydibohf23spdlt)/cn=recipients/cn=michaloskym>
RE: CFPB FOIA Request 2011-03-093
MartyA couple of notes:

(b)(5)
From: Michalosky, Martin (CFPB) Sent: Thursday, May 26, 2011 4:00 PM To: Adeyemo, Adewale (Wally) (CFPB); Jackson, Peter (CFPB); Howard, Jennifer (CFPB); Geldon, Daniel (CFPB); Fuchs, Meredith (CFPB); Lepley, Richard (CFPB); Kitt, Brett (CFPB); Gordon, Michael (CFPB) Cc: Holzerland, William (CFPB); Canfield, Anna (CFPB) Subject: CFPB FOIA Request 2011-03-093 Good afternoon, Treasury SR has cleared this package for release and I wanted to send it through you for comments, concerns, or questions. Please review the attached and provide comments or concerns by 3:30 PM tomorrow afternoon. Please do not hesitate to contact me. Thank you. Marty Michalosky Consumer Financial Protection Bureau (CFPB) implementation team Department of the Treasury Phone: 202-435-7198 Email: Martin.Michalosky@treasury.gov
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From: Cordray, Richard (CFPB) </o=ustreasury/ou=exchange administrative group (fydibohf23spdlt)/cn=recipients/cn=cordrayr> Geldon, Daniel (CFPB) </o=ustreasury/ou=exchange administrative group (fydibohf23spdlt)/cn=recipients/cn=geldond>; Howard, Jennifer (CFPB) </o=ustreasury/ou=exchange administrative group (fydibohf23spdlt)/cn=recipients/cn=howardje>
To:
RE: WaPo Quotes to Clear by 2 pm Tue Mar 29 2011 14:30:41 EDT
Fine to me, better with Dans changes RC
From: Geldon, Daniel (CFPB) Sent: Tuesday, March 29, 2011 11:39 AM To: Howard, Jennifer (CFPB); Cordray, Richard (CFPB) Subject: RE: WaPo Quotes to Clear by 2 pm
Tracks attached.
From: Howard, Jennifer (CFPB) Sent: Tuesday, March 29, 2011 10:48 AM To: Cordray, Richard (CFPB); Geldon, Daniel (CFPB) Subject: WaPo Quotes to Clear by 2 pm
Rich/Dan-
Can you take a look at the attached doc? These are the quotes and facts that Brady Dennis wants to clear. He is requesting that we get something back to him by 2. He thinks it will run tomorrow.
Jen Howard Senior Spokesperson
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Consumer Financial Protection Bureau Implementation Team E: Jennifer.Howard@treasury.gov O: 202-435-7454 C: (b) (6)
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From: Geldon, Daniel (CFPB) </o=ustreasury/ou=exchange administrative group (fydibohf23spdlt)/cn=recipients/cn=geldond> Jackson, Peter (CFPB) </o=ustreasury/ou=exchange administrative group (fydibohf23spdlt)/cn=recipients/cn=jacksonpe>
To:
RE: Google Alert - "Consumer Financial Protection Bureau" Wed Jan 05 2011 06:43:23 EST
Yep - I didnt end up talking to Brady, did you?
From: Jackson, Peter (CFPB) Sent: Tuesday, January 04, 2011 10:35 PM To: Geldon, Daniel (CFPB); Adeyemo, Adewale (Wally) (CFPB) Subject: Fw: Google Alert - "Consumer Financial Protection Bureau"
Good one...
_____ From: Google Alerts <googlealerts-noreply@google.com> To: Jackson, Peter (CFPB) Sent: Tue Jan 04 22:28:24 2011 Subject: Google Alert - "Consumer Financial Protection Bureau" News 1 new result for "Consumer Financial Protection Bureau"
Holly Petraeus will lead Consumer Financial Protection Bureau's Office for ... Washington Post By Brady Dennis In an ongoing push to fill key positions within the new Consumer Financial Protection Bureau, presidential adviser Elizabeth Warren plans to ... See all stories on this topic
_____ Tip: Use site restrict in your query to search within a site (site:nytimes.com or site:.edu). Learn more.
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Remove this alert. Create another alert. Manage your alerts.
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From: Jackson, Peter (CFPB) </o=ustreasury/ou=exchange administrative group (fydibohf23spdlt)/cn=recipients/cn=jacksonpe> Adeyemo, Adewale (Wally) (CFPB) </o=ustreasury/ou=do/cn=do resources/cn=user accounts/cn=standard users/cn=adeyemoa> Geldon, Daniel (CFPB) </o=ustreasury/ou=exchange administrative group (fydibohf23spdlt)/cn=recipients/cn=geldond> RE: Reminders and Team Photo Fri Dec 17 2010 12:29:32 EST
To:
Cc:
(WallyThought it might be appropriate to send such a message to the team. Bradys piece will go online in a few hours.)
Team
As Wally mentioned below, a reporter joined us at last nights celebrationBrady Dennis of the Washington Post. He will be writing a blog post about the party as a glimpse into how far weve come as a team. We hope you enjoy the piece and just wanted to give you a heads up to expect to see it soon.
Thanks and best,
Peter
From: Adeyemo, Adewale (Wally) (CFPB) Sent: Thursday, December 16, 2010 4:38 PM To: CFPB Implementation Subject: Reminders and Team Photo
Team,
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I wanted to send a quick email with a few reminders. As people start to plan for the holidays, please make sure to let your team leaders know your vacation schedule. In order to make sure that work can continue while you are gone, please make sure that critical documents are placed on the shared drive or sharepoint.
Please find attached a copy of the picture that we took yesterday. Its amazing to see how fast our team has grown. As we grow, its important that we all remain aware that in order to fit more bodies into our current space many of us will be asked to move or share space. Starting on Monday, conference room 533 will be converted to office space. We will also start to double many of our large offices. Thank you for your continued understanding as we attempt to fit more people into our space.
I wanted to remind you all of our staff party tonight. It will be a good opportunity to take a second and recognize all the great work we have done. In addition to our special guest today, I wanted to let you know that a reporter will be attending the party. He will be observing quietly and wont report on anything from the event without our clearance. His presence should in no way interfere with our celebration.
I look forward to seeing you at the party.
Wally
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From: Banks, Dominique (CFPB) </o=ustreasury/ou=exchange administrative group (fydibohf23spdlt)/cn=recipients/cn=banksd> Burke, Catherine (CFPB) </o=ustreasury/ou=exchange administrative group (fydibohf23spdlt)/cn=recipients/cn=burkec> Twohig, Peggy (CFPB) </o=ustreasury/ou=do/cn=recipients/cn=twohigp> FW: NEW: FOIA REQUEST CFPB-2011-0012 Tue Sep 13 2011 12:19:08 EDT image003.jpg image002.jpg original request.pdf
To:
Catherine:
I anticipate the request being perfected by COB today and you will receive it formally in another email. In the interim, question 4 has not changed and I would like you to start gathering copies of Peggy Twohig, Assistant Director for Non-Bank Supervision, calendar from Jan. 1, 2011 to July 31, 2011. If you have any questions about the process, collection of records, or the search criteria, please feel free to contact me at (202) 435-7359.
Thank you
Dominique A. Banks FOIA Analyst Office of Records, Privacy & FOIA Phone: (202) 435-7359 Email: Dominique.Banks@cfpb.gov
logo.jpg
From: Banks, Dominique (CFPB) Sent: Wednesday, August 31, 2011 3:10 PM
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To: Twohig, Peggy (CFPB); Burke, Catherine (CFPB) Subject: NEW: FOIA REQUEST CFPB-2011-0012
FOIA REQUEST RECORD SEARCH (FOIA # CFPB-2011-0012 )
The Consumer Financial Protection Bureau (CFPB) received a Freedom of Information Act (FOIA) request from Carter Doughtery on August 30, 2011. Please conduct a reasonable search and provide all responsive records no later than Monday, September 5, 2011.
A reasonable search can be defined as a search for all relevant records, both electronic and hardcopy, that is in your possession or your offices possession at the time of the request. The FOIA does not require you to create documents for a response. If the documents requested cannot be reasonably obtained by searching your files or your offices files, than a simple email is required stating that you or your office does not have any responsive documents to answer the request.
The requester has segregated his request into seven questions. Questions 2 and 4 are pertaining to your office. Please only answer question 4 until I receive clarification from the requester regarding the search terms and criteria for the rest of the request.
Question 4 asks for copies of Peggy Twohig, Assistant Director for Non-Bank Supervision, calendar from Jan. 1, 2011 to July 31, 2011
Please follow the below instructions:
Conduct a thorough search of both electronic and hard copy records that you and/or your team may have access to. This includes shared network drives (G: and R: drives), filing cabinets, computer hard drives (your C: drive), etc. a. After reviewing the request, the FOIA Team recommends you use the following terms to focus your record search. The search terms should include, but are not limited to: [include terms here]. If you use other search terms, please notify the FOIA Team of the terms you used in your search. b. When searching for responsive records, please focus on the date range of [beginning date} through [ending date]. Do not deviate from this timeframe.
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c. d. If possible, submit responsive records in an electronic format via email. Please input FOIA Request [number] in your email to the FOIA Team.
e. If the records are too large to be sent via email, please contact the FOIA Team to determine the best course of action for these responsive records.
(2) Include the amount of time you spent searching for responsive records. Please provide the FOIA Team with your pay band and the time you spent searching for records (in 15 minute increments). This information is used for accounting purposes.
Your cooperation and assistance in this record search will facilitate the FOIA Team in meeting the timeliness goals established by the FOIA Statute. If you have any questions regarding the specific guidance on submitting documents please contact Dominique Banks at 202-435-7359 or at Dominique. Banks@cfpb.gov.
TOTAL SEARCH TIME EXPENDED Please indicate time within 15 min increments Pay Band/GS Equivalent ____________________ Search Time ____________________ Any other Costs (Identify)____________________
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original request.pdf (Attachment 3 of 3)

