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Consumer Financial Protection Bureau

ALTA’s RESPA Task Force Meets with CFPB Leadership

November 23, 2010

ALTA’s RESPA Reform Implementation Task Force met with leadership of the Consumer Financial Protection Bureau (CFPB) to offer advice on combining mortgage disclosures for consumers.

One of the CFPB’s main agendas is creating a new set of mortgage disclosures that will combine the Truth in Lending Act (TILA) disclosure and the Real Estate Settlement and Procedures Act's Good Faith Estimate (GFE). The CFPB leadership has been meeting with industry leaders to hear ideas on how to combine and simplify the documents.

“The meeting proved to be beneficial and we look forward to continuing our conversation with the CFPB as it works to improve consumer disclosures,” said Dan Wold, chairman of ALTA’s RESPA Reform Implementation Task Force. “Based on our members’ experiences in working with consumers when they purchase or refinance their home, the Task Force provides a great knowledge bank that can help the CFPB meet its goals of creating a form that consumers can understand while providing basic information including their monthly payment and how much money they need to bring to their closing.”

Last week, the Treasury announced the hiring of key leadership for the CFPB implementation team.

Peggy Twohig will spearhead efforts to conduct research and policy analysis around the creation of the first federal non-depository supervision program. Currently, she serves as Treasury's Director of the Office of Consumer Protection and Policy Lead for the CFPB implementation team. Prior to joining Treasury, Twohig worked at the Federal Trade Commission on enforcement and policy issues related to consumer financial services, including directing the activities of the Division of Financial Practices. Before her work at the FTC, Twohig practiced law with the firm of Arnold & Porter in Washington, D.C., handling civil litigation matters. In her new role,

In his new role, Steve Antonakes will build the consumer supervision program for the nation's largest depository institutions. Previously, he served as the Commissioner of Banks for the Commonwealth of Massachusetts for the past seven years and oversaw nearly 240 state-chartered banks and credit unions and more than 4,500 non-bank financial entities. Antonakes also served as a voting member of the Federal Financial Institutions Examination Council (FFIEC) and as the Vice Chairman of the Conference of State Bank Supervisors (CSBS). He began his career as an entry level Community Reinvestment Act Bank Examiner in June 1990 and worked his way through the management ranks to become the Commissioner of Banks – only the second career bank examiner to serve in that position.

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