CFPB 2012 010 Interim Production

7/28/2019 CFPB 2012 010 Interim Production

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From: Banks, Dominique (CFPB)</o=ustreasury/ou=exchange administrative group(fydibohf23spdlt)/cn=recipients/cn=banksd>

To: OMealia, Sean (CFPB)</o=ustreasury/ou=exchange administrative group(fydibohf23spdlt)/cn=recipients/cn=omealias>

Cc:

Subject: RE: FOIA meeting

Sean:

I apologize for sending the calendar earlier. Come to 7002A and we will figure out from there where wehave 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: [email protected]

logo.jpg

From: OMealia, Sean (CFPB)Sent: Monday, August 08, 2011 8:50 AMTo: Banks, Dominique (CFPB)Subject: RE: FOIA meeting

Wonderful! Marty already forwarded the request to Bill. What room should I come to?

Date: Mon Aug 08 2011 09:20:10 EDT Attachments: image003.jpg

image002.jpgCordray calendar from Dec to Feb.pdf

Bcc:

Page 3582 of 4254

Obtained via FOIA by Judicial Watch, Inc.



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 AMTo: 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 liketo meet with Bill and I regarding the request, I will send Bill the invite.

Thanks

Dominique A. Banks

FOIA Analyst



Phone: (202) 435-7359


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From: Michalosky, Martin (CFPB)</o=ustreasury/ou=exchange administrative group(fydibohf23spdlt)/cn=recipients/cn=michaloskym>

To: CARTER DOUGHERTY, BLOOMBERG/ NEWSROOM:<[email protected]>

Cc: 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>

Subject: Consumer Financial Protection Bureau FOIA Request 2011-06-053 Response

Good afternoon Mr. Dougherty,

Attached to this email is the CFPB’s response to your FOIA request dated June 6, 2011, in which yourequest 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 [email protected].

Thank you.

Marty Michalosky

Consumer Financial Protection Bureau (CFPB) implementation team

Department of the Treasury

Phone: 202-435-7198


Date: Thu Jun 16 2011 12:40:08 EDT Attachments: 2011-06-053 Final Response.pdf

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

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15 4/13/2011 11:02 AMCordray, Richard (CFPB)

February 01, 2011 Continued

Tuesday

3:30 PM - 4:00 PM Feedback on Outreach Plan -- 557

When: Tuesday, February 01, 2011 3:30 PM‐4:00 PM (GMT‐05:00) Eastern Time (US &

Canada).

Where: 557

Note: The GMT offset above does not reflect daylight saving time adjustments.

*~*~*~*~*~*~*~*~*~*

4:00 PM - 4:20 PM 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


*~*~*~*~*~*~*~*~*~*

LucyJoannaLucy’s office @ 3:00pm

AliceMeredithAlice’s 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) EasternTime (US & Canada).Where: TBD


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50 4/13/2011 11:02 AMCordray, Richard (CFPB)

March 02, 2011 Continued

Wednesday

6:30 PM - 7:30 PM Dinner - -- 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


*~*~*~*~*~*~*~*~*~*

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,

-- 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) EasternTime (US & Canada).Where: in your office


*~*~*~*~*~*~*~*~*~*

12:00 PM - 1:30 PM American U Law Review Symposium -- Lunch Keynote Speaker re Consumer Bureau -- American UniversityLaw 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

When: Thursday, March 03, 2011 2:00 PM‐2:30 PM (GMT‐05:00) Eastern Time (US &

Canada).

Where: Joanna and Meredith's Tearoom


*~*~*~*~*~*~*~*~*~*

We’ll be meeting outside of Meredith and Joanna’s cubicles due to the conference rooms

being booked.

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10 4/4/2011 10:12 AMMcCoy, Patricia (CFPB)

January 12, 2011 Continued

Wednesday

Where: Pat's office


*~*~*~*~*~*~*~*~*~*

January 14, 2011

Friday

2:00 PM - 2:30 PM Private:

January 17, 2011

Monday

11:00 AM - 11:30 AM CFPB Policy Team- Weekly Update -- Full Disclosure Room 503 - call-in #When: Occurs every Monday effective 1/3/2011 until 3/7/2012 from 11:00 AM to11:30 AM (UTC-05:00) Eastern Time (US & Canada).Where: Full Disclosure Room 503 - call-in #


*~*~*~*~*~*~*~*~*~*

January 18, 2011Tuesday

9:30 AM - 10:00 AM Dail: -- 503

When: Tuesday, January 18, 2011 9:30 AM-10:00 AM (UTC-05:00) Eastern Time (US &Canada).Where: 503


*~*~*~*~*~*~*~*~*~*

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


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From: Jackson, Peter </o=ustreasury/ou=exchangeadministrative group(fydibohf23spdlt)/cn=recipients/cn=jacksonpe>

To: [email protected]<[email protected]>

Cc:

Subject: Re: coffee

Later today or tomorrow is no problem. Sorry, can't do lunch today. I'm free after 4pm today and havesome windows before then. Tomorrow is a bit more open.