Chief FOIA Officer Consumer Financial Protection Bureau 1801 L. St., N.W. Washington, DC 20036 Aug. 30, 2011
BY EMAIL
FREEDOM OF INFORMATION ACT REQUEST Dear Sir or Madam: Pursuant to the Freedom of Information Act, 5 U.S.C. Section 552 et seq ("FOIA"), I request copies of (or access to) the following documents: 1. Communications, including but not limited to letters emails, meetings, calls and memoranda between Peggy Twohig , assistant director for non-bank supervision, and agencies of any of the 50 states regarding cooperation between states and the CFPB. 2. Communications, including but not limited to letters, emails, meetings, calls and memoranda between officials in the CFPB's Office of Intergovernmental Affairs and agencies of any of the 50 states regarding cooperation between states and the CFPB. 3. Communications, including but not limited to letters, emails, meetings, calls and memoranda between agencies of any of the 50 states and CFPB officials in the office of the Assistant Director of Enforcement, Richard Cordray, including but not limited to Richard Cordray, and Kent Marcus regarding cooperation between states and the CFPB. 4. Copies of the calendar of Peggy Twohig, assistant director for non-bank supervision, from Jan. 1, 2011 to July 31, 2011. 5. Communications, including but not limited to letters, emails, meetings, calls and memoranda between the CFPB's office of the General Counsel, Len Kennedy and agencies of any of the 50 states on the subject of preemption. 6. Communications, including but not limited to letters, emails, meetings, calls and memoranda between agencies of any of the 50 states and CFPB officials in the office of the Assistant Director of Enforcement, Richard Cordray, including but not limited to Richard Cordray, and Kent Marcus, on the subject of preemption. 7. Communications, including but not limited to letters, emails, meetings, calls and memoranda between officials in the CFPB's Office of Intergovernmental Affairs and agencies of any of the 50 states regarding cooperation between states and the CFPB, on the subject of preemption.
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original request.pdf (Attachment 3 of 3)

I am a reporter for Bloomberg News, an accredited and recognized newsgathering organization. I request the Records to inform the public about matters of public concern. FOIA requires that the your agency respond to this request within 20 business days. This request is segregable, and your agency may not withhold entire records because of one section that you believe is exempt from disclosure. Under federal law, if you choose to withhold any such parts of the records from disclosure, you must specify in a written response the factual and legal basis for withholding any part of the Records. In responding to FOIA requests, the agency must operate with a presumption in favor of disclosure. As stated in a January 21, 2009 Presidential Memorandum: All agencies should adopt a presumption in favor of disclosure, in order to renew their commitment to the principles embodied in FOIA, and to usher in a new era of open Government. I agree to pay reasonable fees for the Records, including actual costs up to $250. If you estimate that actual costs will exceed this amount, please contact me so that I may make the appropriate arrangements for payment. Please contact me if I may assist in your office's response to this request. My contacts are below.
Sincerely, Carter Dougherty Bloomberg News +1 202 624 1907 cdougherty6@bloomberg.net cc: Mike Tackett, Bureau Chief Charles Glasser, Esq., Global Media Counsel
AMSTERDAM ATLANTA BANKOK BEIJING BOGOTA BOMBAY BONN BOSTON BRASILIA BRISBANE BRUSSELS BUDAPEST BUENOS AIRES CALGARY CANBERRA CARACAS CHICAGO CLEVELAND COPENHAGEN DALLAS DENVER DETROIT DUBAI DUBLIN FRANKFURT GENEVA HANOI HONG KONG HOUSTON ISTANBUL JAKARTA JERUSALEM JOHANNESBURG KUALA LUMPUR LIMA LISBON LONDON LOS ANGELES MADRID MANILA MELBOURNE MEXICO CITY MIAMI MILAN MINNEAPOLIS MOSCOW MUMBAI NEW YORK OSAKA OTTAWA PALO ALTO PARIS PITTSBURGH PORTLAND PRAGUE PRINCETON ROME SAN FRANCISCO SANTIAGO SAO PAULO SEATTLE SEOUL SHANGHAI SINGAPORE STOCKHOLM SYDNEY TAIPEI TAMPA TEL AVIV TOKYO TORONTO VANCOUVER VIENNA WARSAW WASHINGTON DC WELLINGTON WILMINGTON ZURICH
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From: Howard, Jennifer (CFPB) </o=ustreasury/ou=exchange administrative group (fydibohf23spdlt)/cn=recipients/cn=howardje> Geldon, Daniel (CFPB) </o=ustreasury/ou=exchange administrative group (fydibohf23spdlt)/cn=recipients/cn=geldond>
To:
Cc: Bcc: Subject: rules Date: Attachments:
RE: WaPo: Business group wants a director in place before consumer bureau issues Tue Mar 01 2011 20:27:26 EST
Can we chat really quick? Im still at the office. I just want to make sure of something, and we have a small window to deal with this story
From: Geldon, Daniel (CFPB) Sent: Tuesday, March 01, 2011 8:26 PM To: Howard, Jennifer (CFPB) Subject: Re: WaPo: Business group wants a director in place before consumer bureau issues rules
I think at least we got our two graphs?
_____ From: Howard, Jennifer (CFPB) To: Geldon, Daniel (CFPB) Sent: Tue Mar 01 20:17:09 2011 Subject: FW: WaPo: Business group wants a director in place before consumer bureau issues rules
Page 2461 of 7675

So let me know what you think, definitely before talking to Brady.
From: Howard, Jennifer (CFPB) Sent: Tuesday, March 01, 2011 8:16 PM To: Adeyemo, Adewale (Wally) (CFPB); Geldon, Daniel (CFPB); Jackson, Peter (CFPB); Date, Rajeev (CFPB) Subject: WaPo: Business group wants a director in place before consumer bureau issues rules
Business group wants a director in place before consumer bureau issues rules By Brady Dennis Washington Post Staff Writer Tuesday, March 1, 2011; 7:29 PM Republican lawmakers and financial industry lobbyists lost their fight last year to halt the creation of the Consumer Financial Protection Bureau. But as the new watchdog takes shape, those critics have continued to question the bureau's precise role in the regulatory universe. The latest effort to limit the reach of the consumer bureau came Tuesday. The U.S. Chamber of Commerce sent a letter urging Treasury Secretary Timothy F. Geithner not to allow the bureau to issue new regulations if it does not have a permanent director in place by July 21, the date the bureau will officially open its doors. "We hope they'll sort of hit the pause button and not begin to regulate until the bureau is fully constituted," Jess Sharp, executive director of the chamber's Center for Capital Markets Competitiveness, told reporters. As anyone familiar with the bureau's short history knows, getting a Senate-confirmed director in place might take an awfully long time. Concerned that Harvard law professor Elizabeth Warren would face a contentious and drawn-out confirmation battle for the post, President Obama appointed her in September to a temporary post overseeing the formation of the bureau. Six months later, the bureau has hired more than 100 employees and secured prime new office space near the White House. But the president has yet to nominate a permanent director, and the politics of any Obama nominee navigating the Senate confirmation process has grown more complicated since
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Republicans gained seats in the fall elections. According to inspectors general for the Treasury and the Federal Reserve, Geithner could manage some - but not all - of the bureau's authorities until a confirmed director takes the helm. For instance, the secretary could proceed with examinations of banks bigger than $10 billion and make sure they are complying with consumer protections laws, but he couldn't prescribe new rules for nonbank financial firms. Treasury officials also say they have authority to undertake "advance notices of proposed rulemaking," which would not institute formal rules but would both allow officials to gather comment from industry officials and notify businesses of rules that could come down the pipeline. "We're not trying to create an indefinite delay," Sharp said Tuesday. "We [just] don't want a situation where there's a brief burst of enforcement or regulation out of the Department of Treasury and then find out we have a confirmed director who may want to head in a different direction." The Chamber of Commerce letter was signed by a collection of industry groups, including the Financial Services Roundtable. It included a number of warnings that critics of the new bureau have reiterated over the past year and a half - namely, that moving too quickly could result in duplicative regulation for small businesses and increase the cost of credit for businesses and consumers alike. It also came amid a series of hearings by the Republican-led House Financial Services Committee to examine the economic impact of last year's financial overhaul legislation. Later this month, Warren will testify before that committee in a hearing about oversight of the bureau. Neither Treasury nor consumer bureau officials would comment Tuesday about efforts to slow the bureau's rulemaking efforts or alter its funding. But it's clear that Warren, who has aggressively courted industry groups and key Republican lawmakers, has no intention of putting on the brakes. "I look forward to testifying about . . . how the consumer bureau's focus on transparency can make the markets work better for consumers and small providers alike," Warren said Tuesday in remarks to the Credit Union National Association. Later in the day, Warren sent a letter to two members of the House committee in which she reiterated that "our interactions with small financial services providers have had a real impact on the work we are doing" and that "we've taken every opportunity to let small companies know that this office is open to them." http://www.washingtonpost.com/wp-dyn/content/article/2011/03/01/AR2011030106059_pf.html
Page 2463 of 7675
email communication.pdf (Attachment 1 of 3)

