Saying it wants "to protect homeowners from surprises and costly mistakes by their mortgage servicers," the Consumer Financial Protection Bureau today proposed new rules it believes would make the home loan process simpler and give struggling homeowners more of a chance to avoid foreclosures.
On a panel at an ideas conference in New York City, Rattner noted that before the financial crisis began in 2008, Wall Street was the "global leader in finance. ... But of course, it got out of control."
The Consumer Financial Protection Bureau says it's looking to overhaul rules on overdraft fees. The new agency will be seeking data from banks about how they handle overdrawn accounts, and how they assess fees. The agency plans to use this information to help consumers limit their exposure to these costly charges.
The CFPB estimates that last year, banks made between $15 billion and $22 billion from overdraft fees.
President Obama may have riled Republicans with his recess appointment of Richard Cordray to lead the Consumer Financial Protection Bureau, but there's bipartisan agreement on Mr. Cordray's qualifications. He served as Ohio's attorney general. Before that, he was Ohio state treasurer. For more, we're joined by our friend from the business world, New York Times op-ed columnist Joe Nocera. Joe, thanks for being with us.