Peter

----- Original Message -----From: <To: Jackson, Peter (CFPB)Sent: Mon Nov 15 09:06:45 2010Subject: 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, justmight be kinda tight.

Also, if you are available for lunch today, that might work well for me....

Thanks,Brady

--Brady DennisThe Washington [email protected]

Date: Mon Nov 15 2010 09:19:07 EST Attachments:

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From: Warren, Elizabeth</o=ustreasury/ou=exchange administrative group(fydibohf23spdlt)/cn=recipients/cn=warrene>

To: 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>Cc:

Subject: Beat Reporters - Tour

StartTime: Fri Oct 22 11:00:00 Eastern Daylight Time 2010EndTime: Fri Oct 22 11:30:00 Eastern Daylight Time 2010Location:Invitees:Recurring: NoShowReminder: 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).


*~*~*~*~*~*~*~*~*~*

Maya Jackson-Randall (Dow Jones)

Dan Wagner (AP)Ian Katz (Bloomberg)David Clarke (Reuters)Brady Dennis (WaPo) - possiblyJoe Adler (American Banker)Ed Wyatt (NYT)Tom Braithwaite (FT)Jim Puzzanghera (LA Times)

Date: Thu Oct 21 2010 19:04:19 EDT

Attachments:

Bcc:

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From: LeCompte, Jenni</o=ustreasury/ou=do/cn=do resources/cn=user accounts/cn=standard users/cn=engebretsenj>

To: Geldon, Daniel</o=ustreasury/ou=exchange administrative group(fydibohf23spdlt)/cn=recipients/cn=geldond>

Cc: 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>

Subject: RE: Beat reporter office visit tomorrow

Regardless, one flag on the bullets: On the day EW was announced, we said the CFPB team had 40-50staff.

Jenni

From: Geldon, DanielSent: Thursday, October 21, 2010 2:49 PMTo: LeCompte, JenniCc: Adamske, Steven; Jackson, Peter; Adeyemo, Adewale (Wally)Subject: Beat reporter office visit tomorrowImportance: High

Hi Jenni,

Date: Thu Oct 21 2010 15:07:59 EDT

Attachments:

Bcc:

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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 ispushing us to do so soon. We’d 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?

I’ve re-attached the bullets we’re currently working with.


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 Press Event Bullets

Welcome to our new headquarters-I told Peter yesterday how we need to invite you over right away so you can see our newo

space and so we could welcome you here personally and early.

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 weo

are all here together.I am proud to say the move went without a hitch – we all got here Monday, had a staff o

celebration on Tuesday, and have been hard at work all week in our new space.We have a little more than 30,000 square feet of space here, and we have the ability too

double in size again at this location.We are already exploring options for additional space should we reach capacity beforeo

arrangements have been made to move into our permanent headquarters.

We have been hard at work staffing up the CFPB Implementation team-The implementation team will be responsible for standing up the new agency so that it iso

fully functioning by July 21, 2011.We now have over 50 employees -- including detailees from almost all the contributingo

agencies (NCUA is only outstanding).During my first month on the job, we have almost doubled our staff .o

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.�

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 moreo

than 1,500 resumes.We expect to conduct the majority of our recruiting and outreach efforts early in 2011o

and we’ll search widely across America, not just in Washington.

Outreach-Over the past month, we have ramped up our outreach efforts to both industry and o

consumer groups.On September 21st, we hosted our first public event in Washington, bringing together o

consumer advocates, industry groups and financial literacy experts for a roundtable to begin discussions on CFPB’s task to dramatically simplify mortgage disclosures so theyserve as a useful tool for consumers when purchasing a home.We have also continued to meet with and speak to key stakeholders from the financialo

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 roundtablediscussion with representatives of various chambers of commerce, bankingorganizations, 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 Ithink they ought to.

On Monday, I traveled to New York to talk directly with some folks on Wall�

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

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Street who will be affected by this agency.We have also begun to travel outside of the east coast to hear from different groups abouto

CFPB.Last week, we travelled to Columbus, Ohio to meet with consumer advocates,�housing counselors, and credit counselors to talk about the challenges they arefacing 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 visitingwith community bankers everywhere I travel and to make sure we build asustained relationship with them and factor in their concerns at everystep.

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 asmany Americans as we can in the business of the Bureau movingforward.

I am of course also continuing to reach out to advocacy groups.o

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.