From: To: Subject: Date: CARTER DOUGHERTY, BLOOMBERG/ NEWSROOM: Banks, Dominique (CFPB) RE: Re:FOIA request Thursday, September 01, 2011 11:47:11 AM
Dominique, Okay, two clarifications on this: 1. Let's drop the reference to "calls" here and go with the other means of communications we have listed/discussed. 2. Let's replace state agencies with the following: Conference of State Banking Supervisors Iowa Division of Banking Louisiana Office of Financial Institutions National Association of State Attorneys General Attorney General of North Carolina Attorney General of Iowa Attorney General of Illinois Attorney General of Indiana Attorney General of Massachusetts Attorney General of New York Attorney General of Michigan Attorney General of Connecticut Thanks, Carter
-----------------------------------------------------------Carter Dougherty Bloomberg News Consumer Finance Reporter - DC o. +1 202 624 1907 c. (b) (6) ----- Original Message ----From: Dominique Banks <Dominique.Banks@cfpb.gov> To: CARTER DOUGHERTY (BLOOMBERG/ NEWSROOM:) At: 8/31 15:43:28 Carter: I understand... In theory, you could ask for call logs or even public calendars of the officials that you are requesting information from. A calendar would provide you with a time, date, and the individuals that were involved in the conference call. If you decide that you want call logs, you would need to have specific phone numbers in order for us to perform the search. I hope this information helps you clarify the search. Let me know if you have any more questions.
Page 2945 of 7675

Thank you
-----Original Message----From: CARTER DOUGHERTY, BLOOMBERG/ NEWSROOM: [mailto:cdougherty6@bloomberg.net] Sent: Wednesday, August 31, 2011 3:30 PM To: Banks, Dominique (CFPB) Subject: RE: Re:FOIA request Dominique, Thanks for this. I'll get on a clarification for the regulators. What would be a useful/practical way to clarify "calls"? I was trying to capture the sort of communications that one reads about, e.g., on Elizabeth Warren's public calendar: call to Joe Smith or some such. Thanks, Carter -----------------------------------------------------------Carter Dougherty Bloomberg News Consumer Finance Reporter - DC o. +1 202 624 1907 c. (b) (6) ----- Original Message ----From: Dominique Banks <Dominique.Banks@cfpb.gov> To: CARTER DOUGHERTY (BLOOMBERG/ NEWSROOM:) At: 8/31 12:21:28 Carter: As discussed in our phone conversation, the search terms within the original request was considered too broad and needed clarification in order for the CFPB to fully answer your request. The phrase, "Communications, including but not limited to letters, emails, meetings, calls, and memoranda..." mentioned in all of the questions except for question 4, was narrowed removing the word "including", and interpreting the word "communications" to include letters, draft and final; emails; meetings; calls; and memoranda. Secondly, the phrase "...agencies of any of the 50 states..." mentioned in all of the questions except for question 4, was tapered to the Attorney Generals in each of the 50 states and the banking regulators. We discussed the need of a search timeframe for all of the questions except for question 4, and you provided me with the span from November 1, 2010 through July 31, 2011. After performing some research and reading the FOIA again, there are search terms that were previously discussed and phrases that still need to be further clarified in order for us to provide you with all of the records that you requested. I found that currently there is no such office named the Office of Intergovernmental Affairs and there are no officials appointed to positions that would support the intent of this type of office. Until you provide me with specific individuals that you are seeking information relating to questions 2 and 7, the CFPB cannot answer that portion of the request. I then
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spoke with the Office of Enforcement and the title/organization of "banking regulators" is considered ambiguous and needs some clarification before we can perform a search for that information. It was explained that each state does have organizations/agencies that regulate banks but all of their offices are not generically labeled "banking regulators." To process that portion of your request we would need specific names of banking regulators in each of the 50 states. Lastly, in reviewing the language of the request again in question 1 the search term "calls" needs more specificity before performing a search for that term. A "call" would be considered similar to the conversation that we had today. The CFPB can perform a reasonable search for question 4 without clarification. The rest of your request is still "unperfected", and until further clarification we cannot perform that portion of the search. Thank you Dominique A. Banks FOIA Analyst Office of Privacy, Information Disclosure (FOIA), Records, & Transparency Phone: (202) 435-7359 Email: Dominique.Banks@cfpb.gov
-----Original Message----From: CARTER DOUGHERTY, BLOOMBERG/ NEWSROOM: [mailto:cdougherty6@bloomberg.net] Sent: Wednesday, August 31, 2011 11:07 AM To: Banks, Dominique (CFPB) Subject: RE: Re:FOIA request Dominique, Got your email - go ahead and email me to confirm. That's fine by me as you outlined it in yoru phone message. Thanks, Carter -----------------------------------------------------------Carter Dougherty Bloomberg News Consumer Finance Reporter - DC o. +1 202 624 1907 c. (b) (6) ----- Original Message ----From: Dominique Banks <Dominique.Banks@cfpb.gov> To: CARTER DOUGHERTY (BLOOMBERG/ NEWSROOM:) At: 8/31 10:21:08 Thank you so much Dominique A. Banks FOIA Analyst Office of Privacy, Information Disclosure (FOIA), Records, & Transparency Phone: (202) 435-7359 Email: Dominique.Banks@cfpb.gov
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-----Original Message----From: CARTER DOUGHERTY, BLOOMBERG/ NEWSROOM: [mailto:cdougherty6@bloomberg.net] Sent: Wednesday, August 31, 2011 10:19 AM To: Banks, Dominique (CFPB) Subject: RE: Re:FOIA request Here you go, with a few notes in brackets from me. Tweak it as need be. Best, Carter -----------------------------------------------------------Carter Dougherty Bloomberg News Consumer Finance Reporter - DC o. +1 202 624 1907 c. (b) (6) ----- Original Message ----From: Dominique Banks <Dominique.Banks@cfpb.gov> To: CARTER DOUGHERTY (BLOOMBERG/ NEWSROOM:) At: 8/30 16:28:30 Carter: We just got it. We will look over it tomorrow and be in contact with you. Have a wonderful evening. Thanks Dominique A. Banks FOIA Analyst Office of Privacy, Information Disclosure (FOIA), Records, & Transparency Phone: (202) 435-7359 Email: Dominique.Banks@cfpb.gov
-----Original Message----From: CARTER DOUGHERTY, BLOOMBERG/ NEWSROOM: [mailto:cdougherty6@bloomberg.net] Sent: Tuesday, August 30, 2011 4:23 PM To: Banks, Dominique (CFPB) Subject: RE: Re:FOIA request Dominique, I faxed another FOIA today to 435-7244. Let me know it arrived? Thanks, Carter ----- Original Message ----From: CARTER DOUGHERTY (BLOOMBERG/ NEWSROOM:) To: Dominique.Banks@cfpb.gov At: 8/30 9:52:43 Dominique, Are you around today? I had a quick question on how I should word a FOIA request, and would appreciate a word of advice.
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Thanks, Carter -----------------------------------------------------------Carter Dougherty Bloomberg News Consumer Finance Reporter - DC o. +1 202 624 1907 c. (b) (6) ----- Original Message ----From: Dominique Banks <Dominique.Banks@cfpb.gov> To: CARTER DOUGHERTY (BLOOMBERG/ NEWSROOM:) At: 8/05 13:12:53 Carter: That is all that I need. I have deemed the request perfected and we will start the search. If we do not communicate anymore today, have a good weekend. Thanks again
-----Original Message----From: CARTER DOUGHERTY, BLOOMBERG/ NEWSROOM: [mailto:cdougherty6@bloomberg.net] Sent: Friday, August 05, 2011 12:27 PM To: Banks, Dominique (CFPB) Subject: Re:FOIA request Dominique, Thanks for checking in. Here are the lists: Associations American Bankers Association Financial Services Roundtable Consumer Bankers Association U.S. Chamber of Commerce Independent Community Bankers of America The Clearing House Credit Union National Association Mortgage Bankers Association Securities Industries and Financial Markets Association National Association of Federal Credit Unions Mid-Size Bank Coalition of America As for members of the associations, let's limit it to this list: Wells Fargo & Co.
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Bank of America Corp. JPMorgan Chase & Co. Citigroup Inc. Capital One Financial US Bank (aka US Bancorp) law firms: Sullivan & Cromwell WilmerHale (aka Wilmer, Cutler, Pickering, Hale & Dorr) Wilkie, Farr & Gallagher Does this do it? Thanks, Carter -----------------------------------------------------------Carter Dougherty Bloomberg News Consumer Finance Reporter - DC o. +1 202 624 1907 c. (b) (6) ----- Original Message ----From: Dominique Banks <Dominique.Banks@cfpb.gov> To: CARTER DOUGHERTY (BLOOMBERG/ NEWSROOM:) At: 8/05 12:18:44 Carter Dougherty: Thank you for being so responsive and agreeing to "perfect" your request. As discussed, statements within question 2, "...business groups including, but not limited to..." and "...or their legal representatives, e.g. lawyers" were up for interpretation and needed further clarification before any search for records could begin. You have agreed to review Elizabeth Warren's calendar to look for names of other specific business groups and "some places" to find the legal representatives, e.g. lawyers, for the business groups that you seek. When I receive that information from you and the request has been deemed "perfected", the search for records will begin and the 20 business day timeline will start. If you have any questions or concerns, please feel free to contact me at (202) 4357359 or at Dominique.Banks@cfpb.gov<mailto:Dominique.Banks@cfpb.gov>. Thank you for all of your efforts in advance
Dominique A. Banks FOIA Analyst Office of Privacy, Information Disclosure (FOIA), Records, & Transparency Phone: (202) 435-7359 Email: Dominique.Banks@cfpb.gov [cid:image002.jpg@01CC5369.B4DD5F60]
Page 2950 of 7675

