House Votes to Drastically Change CFPB

first_img Data Provider Black Knight to Acquire Top of Mind 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago The Best Markets For Residential Property Investors 2 days ago in Daily Dose, Featured, Government, News, Secondary Market June 8, 2017 2,094 Views Demand Propels Home Prices Upward 2 days ago Dodd-Frank Act Financial CHOICE ACT 2017-06-08 Brianna Gilpin Governmental Measures Target Expanded Access to Affordable Housing 2 days ago On Thursday, the House of Representatives passed a landmark bill–233 to 186–that, in its current form would dramatically change the future of financial regulation. The Financial CHOICE Act, originally introduced by Representative Jeb Hensarling (R-Texas), Chairman of the House Financial Service Committee, on April 26, 2017, significantly amends the 2010 Dodd-Frank Wall Street Reform and Consumer Protection Act.In mid-April, Republicans introduced the bill, arguing that Dodd-Frank and the subsequent regulation that ensued harms economic growth and ultimately, the American consumer. According to the proposal, Dodd-Frank’s particular brand of regulatory complexity and government micromanagement made basic financial services less accessible to small businesses and lower-income Americans.The CHOICE Act is the Republican response to reforms put in place after the 2008 economic collapse. Critics of Dodd-Frank have long argued that the law is too restrictive for financial institutions, driving up the cost of compliance, a cost that is ultimately born by the public. Republicans insist that the CHOICE Act offers financial institutions of all sizes a “Dodd-Frank off-ramp,” which, is an avenue to freedom from an overly burdensome and highly intrusive regulatory regime in exchange for the institutions maintaining significantly larger capital reserves than currently required.”Yes, there are a couple of particular things where we could tighten it up, but the assault on the major set of plans is greatly mistaken,” former Rep. Barney Frank, D-Mass., said recently on Squawk Box Asia. “Any comprehensive legislation needs some changes. If the Republicans hadn’t taken over the House in 2011, with an avowed purpose to get rid of the whole thing, we would have made the changes.”The CHOICE Act purports to achieve three major policy goals:Convert the Consumer Financial Protection Bureau (CFPB) into a consumer law enforcement agency subjecting it to the congressional appropriations process;Eliminate CFPB’s supervisory authority over financial institutions and limit its power to take action against entities;Remove “Too Big to Fail,” or the Financial Stability Oversight Council’s authority to designate non-bank financial institutions and financial market utilities as “systematically important”The bill’s sponsors say the intent of the bill is to create hope and opportunity for investors, consumers, and entrepreneurs by holding Washington and Wall Street accountable, eliminating red tape to increase access to capital and credit.“Supporters of Dodd-Frank promised it would lift the economy, end bailouts, and protect consumers,” Hensarling said in April. “Yet Americans have suffered through the worst recovery in 70 years, Dodd-Frank guarantees future bailouts for Wall Street, and consumers are paying more and have fewer choices. Dodd-Frank failed to keep its promises to the American people, but we will work with President Trump to follow through on his promise to dismantle Dodd-Frank. That’s not what Wall Street wants, but it is what hardworking Americans need to have a healthier economy with more opportunities so they can achieve financial independence.”Congresswoman Maxine Waters, Ranking Member of the House Committee on Financial Services, quipped that she calls the act the “Wrong Choice Act” because it would be extremely harmful for hardworking Americans across the country.“Let’s first talk about why we passed Wall Street reform and created the Consumer Bureau in the first place,” Waters said. “Remember the financial crisis? At the core of it, there was an epidemic of irresponsible and malfeasant behavior by financial institutions. Under-regulated predatory lenders peddled and pushed toxic subprime loans to unsuspecting borrowers. Then Wall Street packaged those loans into securities, paid credit rating agencies to rate them AAA, and made bets that they would fail. When they imploded, it sent the economy tumbling into the Great Recession.”Waters went on to say the Democrats took action to ensure that this sort of abusive behavior could never happen again by passing Dodd-Frank and creating the CFPB and the passage of the CHOICE Act would lead the country down the road to another financial crisis.“Although financial services reform was necessary in the wake of the crisis, the passage of Dodd-Frank represented an overcorrection that ushered in an overly burdensome and unnecessarily complicated regulatory scheme for the mortgage industry,” said Five Star Institute President & CEO Ed Delgado. “Now nearly a decade later, the industry has partnered with government stakeholders and adapted to the new climate at great cost. I urge congress to be mindful of the business reality and enact any common sense financial reform in an incremental fashion to ensure continuity for the American Consumer.” Related Articles Sign up for DS News Daily About Author: Brianna Gilpin Share Save Tagged with: Dodd-Frank Act Financial CHOICE ACTcenter_img Servicers Navigate the Post-Pandemic World 2 days ago Previous: Secretary Carson Defends HUD Budget Proposal Before Housing Subcommittee Next: JPMorgan Chase to Undergo Leadership Changes The Best Markets For Residential Property Investors 2 days ago Home / Daily Dose / House Votes to Drastically Change CFPB The Week Ahead: Nearing the Forbearance Exit 2 days ago  Print This Post Demand Propels Home Prices Upward 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago House Votes to Drastically Change CFPB Subscribe Data Provider Black Knight to Acquire Top of Mind 2 days ago Brianna Gilpin, Online Editor for MReport and DS News, is a graduate of Texas A&M University where she received her B.A. in Telecommunication Media Studies. Gilpin previously worked at Hearst Media, one of the nation’s leading diversified media and information services companies. To contact Gilpin, email [email protected] last_img read more