From: Smyth, Nick (CFPB) </o=ustreasury/ou=exchange administrative group (fydibohf23spdlt)/cn=recipients/cn=smythn> Jackson, Peter (CFPB) </o=ustreasury/ou=exchange administrative group (fydibohf23spdlt)/cn=recipients/cn=jacksonpe>
To:
Cc: Bcc: Subject: Date: Attachments: Peter,
RE: Reminders and Team Photo Fri Dec 17 2010 16:06:25 EST
This is really fantastic and strikes me as a great recruiting tool. I have to say that I was skeptical when I heard that a reporter was coming to the party, but this article is awesome. Well done.
Nick
From: Jackson, Peter (CFPB) Sent: Friday, December 17, 2010 1:47 PM To: CFPB Implementation Subject: RE: Reminders and Team Photo
Team
I wanted you to see the story Brady Dennis from the Washington Post wrote up about our celebration last night as a window into all the progress weve made these last few months.
All the very best,
Peter
Creation of Consumer Financial Protection Bureau Is Underway 2010-12-17 18:30:28.620 GMT
Page 3088 of 7675
By Brady Dennis Dec. 17 (Washington Post) -- Employees had taped paper snowflakes to the windows and hung a strand of white Christmas lights from the ceiling. Soft music played from an iPod in the corner, and a plastic penguin greeted guests arriving from their cubicles two floors below. The potluck offerings stretched across several tables - homemade blackberry cobbler and pineapple upside-down cake, gingerbread cookies and cans of Pabst Blue Ribbon. The gathering inside the seventh-floor conference room at 1801 L St. on Thursday night resembled many other office parties unfolding this time of year in downtown Washington. But it was the first holiday celebration for staff members of the Consumer Financial Protection Bureau, which was created in July when President Obama signed into law a far-reaching financial overhaul bill. The bureau will have broad powers to write rules aimed at preventing abuses in mortgages, credit cards and other consumer loans. To some in the room, Thursday's gathering seemed a minor miracle. Over the past two years, as lawmakers wrestled with how to prevent a future crisis like the one that crippled the economy in 2008, the CFPB's existence often seemed in doubt. It had the support of the Obama administration, but Republicans on Capitol Hill criticized the idea of a new agency as an unnecessary government overreach - another layer of bureaucracy that would increase costs on banks and small businesses and constrict access to credit for ordinary Americans. Financial industry lobbyists pushed hard to get their clients exempted from the new regulator's reach. In the end, the legislation squeaked through Congress, the consumer protection bureau became reality and now its fledgling staff - some detailed from agencies such as the Federal Reserve and the Treasury Department, some in their early 20s, some gray-haired veterans, almost all impeccably dressed - was sipping wine and commiserating about the long hours spent assembling a federal bureau from scratch. "There's so much to know," one female staffer said to a younger male colleague. "There's so much to figure out. You walk out every night thinking, 'What did I miss?' " But staff members also talked excitedly about what they are building together, about the thrill that comes with creating something new - even though that something has plenty of critics in Washington and on Wall Street - rather than working merely as another cog in another yawning federal agency established long ago. "Nobody's punching a clock around here," one recent hire said. Dan Geldon stood in a corner of the room, soaking up the scene as more staffers poured in. Geldon, a longtime adviser to Elizabeth Warren, the outspoken Harvard law professor tapped to oversee the setup of the CFPB, spent months advocating behind the scenes for the creation of the regulator. He marveled that what once was a proposal had become reality. "It all happened so fast," Geldon said. "It's kind of surreal." Perhaps no one found the scene more surreal than Warren, who first proposed the idea for a new consumer agency in a 2007 journal article and now found herself ensconced in this downtown office building, surrounded by conference rooms with names such as Full Disclosure and Accountability.
Page 3089 of 7675

Warren arrived with her husband, fellow Harvard law professor Bruce Mann, and circled the room shaking hands, hugging employees and posing for photos. Just after 6:30 p.m., as the last snow of the day fell onto the rush hour sidewalks below, staff members treated Warren to a lengthy poem about their work, in the form of " 'Twas the Night Before Christmas." One section that drew cheers read: When out on K Street there arose such a clatter, That Liz Warren leapt from her desk to see what was the matter! Away to the window she flew like a flash, She looked down at the street and gave a big gasp. Streetlights lit up the sidewalks of snow, Giving the lustre of mid-day to objects below. When what to her wondering eyes should appear, But a miniature bank, and eight tiny financiers. With a little old manager, so lively and neat, She knew in a minute he must be Wall Street. More rapid than eagles, his proposals they came, And he whistled and shouted and called them by name! "Now mortgages, now overdraft, now payday loans! On debt collectors, on creditors, on foreclosed homes! To the banked and unbanked, to the big and the small! Now simplify, simplify, simplify all!" Warren took a moment to praise her handpicked staff, nearly 100 in all and growing by the week. "We have come together in no small part because of what's in our hearts, and that it's about the mission that we have as being this new consumer agency," she told the staff. "We have this incredible opportunity and this incredible responsibility to build a piece of government that we know is here to work on behalf of America's families." As she spoke, a strand of hastily hung Christmas lights fell from the ceiling behind her, causing her to flinch. No big deal, shouted one staffer as the laughter subsided, "We're a start-up."
Page 3090 of 7675

Team,
Wally
Page 3091 of 7675

To:
Cc: Bcc: Subject: Date: Attachments: Its awesome.
From: Geldon, Daniel (CFPB) Sent: Friday, December 17, 2010 1:52 PM To: Jackson, Peter (CFPB) Subject: RE: Reminders and Team Photo
What do you think?
From: Jackson, Peter (CFPB) Sent: Friday, December 17, 2010 1:48 PM To: Geldon, Daniel (CFPB) Subject: FW: Reminders and Team Photo
Per Wallys request.
Team
Page 3109 of 7675
All the very best,
Peter
By Brady Dennis Dec. 17 (Washington Post) -- Employees had taped paper snowflakes to the windows and hung a strand of white Christmas lights from the ceiling. Soft music played from an iPod in the corner, and a plastic penguin greeted guests arriving from their cubicles two floors below. The potluck offerings stretched across several tables - homemade blackberry cobbler and pineapple upside-down cake, gingerbread cookies and cans of Pabst Blue Ribbon. The gathering inside the seventh-floor conference room at 1801 L St. on Thursday night resembled many other office parties unfolding this time of year in downtown Washington. But it was the first holiday celebration for staff members of the Consumer Financial Protection Bureau, which was created in July when President Obama signed into law a far-reaching financial overhaul bill. The bureau will have broad powers to write rules aimed at preventing abuses in mortgages, credit cards and other consumer loans. To some in the room, Thursday's gathering seemed a minor miracle. Over the past two years, as lawmakers wrestled with how to prevent a future crisis like the one that crippled the economy in 2008, the CFPB's existence often seemed in doubt. It had the support of the Obama administration, but Republicans on Capitol Hill criticized the idea of a new agency as an unnecessary government overreach - another layer of bureaucracy that would increase costs on banks and small businesses and constrict access to credit for ordinary Americans. Financial industry lobbyists pushed hard to get their clients exempted from the new regulator's reach. In the end, the legislation squeaked through Congress, the consumer protection bureau became reality and now its fledgling staff - some detailed from agencies such as the Federal Reserve and the Treasury Department, some in their early 20s, some gray-haired veterans, almost all impeccably dressed - was sipping wine and commiserating about the long hours spent assembling a federal bureau from scratch. "There's so much to know," one female staffer said to a younger male colleague. "There's so much to figure out. You walk out every night thinking, 'What did I miss?' " But staff members also talked excitedly about what they are building together, about the thrill that comes with creating something new - even though that something has plenty of critics in Washington
Page 3110 of 7675

and on Wall Street - rather than working merely as another cog in another yawning federal agency established long ago. "Nobody's punching a clock around here," one recent hire said. Dan Geldon stood in a corner of the room, soaking up the scene as more staffers poured in. Geldon, a longtime adviser to Elizabeth Warren, the outspoken Harvard law professor tapped to oversee the setup of the CFPB, spent months advocating behind the scenes for the creation of the regulator. He marveled that what once was a proposal had become reality. "It all happened so fast," Geldon said. "It's kind of surreal." Perhaps no one found the scene more surreal than Warren, who first proposed the idea for a new consumer agency in a 2007 journal article and now found herself ensconced in this downtown office building, surrounded by conference rooms with names such as Full Disclosure and Accountability. Warren arrived with her husband, fellow Harvard law professor Bruce Mann, and circled the room shaking hands, hugging employees and posing for photos. Just after 6:30 p.m., as the last snow of the day fell onto the rush hour sidewalks below, staff members treated Warren to a lengthy poem about their work, in the form of " 'Twas the Night Before Christmas." One section that drew cheers read: When out on K Street there arose such a clatter, That Liz Warren leapt from her desk to see what was the matter! Away to the window she flew like a flash, She looked down at the street and gave a big gasp. Streetlights lit up the sidewalks of snow, Giving the lustre of mid-day to objects below. When what to her wondering eyes should appear, But a miniature bank, and eight tiny financiers. With a little old manager, so lively and neat, She knew in a minute he must be Wall Street. More rapid than eagles, his proposals they came, And he whistled and shouted and called them by name! "Now mortgages, now overdraft, now payday loans! On debt collectors, on creditors, on foreclosed homes! To the banked and unbanked, to the big and the small! Now simplify, simplify, simplify all!" Warren took a moment to praise her handpicked staff, nearly 100 in all and growing by the week.
Page 3111 of 7675

"We have come together in no small part because of what's in our hearts, and that it's about the mission that we have as being this new consumer agency," she told the staff. "We have this incredible opportunity and this incredible responsibility to build a piece of government that we know is here to work on behalf of America's families." As she spoke, a strand of hastily hung Christmas lights fell from the ceiling behind her, causing her to flinch. No big deal, shouted one staffer as the laughter subsided, "We're a start-up."
Team,
Wally
Page 3112 of 7675

From: Vale, Elizabeth (CFPB) </o=ustreasury/ou=exchange administrative group (fydibohf23spdlt)/cn=recipients/cn=valee> Jackson, Peter (CFPB) </o=ustreasury/ou=exchange administrative group (fydibohf23spdlt)/cn=recipients/cn=jacksonpe>
To:
Re: Reminders and Team Photo Fri Dec 17 2010 14:01:25 EST
Wow. Really nice. _____ From: Jackson, Peter (CFPB) To: CFPB Implementation Sent: Fri Dec 17 13:47:12 2010 Subject: RE: Reminders and Team Photo
Team
All the very best,
Peter
By Brady Dennis Dec. 17 (Washington Post) -- Employees had taped paper snowflakes to the windows and hung a strand of white Christmas lights from the ceiling. Soft music played from an iPod in the corner, and a plastic penguin greeted guests arriving from their cubicles two floors below. The potluck offerings
Page 3114 of 7675

stretched across several tables - homemade blackberry cobbler and pineapple upside-down cake, gingerbread cookies and cans of Pabst Blue Ribbon. The gathering inside the seventh-floor conference room at 1801 L St. on Thursday night resembled many other office parties unfolding this time of year in downtown Washington. But it was the first holiday celebration for staff members of the Consumer Financial Protection Bureau, which was created in July when President Obama signed into law a far-reaching financial overhaul bill. The bureau will have broad powers to write rules aimed at preventing abuses in mortgages, credit cards and other consumer loans. To some in the room, Thursday's gathering seemed a minor miracle. Over the past two years, as lawmakers wrestled with how to prevent a future crisis like the one that crippled the economy in 2008, the CFPB's existence often seemed in doubt. It had the support of the Obama administration, but Republicans on Capitol Hill criticized the idea of a new agency as an unnecessary government overreach - another layer of bureaucracy that would increase costs on banks and small businesses and constrict access to credit for ordinary Americans. Financial industry lobbyists pushed hard to get their clients exempted from the new regulator's reach. In the end, the legislation squeaked through Congress, the consumer protection bureau became reality and now its fledgling staff - some detailed from agencies such as the Federal Reserve and the Treasury Department, some in their early 20s, some gray-haired veterans, almost all impeccably dressed - was sipping wine and commiserating about the long hours spent assembling a federal bureau from scratch. "There's so much to know," one female staffer said to a younger male colleague. "There's so much to figure out. You walk out every night thinking, 'What did I miss?' " But staff members also talked excitedly about what they are building together, about the thrill that comes with creating something new - even though that something has plenty of critics in Washington and on Wall Street - rather than working merely as another cog in another yawning federal agency established long ago. "Nobody's punching a clock around here," one recent hire said. Dan Geldon stood in a corner of the room, soaking up the scene as more staffers poured in. Geldon, a longtime adviser to Elizabeth Warren, the outspoken Harvard law professor tapped to oversee the setup of the CFPB, spent months advocating behind the scenes for the creation of the regulator. He marveled that what once was a proposal had become reality. "It all happened so fast," Geldon said. "It's kind of surreal." Perhaps no one found the scene more surreal than Warren, who first proposed the idea for a new consumer agency in a 2007 journal article and now found herself ensconced in this downtown office building, surrounded by conference rooms with names such as Full Disclosure and Accountability. Warren arrived with her husband, fellow Harvard law professor Bruce Mann, and circled the room shaking hands, hugging employees and posing for photos. Just after 6:30 p.m., as the last snow of the day fell onto the rush hour sidewalks below, staff members treated Warren to a lengthy poem about their work, in the form of " 'Twas the Night Before Christmas." One section that drew cheers read: When out on K Street there arose such a clatter,
Page 3115 of 7675

That Liz Warren leapt from her desk to see what was the matter! Away to the window she flew like a flash, She looked down at the street and gave a big gasp. Streetlights lit up the sidewalks of snow, Giving the lustre of mid-day to objects below. When what to her wondering eyes should appear, But a miniature bank, and eight tiny financiers. With a little old manager, so lively and neat, She knew in a minute he must be Wall Street. More rapid than eagles, his proposals they came, And he whistled and shouted and called them by name! "Now mortgages, now overdraft, now payday loans! On debt collectors, on creditors, on foreclosed homes! To the banked and unbanked, to the big and the small! Now simplify, simplify, simplify all!" Warren took a moment to praise her handpicked staff, nearly 100 in all and growing by the week. "We have come together in no small part because of what's in our hearts, and that it's about the mission that we have as being this new consumer agency," she told the staff. "We have this incredible opportunity and this incredible responsibility to build a piece of government that we know is here to work on behalf of America's families." As she spoke, a strand of hastily hung Christmas lights fell from the ceiling behind her, causing her to flinch. No big deal, shouted one staffer as the laughter subsided, "We're a start-up."
Team,
Page 3116 of 7675
Wally
Page 3117 of 7675

From: English, Leandra (CFPB) </o=ustreasury/ou=exchange administrative group (fydibohf23spdlt)/cn=recipients/cn=englistl> Jackson, Peter (CFPB) </o=ustreasury/ou=exchange administrative group (fydibohf23spdlt)/cn=recipients/cn=jacksonpe>
To:
Re: Reminders and Team Photo Fri Dec 17 2010 14:27:01 EST
EV is here, want to come down? _____ From: Jackson, Peter (CFPB) To: CFPB Implementation Sent: Fri Dec 17 13:47:12 2010 Subject: RE: Reminders and Team Photo
Team
All the very best,
Peter
By Brady Dennis Dec. 17 (Washington Post) -- Employees had taped paper snowflakes to the windows and hung a strand of white Christmas lights from the ceiling. Soft music played from an iPod in the corner, and a plastic penguin greeted guests arriving from their cubicles two floors below. The potluck offerings
Page 3118 of 7675