Broad Institute awarded $32.5M grant

first_imgThe Eli and Edythe L. Broad Institute of Harvard and MIT today announced that it has received a $32.5 million grant from the Boston-based Klarman Family Foundation to support a new collaborative effort focused on deciphering how human cells are wired.This grant will allow the scientific community to expand its understanding of how biological decisions are made in health and disease, paving the way for major treatment breakthroughs.“Creating a complete catalog of cell circuitry will ultimately have a huge impact on our ability to understand and treat disease,” said Broad Institute Director Eric Lander. “The Klarmans are laying the foundation for what I predict will grow eventually into a worldwide effort, with the same spirit and vision of the Human Genome Project. This is a bold step by two extraordinary philanthropists.”The grant will launch the Klarman Cell Observatory at the Broad Institute, which will foster groundbreaking discoveries and technological advances in cell circuit research. It will continue to propel advances in the experimental and computational methods needed to understand cell circuitry, and establish their broad applicability by studying a variety of cell types. Moreover, observatory researchers will partner with researchers across the Broad and around the world to pursue collaborative projects that shed light on the inner workings of these cells.Beth Klarman, president of the Klarman Family Foundation, said, “The Cell Observatory has the potential to foster insights into so many different aspects of health and disease, including the biological basis for behavioral health. We feel that providing this funding to the Broad, an institution whose model of collaboration accelerates innovation, is the best way to positively impact the greatest number of people.”Much of what is currently known about cell circuits emerged from decades of research on single-celled organisms, such as yeast and bacteria. The cells of more complex beings, such as humans and other mammals, have been much more difficult to study in part because their circuits are more elaborate. Researchers have worked on the problem, of course, but the typical approach—deciphering a single component or connection at a time—has been a slow and piecemeal process, in part because the tools and knowledge needed to comprehensively crack mammalian cell circuits have only recently become available.The Klarman Cell Observatory will be led by Broad Institute core member Aviv Regev, who has pioneered a new paradigm for defining cellular circuitry. Over the past five years, Regev and her colleagues have made significant strides in systematically deciphering the circuits of two key human cell types: dendritic cells, a type of immune cell, and the stem cells that give rise to blood cells. This work not only shed light on the cells’ biology and the systems in which they function, but it also served as a proof-of-principle for how to approach such projects on a large scale.“Our work has shown that you can choose one cell type and very systematically—one layer at a time—decipher its circuits,” Regev said. “I’m truly grateful to the Klarmans for their visionary support, which will allow us to move this early proof-of-concept work to the next critical phase.”The Cell Observatory will pursue a range of collaborative projects by partnering with scientists within the Broad community and beyond. A critical component of the observatory’s work will involve collaborations with scientists in Israel, including training opportunities for junior scientists. Researchers in that country are renowned experts in the cell circuitry of single-celled organisms and established many of the initial methods used to decipher them.Seth Klarman, chairman of the Klarman Family Foundation and Broad Institute board member, said, “Beth and I are thrilled to support this groundbreaking effort. It requires not only deep scientific expertise, but also the ability to draw researchers together from various institutions and disciplines. Through my involvement on the Broad’s board, I have developed an even greater appreciation of the fact that scientists are on the verge of critical breakthroughs, and there’s really no other place to do this kind of work than the Broad.”last_img read more