stretched across several tables - homemade blackberry cobbler and pineapple upside-down cake, gingerbread cookies and cans of Pabst Blue Ribbon. The gathering inside the seventh-floor conference room at 1801 L St. on Thursday night resembled many other office parties unfolding this time of year in downtown Washington. But it was the first holiday celebration for staff members of the Consumer Financial Protection Bureau, which was created in July when President Obama signed into law a far-reaching financial overhaul bill. The bureau will have broad powers to write rules aimed at preventing abuses in mortgages, credit cards and other consumer loans. To some in the room, Thursday's gathering seemed a minor miracle. Over the past two years, as lawmakers wrestled with how to prevent a future crisis like the one that crippled the economy in 2008, the CFPB's existence often seemed in doubt. It had the support of the Obama administration, but Republicans on Capitol Hill criticized the idea of a new agency as an unnecessary government overreach - another layer of bureaucracy that would increase costs on banks and small businesses and constrict access to credit for ordinary Americans. Financial industry lobbyists pushed hard to get their clients exempted from the new regulator's reach. In the end, the legislation squeaked through Congress, the consumer protection bureau became reality and now its fledgling staff - some detailed from agencies such as the Federal Reserve and the Treasury Department, some in their early 20s, some gray-haired veterans, almost all impeccably dressed - was sipping wine and commiserating about the long hours spent assembling a federal bureau from scratch. "There's so much to know," one female staffer said to a younger male colleague. "There's so much to figure out. You walk out every night thinking, 'What did I miss?' " But staff members also talked excitedly about what they are building together, about the thrill that comes with creating something new - even though that something has plenty of critics in Washington and on Wall Street - rather than working merely as another cog in another yawning federal agency established long ago. "Nobody's punching a clock around here," one recent hire said. Dan Geldon stood in a corner of the room, soaking up the scene as more staffers poured in. Geldon, a longtime adviser to Elizabeth Warren, the outspoken Harvard law professor tapped to oversee the setup of the CFPB, spent months advocating behind the scenes for the creation of the regulator. He marveled that what once was a proposal had become reality. "It all happened so fast," Geldon said. "It's kind of surreal." Perhaps no one found the scene more surreal than Warren, who first proposed the idea for a new consumer agency in a 2007 journal article and now found herself ensconced in this downtown office building, surrounded by conference rooms with names such as Full Disclosure and Accountability. Warren arrived with her husband, fellow Harvard law professor Bruce Mann, and circled the room shaking hands, hugging employees and posing for photos. Just after 6:30 p.m., as the last snow of the day fell onto the rush hour sidewalks below, staff members treated Warren to a lengthy poem about their work, in the form of " 'Twas the Night Before Christmas." One section that drew cheers read: When out on K Street there arose such a clatter,
Page 3119 of 7675

That Liz Warren leapt from her desk to see what was the matter! Away to the window she flew like a flash, She looked down at the street and gave a big gasp. Streetlights lit up the sidewalks of snow, Giving the lustre of mid-day to objects below. When what to her wondering eyes should appear, But a miniature bank, and eight tiny financiers. With a little old manager, so lively and neat, She knew in a minute he must be Wall Street. More rapid than eagles, his proposals they came, And he whistled and shouted and called them by name! "Now mortgages, now overdraft, now payday loans! On debt collectors, on creditors, on foreclosed homes! To the banked and unbanked, to the big and the small! Now simplify, simplify, simplify all!" Warren took a moment to praise her handpicked staff, nearly 100 in all and growing by the week. "We have come together in no small part because of what's in our hearts, and that it's about the mission that we have as being this new consumer agency," she told the staff. "We have this incredible opportunity and this incredible responsibility to build a piece of government that we know is here to work on behalf of America's families." As she spoke, a strand of hastily hung Christmas lights fell from the ceiling behind her, causing her to flinch. No big deal, shouted one staffer as the laughter subsided, "We're a start-up."
Team,
Page 3120 of 7675
Wally
Page 3121 of 7675

To:
FW: (WPT) Creation of Consumer Financial Protection Bureau Is Fri Dec 17 2010 13:42:53 EST
Must be on the terminal and not yet online... -----Original Message----From: CARTER DOUGHERTY, BLOOMBERG/ NEWSROOM: [mailto:cdougherty6@bloomberg.net] Sent: Friday, December 17, 2010 1:41 PM To: Jackson, Peter (CFPB) Subject: (WPT) Creation of Consumer Financial Protection Bureau Is Did I miss the holiday party? -----------------------------------------------------------Carter Dougherty Bloomberg News Consumer Finance Reporter - DC o. +1 202 624 1907 c. (b) (6) +------------------------------------------------------------------------------+ Creation of Consumer Financial Protection Bureau Is Underway 2010-12-17 18:30:28.620 GMT
By Brady Dennis Dec. 17 (Washington Post) -- Employees had taped paper snowflakes to the windows and hung a strand of white Christmas lights from the ceiling. Soft music played from an iPod in the corner, and a plastic penguin greeted guests arriving from their cubicles two floors below. The potluck offerings stretched across several tables - homemade blackberry cobbler and pineapple upside-down cake, gingerbread cookies and cans of Pabst Blue Ribbon. The gathering inside the seventh-floor conference room at 1801 L St. on Thursday night resembled many other office parties unfolding this time of year in downtown Washington. But it was the first holiday celebration for staff members of the Consumer Financial Protection Bureau, which was created in July when President Obama signed into law a far-reaching financial overhaul bill. The bureau will have broad powers to write rules aimed at preventing abuses in mortgages, credit cards and other consumer loans.
Page 3125 of 7675

To some in the room, Thursday's gathering seemed a minor miracle. Over the past two years, as lawmakers wrestled with how to prevent a future crisis like the one that crippled the economy in 2008, the CFPB's existence often seemed in doubt. It had the support of the Obama administration, but Republicans on Capitol Hill criticized the idea of a new agency as an unnecessary government overreach - another layer of bureaucracy that would increase costs on banks and small businesses and constrict access to credit for ordinary Americans. Financial industry lobbyists pushed hard to get their clients exempted from the new regulator's reach. In the end, the legislation squeaked through Congress, the consumer protection bureau became reality and now its fledgling staff - some detailed from agencies such as the Federal Reserve and the Treasury Department, some in their early 20s, some gray-haired veterans, almost all impeccably dressed - was sipping wine and commiserating about the long hours spent assembling a federal bureau from scratch. "There's so much to know," one female staffer said to a younger male colleague. "There's so much to figure out. You walk out every night thinking, 'What did I miss?' " But staff members also talked excitedly about what they are building together, about the thrill that comes with creating something new - even though that something has plenty of critics in Washington and on Wall Street - rather than working merely as another cog in another yawning federal agency established long ago. "Nobody's punching a clock around here," one recent hire said. Dan Geldon stood in a corner of the room, soaking up the scene as more staffers poured in. Geldon, a longtime adviser to Elizabeth Warren, the outspoken Harvard law professor tapped to oversee the setup of the CFPB, spent months advocating behind the scenes for the creation of the regulator. He marveled that what once was a proposal had become reality. "It all happened so fast," Geldon said. "It's kind of surreal." Perhaps no one found the scene more surreal than Warren, who first proposed the idea for a new consumer agency in a 2007 journal article and now found herself ensconced in this downtown office building, surrounded by conference rooms with names such as Full Disclosure and Accountability. Warren arrived with her husband, fellow Harvard law professor Bruce Mann, and circled the room shaking hands, hugging employees and posing for photos. Just after 6:30 p.m., as the last snow of the day fell onto the rush hour sidewalks below, staff members treated Warren to a lengthy poem about their work, in the form of " 'Twas the Night Before Christmas." One section that drew cheers read: When out on K Street there arose such a clatter, That Liz Warren leapt from her desk to see what was the matter! Away to the window she flew like a flash, She looked down at the street and gave a big gasp. Streetlights lit up the sidewalks of snow, Giving the lustre of mid-day to objects below. When what to her wondering eyes should appear,
Page 3126 of 7675

But a miniature bank, and eight tiny financiers. With a little old manager, so lively and neat, She knew in a minute he must be Wall Street. More rapid than eagles, his proposals they came, And he whistled and shouted and called them by name! "Now mortgages, now overdraft, now payday loans! On debt collectors, on creditors, on foreclosed homes! To the banked and unbanked, to the big and the small! Now simplify, simplify, simplify all!" Warren took a moment to praise her handpicked staff, nearly 100 in all and growing by the week. "We have come together in no small part because of what's in our hearts, and that it's about the mission that we have as being this new consumer agency," she told the staff. "We have this incredible opportunity and this incredible responsibility to build a piece of government that we know is here to work on behalf of America's families." As she spoke, a strand of hastily hung Christmas lights fell from the ceiling behind her, causing her to flinch. No big deal, shouted one staffer as the laughter subsided, "We're a start-up." -0- Dec/17/2010 18:30 GMT
Page 3127 of 7675

From: Jackson, Peter (CFPB) </o=ustreasury/ou=exchange administrative group (fydibohf23spdlt)/cn=recipients/cn=jacksonpe> Logan, Amanda </o=ustreasury/ou=exchange administrative group (fydibohf23spdlt)/cn=recipients/cn=loganam>; Rose, Lacey </o=ustreasury/ou=do/cn=recipients/cn=rosel>
To:
Washington Post: Creation of Consumer Financial Protection Bureau Is Underway Fri Dec 17 2010 13:47:55 EST
(This is up on the Bloomberg and presumably will hit online shortly)
By Brady Dennis Dec. 17 (Washington Post) -- Employees had taped paper snowflakes to the windows and hung a strand of white Christmas lights from the ceiling. Soft music played from an iPod in the corner, and a plastic penguin greeted guests arriving from their cubicles two floors below. The potluck offerings stretched across several tables - homemade blackberry cobbler and pineapple upside-down cake, gingerbread cookies and cans of Pabst Blue Ribbon. The gathering inside the seventh-floor conference room at 1801 L St. on Thursday night resembled many other office parties unfolding this time of year in downtown Washington. But it was the first holiday celebration for staff members of the Consumer Financial Protection Bureau, which was created in July when President Obama signed into law a far-reaching financial overhaul bill. The bureau will have broad powers to write rules aimed at preventing abuses in mortgages, credit cards and other consumer loans. To some in the room, Thursday's gathering seemed a minor miracle. Over the past two years, as lawmakers wrestled with how to prevent a future crisis like the one that crippled the economy in 2008, the CFPB's existence often seemed in doubt. It had the support of the Obama administration, but Republicans on Capitol Hill criticized the idea of a new agency as an unnecessary government overreach - another layer of bureaucracy that would increase costs on banks and small businesses and constrict access to credit for ordinary Americans. Financial industry lobbyists pushed hard to get their clients exempted from the new regulator's reach.
Page 3132 of 7675

In the end, the legislation squeaked through Congress, the consumer protection bureau became reality and now its fledgling staff - some detailed from agencies such as the Federal Reserve and the Treasury Department, some in their early 20s, some gray-haired veterans, almost all impeccably dressed - was sipping wine and commiserating about the long hours spent assembling a federal bureau from scratch. "There's so much to know," one female staffer said to a younger male colleague. "There's so much to figure out. You walk out every night thinking, 'What did I miss?' " But staff members also talked excitedly about what they are building together, about the thrill that comes with creating something new - even though that something has plenty of critics in Washington and on Wall Street - rather than working merely as another cog in another yawning federal agency established long ago. "Nobody's punching a clock around here," one recent hire said. Dan Geldon stood in a corner of the room, soaking up the scene as more staffers poured in. Geldon, a longtime adviser to Elizabeth Warren, the outspoken Harvard law professor tapped to oversee the setup of the CFPB, spent months advocating behind the scenes for the creation of the regulator. He marveled that what once was a proposal had become reality. "It all happened so fast," Geldon said. "It's kind of surreal." Perhaps no one found the scene more surreal than Warren, who first proposed the idea for a new consumer agency in a 2007 journal article and now found herself ensconced in this downtown office building, surrounded by conference rooms with names such as Full Disclosure and Accountability. Warren arrived with her husband, fellow Harvard law professor Bruce Mann, and circled the room shaking hands, hugging employees and posing for photos. Just after 6:30 p.m., as the last snow of the day fell onto the rush hour sidewalks below, staff members treated Warren to a lengthy poem about their work, in the form of " 'Twas the Night Before Christmas." One section that drew cheers read: When out on K Street there arose such a clatter, That Liz Warren leapt from her desk to see what was the matter! Away to the window she flew like a flash, She looked down at the street and gave a big gasp. Streetlights lit up the sidewalks of snow, Giving the lustre of mid-day to objects below. When what to her wondering eyes should appear, But a miniature bank, and eight tiny financiers. With a little old manager, so lively and neat, She knew in a minute he must be Wall Street. More rapid than eagles, his proposals they came, And he whistled and shouted and called them by name!
Page 3133 of 7675

"Now mortgages, now overdraft, now payday loans! On debt collectors, on creditors, on foreclosed homes! To the banked and unbanked, to the big and the small! Now simplify, simplify, simplify all!" Warren took a moment to praise her handpicked staff, nearly 100 in all and growing by the week. "We have come together in no small part because of what's in our hearts, and that it's about the mission that we have as being this new consumer agency," she told the staff. "We have this incredible opportunity and this incredible responsibility to build a piece of government that we know is here to work on behalf of America's families." As she spoke, a strand of hastily hung Christmas lights fell from the ceiling behind her, causing her to flinch. No big deal, shouted one staffer as the laughter subsided, "We're a start-up."
Page 3134 of 7675

From: Chow, Edwin (CFPB) </o=ustreasury/ou=exchange administrative group (fydibohf23spdlt)/cn=recipients/cn=chowe> Jackson, Peter (CFPB) </o=ustreasury/ou=exchange administrative group (fydibohf23spdlt)/cn=recipients/cn=jacksonpe>
To:
Cc: Bcc: Subject: Date: Attachments: Peter,
Im sure that you had a role in shaping this story.
Very nicely done.
Wishing you and your family a happy, healthy, and peaceful holiday season.
Edwin
Team
All the very best,
Peter
Page 3143 of 7675
By Brady Dennis Dec. 17 (Washington Post) -- Employees had taped paper snowflakes to the windows and hung a strand of white Christmas lights from the ceiling. Soft music played from an iPod in the corner, and a plastic penguin greeted guests arriving from their cubicles two floors below. The potluck offerings stretched across several tables - homemade blackberry cobbler and pineapple upside-down cake, gingerbread cookies and cans of Pabst Blue Ribbon. The gathering inside the seventh-floor conference room at 1801 L St. on Thursday night resembled many other office parties unfolding this time of year in downtown Washington. But it was the first holiday celebration for staff members of the Consumer Financial Protection Bureau, which was created in July when President Obama signed into law a far-reaching financial overhaul bill. The bureau will have broad powers to write rules aimed at preventing abuses in mortgages, credit cards and other consumer loans. To some in the room, Thursday's gathering seemed a minor miracle. Over the past two years, as lawmakers wrestled with how to prevent a future crisis like the one that crippled the economy in 2008, the CFPB's existence often seemed in doubt. It had the support of the Obama administration, but Republicans on Capitol Hill criticized the idea of a new agency as an unnecessary government overreach - another layer of bureaucracy that would increase costs on banks and small businesses and constrict access to credit for ordinary Americans. Financial industry lobbyists pushed hard to get their clients exempted from the new regulator's reach. In the end, the legislation squeaked through Congress, the consumer protection bureau became reality and now its fledgling staff - some detailed from agencies such as the Federal Reserve and the Treasury Department, some in their early 20s, some gray-haired veterans, almost all impeccably dressed - was sipping wine and commiserating about the long hours spent assembling a federal bureau from scratch. "There's so much to know," one female staffer said to a younger male colleague. "There's so much to figure out. You walk out every night thinking, 'What did I miss?' " But staff members also talked excitedly about what they are building together, about the thrill that comes with creating something new - even though that something has plenty of critics in Washington and on Wall Street - rather than working merely as another cog in another yawning federal agency established long ago. "Nobody's punching a clock around here," one recent hire said. Dan Geldon stood in a corner of the room, soaking up the scene as more staffers poured in. Geldon, a longtime adviser to Elizabeth Warren, the outspoken Harvard law professor tapped to oversee the setup of the CFPB, spent months advocating behind the scenes for the creation of the regulator. He
Page 3144 of 7675

marveled that what once was a proposal had become reality. "It all happened so fast," Geldon said. "It's kind of surreal." Perhaps no one found the scene more surreal than Warren, who first proposed the idea for a new consumer agency in a 2007 journal article and now found herself ensconced in this downtown office building, surrounded by conference rooms with names such as Full Disclosure and Accountability. Warren arrived with her husband, fellow Harvard law professor Bruce Mann, and circled the room shaking hands, hugging employees and posing for photos. Just after 6:30 p.m., as the last snow of the day fell onto the rush hour sidewalks below, staff members treated Warren to a lengthy poem about their work, in the form of " 'Twas the Night Before Christmas." One section that drew cheers read: When out on K Street there arose such a clatter, That Liz Warren leapt from her desk to see what was the matter! Away to the window she flew like a flash, She looked down at the street and gave a big gasp. Streetlights lit up the sidewalks of snow, Giving the lustre of mid-day to objects below. When what to her wondering eyes should appear, But a miniature bank, and eight tiny financiers. With a little old manager, so lively and neat, She knew in a minute he must be Wall Street. More rapid than eagles, his proposals they came, And he whistled and shouted and called them by name! "Now mortgages, now overdraft, now payday loans! On debt collectors, on creditors, on foreclosed homes! To the banked and unbanked, to the big and the small! Now simplify, simplify, simplify all!" Warren took a moment to praise her handpicked staff, nearly 100 in all and growing by the week. "We have come together in no small part because of what's in our hearts, and that it's about the mission that we have as being this new consumer agency," she told the staff. "We have this incredible opportunity and this incredible responsibility to build a piece of government that we know is here to work on behalf of America's families." As she spoke, a strand of hastily hung Christmas lights fell from the ceiling behind her, causing her to flinch.
Page 3145 of 7675

No big deal, shouted one staffer as the laughter subsided, "We're a start-up."
Team,
Wally
Page 3146 of 7675