Peruvian Air Force Trains in Operational Law

first_imgBy Julieta Pelcastre/Diálogo March 11, 2019 As part of their defense cooperation efforts, the Peruvian Air Force (FAP, in Spanish) and Air Forces Southern (AFSOUTH), U.S. Southern Command (SOUTHCOM)’s Air Force component, trained Peruvian service members in the legal field that covers military interventions in the Apurímac, Ene, and Mantaro Rivers Valley (VRAEM, in Spanish). The V Operational Law Seminar, conducted February 4-7 at Las Palmas Military Air Base in Lima, Peru, helped strengthen efforts to counter terrorists and narcotrafficking groups. “The goal is to provide operational law education to FAP pilots, special forces, and intelligence and air and law defense personnel, and learn the rules of engagement in unconventional warfare scenarios,” Colonel Fernando Kahn, the FAP General Secretariat’s legal advisor, told Diálogo. “Unlike other seminars, this one involved young officers: lieutenants, captains, and majors who are headed to the VRAEM or are already there.” For three days, students got to know the exercises the U.S. military conducts under operational law. The officers also analyzed FAP’s actions in VRAEM conflicts in the last 25 years. AFSOUTH’s legal advisors shared their knowledge, research, and experiences regarding the application of operational law, close air support, and what to do when the commander doesn’t want to listen to their lawyer. “When the commander doesn’t want to listen to the legal advisor and acts [independently], it might become an illegal situation,” Peruvian Air Force Lieutenant Colonel Ángel Daniel Bravo Bonifaz, an officer with the FAP’s Special Forces Group’s General Staff Operations, told Diálogo. FAP has had a legal operational advisor in the VRAEM’s air component for more than four years. “He’s the one who advises the commander one way or another. We then work to ensure that he is accepted, understood, and listened to,” Col. Kahn said. “SOUTHCOM’s support for this seminar is a sign of confidence in FAP to train our personnel.” Terminology “Another issue of interest among attendees was the training of U.S. commanders in law schools to learn and use the same terminology than legal operational advisors, and discipline in U.S. military tasks,” said Col. Kahn. “The United States has a reputable military court system, with serious sanctions when norms are violated.” Peruvian military operations in the VRAEM must have a legal advisor before and after military action. The legal advisor must apply the rules of engagement that determine how and against whom force will be used during a military intervention, as well as the armed forces’ limits in undertaking and pursuing operations against hostile groups. The advisor must also make an intelligence report that contributes to the legal backing and success of the armed forces’ actions in the area. “Under this concept, we need the norm of rules of engagement Section 13 to become [official], because it will be further protection and a means for legal and sound procedure for all the elements working in the VRAEM’s conflict area,” said Col. Kahn. “The rules of engagement should be established within rules of operation. Not all missions are the same,” said Lt. Col. Bravo. Strategies and tactics The VRAEM is Peru’s top region for coca crops and the area of operations of the remnants of the terrorist group Shining Path. Crops are processed to manufacture cocaine, which is transported to Mexico, the United States, Africa, and Europe. The VRAEM Special Command (CE-VRAEM, in Spanish) conducts counter terrorist operations and joint efforts with the Peruvian National Police in the area, under the concept of operational law. FAP takes part as an air component, and FAP’s Special Operations Group deploys patrols to execute the CE-VRAEM commander’s plans. The mission of the military interventions is to preserve the lives of the population and service members, crush the hostile group’s capacity, defend the state, and protect public and private property. Lt. Col. Bravo said that enemy strategies and tactics are those of guerilla warfare: hit-and-run, ambushes, raids, seizing arms for their own use, and using antipersonnel mines and explosive artifacts. “To confront the enemy, we also use special warfare [techniques], and the main thing we need to consider is the element of surprise. In a way, the rules of engagement should be for forces to maintain that element of surprise to get the required military advantage.” As civilians are present during air-ground exercises in the VRAEM, it’s essential for the commander to remember their operational law training, that they have an operational lawyer, and that their staff has operational law knowledge. This gives the commander absolute confidence to decide any course of action about the mission. “From a legal viewpoint, the operational lawyer is the commander’s right-hand man,” said Lt. Col. Bravo. “Due to the importance of the legal advisor’s timely and efficient advice to the commander, FAP will seek to organize an operational law conference before the end of 2019, not only for elements of the Air Force, but also the Navy, the Army, and the National Police,” said Col. Kahn.last_img read more