From: To: CARTER DOUGHERTY, BLOOMBERG/ NEWSROOM: <cdougherty6@bloomberg.net> Jackson, Peter (CFPB) </o=ustreasury/ou=exchange administrative group (fydibohf23spdlt)/cn=recipients/cn=jacksonpe>
RE: Antyhing change on plans for releas this morning? Carter Wed Nov 24 2010 10:04:57 EST Elizabeth Warren Calendar - 9.20-11.2.2010.pdf
Documents ... I'm in heaven! -----------------------------------------------------------Carter Dougherty Bloomberg News Consumer Finance Reporter - DC o. +1 202 624 1907 c. (b) (6) ----- Original Message ----From: Peter Jackson <Peter.Jackson@do.treas.gov> To: CARTER DOUGHERTY (BLOOMBERG/ NEWSROOM:) At: 11/24 10:04:03 Here you go... -----Original Message----From: CARTER DOUGHERTY, BLOOMBERG/ NEWSROOM: [mailto:cdougherty6@bloomberg.net] Sent: Wednesday, November 24, 2010 9:07 AM To: Jackson, Peter (CFPB) Subject: Re: Antyhing change on plans for releas this morning? Carter Thanks. Minutes matter at Bloomberg! -----------------------------------------------------------Carter Dougherty Bloomberg News Consumer Finance Reporter - DC o. +1 202 624 1907 c. (b) (6) ----- Original Message ----From: Peter Jackson <Peter.Jackson@do.treas.gov> To: CARTER DOUGHERTY (BLOOMBERG/ NEWSROOM:) At: 11/24 9:06:49 Nope. Should have it to you in 30-45 mins.
----- Original Message ----From: CARTER DOUGHERTY, BLOOMBERG/ NEWSROOM: <cdougherty6@bloomberg.net>
Page 3499 of 7675

To: Jackson, Peter (CFPB) Sent: Wed Nov 24 08:55:45 2010 Subject: Antyhing change on plans for releas this morning? Carter
-----------------------------------------------------------Carter Dougherty Bloomberg News Consumer Finance Reporter - DC o. +1 202 624 1907 c. (b) (6)
Page 3500 of 7675

From: To: CARTER DOUGHERTY, BLOOMBERG/ NEWSROOM: <cdougherty6@bloomberg.net> Jackson, Peter (CFPB) </o=ustreasury/ou=exchange administrative group (fydibohf23spdlt)/cn=recipients/cn=jacksonpe>
RE: Antyhing change on plans for releas this morning? Carter Wed Nov 24 2010 10:30:13 EST Elizabeth Warren Calendar - 9.20-11.2.2010.pdf
Give a quick call on this? Thx, Carter -----------------------------------------------------------Carter Dougherty Bloomberg News Consumer Finance Reporter - DC o. +1 202 624 1907 c. (b) (6) ----- Original Message ----From: Peter Jackson <Peter.Jackson@do.treas.gov> To: CARTER DOUGHERTY (BLOOMBERG/ NEWSROOM:) At: 11/24 10:04:03 Here you go... -----Original Message----From: CARTER DOUGHERTY, BLOOMBERG/ NEWSROOM: [mailto:cdougherty6@bloomberg.net] Sent: Wednesday, November 24, 2010 9:07 AM To: Jackson, Peter (CFPB) Subject: Re: Antyhing change on plans for releas this morning? Carter Thanks. Minutes matter at Bloomberg! -----------------------------------------------------------Carter Dougherty Bloomberg News Consumer Finance Reporter - DC o. +1 202 624 1907 c. (b) (6) ----- Original Message ----From: Peter Jackson <Peter.Jackson@do.treas.gov> To: CARTER DOUGHERTY (BLOOMBERG/ NEWSROOM:) At: 11/24 9:06:49 Nope. Should have it to you in 30-45 mins.
----- Original Message ----From: CARTER DOUGHERTY, BLOOMBERG/ NEWSROOM: <cdougherty6@bloomberg.net>
Page 3534 of 7675

To: Jackson, Peter (CFPB) Sent: Wed Nov 24 08:55:45 2010 Subject: Antyhing change on plans for releas this morning? Carter
-----------------------------------------------------------Carter Dougherty Bloomberg News Consumer Finance Reporter - DC o. +1 202 624 1907 c. (b) (6)
Page 3535 of 7675

From: Jackson, Peter (CFPB) </o=ustreasury/ou=exchange administrative group (fydibohf23spdlt)/cn=recipients/cn=jacksonpe> Shahien Nasiripour (b) (6) >
RE: Can you share a copy of the calendar? Wed Nov 24 2010 12:20:59 EST Elizabeth Warren Calendar - 9.20-11.2.2010.pdf
-----Original Message----From: Shahien Nasiripour [mailto:shahien.nasiripour@gmail.com] Sent: Wednesday, November 24, 2010 12:04 PM To: Jackson, Peter (CFPB) Subject: Can you share a copy of the calendar? The official version? -Shahien Nasiripour | Business Reporter | The Huffington Post | 646.274.2455 (desk) (b) (6) (mobile) | shahien@huffingtonpost.com
Page 3604 of 7675

CFPB 2012 010 Interim Production

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CFPB 2012 010 Interim Production

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Obtained via FOIA by Judicial Watch, Inc.

Cc: Bcc: Subject: Date: Attachments:

Page 3582 of 4254

Obtained via FOIA by Judicial Watch, Inc.

Page 3583 of 4254

Obtained via FOIA by Judicial Watch, Inc.

Bcc: Subject: Date: Attachments:

Good afternoon Mr. Dougherty,

Page 3237 of 5106

2011-06-053 Final Response.pdf (Attachment 1 of 1)

Obtained via FOIA by Judicial Watch, Inc.

Page 3238 of 5106

2011-06-053 Final Response.pdf (Attachment 1 of 1)

February 01, 2011 Continued Tuesday

Obtained via FOIA by Judicial Watch, Inc.

When:Tuesday,February01,20113:30PM4:00PM(GMT05:00)EasternTime(US& Canada). Where:557 Note:TheGMToffsetabovedoesnotreflectdaylightsavingtimeadjustments. *~*~*~*~*~*~*~*~*~*

interview -- Richard's office

Mtg w Carter Dougherty of Bloomberg -- Au Bon Pain

February 02, 2011 Wednesday

Page 3254 of 5106

2011-06-053 Final Response.pdf (Attachment 1 of 1)

March 02, 2011 Continued Wednesday

Obtained via FOIA by Judicial Watch, Inc.

-- Washington Circle - Restaurant to be Confirmed

March 03, 2011 Thursday

Leslie Meredith, Editor in Chief of Law Review,

When:Thursday,March03,20112:00PM2:30PM(GMT05:00)EasternTime(US& Canada). Where:JoannaandMeredith'sTearoom Note:TheGMToffsetabovedoesnotreflectdaylightsavingtimeadjustments. *~*~*~*~*~*~*~*~*~* WellbemeetingoutsideofMeredithandJoannascubiclesduetotheconferencerooms beingbooked.

Cordray, Richard (CFPB)

Page 3289 of 5106

2011-06-053 Final Response.pdf (Attachment 1 of 1)

January 12, 2011 Continued Wednesday

Obtained via FOIA by Judicial Watch, Inc.

January 14, 2011 Friday

January 17, 2011 Monday

January 18, 2011 Tuesday

Lunch with CSBS and Pat McCoy -- TBD

Page 3346 of 5106

Obtained via FOIA by Judicial Watch, Inc.

To: Cc: Bcc: Subject: Date: Attachments:

Re: coffee Mon Nov 15 2010 09:19:07 EST

Page 1336 of 7675

Obtained via FOIA by Judicial Watch, Inc.

Cc: Bcc: Subject: Date: Attachments:

Beat Reporters - Tour Thu Oct 21 2010 19:04:19 EDT

Page 1342 of 7675

Obtained via FOIA by Judicial Watch, Inc.

Bcc: Subject: Date: Attachments:

Page 1343 of 7675

Obtained via FOIA by Judicial Watch, Inc.

Do you have any thoughts on this? Any additions or subtractions or questions?

Ive re-attached the bullets were currently working with.

Page 1344 of 7675

Friday Bullets-wa.docx (Attachment 1 of 1)

Obtained via FOIA by Judicial Watch, Inc.

Page 1348 of 7675

Friday Bullets-wa.docx (Attachment 1 of 1)

Obtained via FOIA by Judicial Watch, Inc.

Page 1349 of 7675

Obtained via FOIA by Judicial Watch, Inc.

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09292010 - FSR Speech Briefing.docx <extracted> (Attachment 1 of 21)

Obtained via FOIA by Judicial Watch, Inc.

09292010 - FSR Speech Briefing.docx <extracted> (Attachment 1 of 21)

Obtained via FOIA by Judicial Watch, Inc.

When:Tuesday,February01,20113:30PM4:00PM(GMT05:00)EasternTime(US& Canada). Where:557 Note:TheGMToffsetabovedoesnotreflectdaylightsavingtimeadjustments. ~~~~~~~~~

When:Thursday,March03,20112:00PM2:30PM(GMT05:00)EasternTime(US& Canada). Where:JoannaandMeredith'sTearoom Note:TheGMToffsetabovedoesnotreflectdaylightsavingtimeadjustments. ~~~~~~~~~ WellbemeetingoutsideofMeredithandJoannascubiclesduetotheconferencerooms beingbooked.