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

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From: Jackson, Peter (CFPB)</o=ustreasury/ou=exchange administrative group(fydibohf23spdlt)/cn=recipients/cn=jacksonpe>

To: Blenkinsopp, Alexander (CFPB)</o=ustreasury/ou=exchange administrative group(fydibohf23spdlt)/cn=recipients/cn=blenkinsoppa>

Cc:

Subject: Emailing: Quotes for Review 2 2 11

Your message is ready to be sent with the following file or link attachments:

Quotes for Review 2 2 11

Note: To protect against computer viruses, e-mail programs may prevent sending or receiving certaintypes of file attachments. Check your e-mail security settings to determine how attachments are

handled.

Date: Wed Feb 02 2011 10:45:45 EST Attachments: 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<extracted>

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>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>

Bcc:

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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 animportant first step in the conversation."

While she is seeking a principles-based regulatory approach, Warren said there will still be theneed for "very crisp rules” to safeguard against deceptive or predatory practices.

"I welcome partnership with the banks, and I want to work with them to create somethingsustainable,” she said. “A virtuous market is sustainable over time, but a market that relies on anomniscient regulator is always unstable. The idea behind the new agency is to get something thatlasts."

"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 littleturkey.”

On her goal:

“Can the customer understand the product easily, assess its costs and its risks and make apples toapples 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 issustainable over time, but a market that relies on an omniscient regulator is always unstable. Theidea behind the new agency is to get something that lasts.”

On the creation of the CFPB:

“It happened because American families’ experience of consumer credit is something that hasmade them deeply angry. It’s tearing a hole in the bottom of their economic boats.”

Dan Wagner/Associated Press:

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

Page 3 of 7675




“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 issomething 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 costsand 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 putit in. You can explain it. What you can’t do is sell a product in a way that nobody can tell whatthe price is.” As opposed to piling rules upon rules, “I think it’s better for American families toclean 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 notto replace the business decisions. … This is where regulation can actually help the banks and thecustomers 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 whatthey 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 thisidea that the banks are on one side and customers are on the other, as if consumer credit productsare something banks do to their customers rather than for their customers. It locks in anadversarial 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 deeplyangry and deeply worried."

RE: Approach for a more principles-based relationship that sets out the goal: "This is ultimatelyfar better than the regime in which the products are still laden with incomprehensive text butthere'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 themin 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 somethingthat lasts."

"Layering 10,000 rules in is not going to turn this into a working relationship. Maybe that's theway 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>

To: Brady Dennis <[email protected]>

Cc:

Subject: RE: Rich Cordray

To clarify, that way we can share more of what he plans to say without getting out ahead of the speechtoo much.

Jen HowardSenior SpokespersonConsumer Financial Protection Bureau Implementation TeamE: [email protected]: 202-435-7454C:

-----Original Message-----From: Howard, Jennifer (CFPB)Sent: Tuesday, March 01, 2011 5:10 PMTo: '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 SpokespersonConsumer Financial Protection Bureau Implementation TeamE: [email protected]: 202-435-7454C:

-----Original Message-----From: On Behalf Of Brady DennisSent: Tuesday, March 01, 2011 4:19 PMTo: Howard, Jennifer (CFPB)Subject: Re: Rich Cordray

Okay, cool. I'm out of town on Friday and much of Monday, just fyi. Butpretty flexible otherwise....

On Tue, Mar 1, 2011 at 3:56 PM, <[email protected]> wrote:

> Speaking on March 8. I’m still checking on interview…>>>> Jen Howard

Date: Tue Mar 01 2011 17:17:55 EST Attachments:

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>> Senior Spokesperson>> Consumer Financial Protection Bureau Implementation Team>> E: [email protected]>> O: 202-435-7454

>> C:>>>


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To: Howard, Jennifer (CFPB)</o=ustreasury/ou=exchange administrative group(fydibohf23spdlt)/cn=recipients/cn=howardje>; Brady Dennis<[email protected]>

Cc:

Subject: RE: CFPB Blog: The CFPB and the Religious Community

Oh, and: It lasted 1.5 hours this afternoon, and took place at the Eisenhower Executive Office Building.


-----Original Message-----From: Howard, Jennifer (CFPB)Sent: Tuesday, February 08, 2011 2:32 PMTo: '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 diversegroup of faith leaders. The goal of the faith roundtable was to listen and solicit input on ways that CFPBcan 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 HowardSenior SpokespersonConsumer Financial Protection Bureau Implementation TeamE: [email protected]

Date: Tue Feb 08 2011 14:37:12 EST

Attachments:

Bcc:

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O: 202-435-7454C:

-----Original Message-----From: On Behalf Of Brady DennisSent: Tuesday, February 08, 2011 12:43 PMTo: Howard, Jennifer (CFPB)

Subject: Re: CFPB Blog: The CFPB and the Religious Community

Sure.

On Tue, Feb 8, 2011 at 12:40 PM, <[email protected]> wrote:> I can give you a readout this afternoon, if that works?>> Jen Howard> Senior Spokesperson> Consumer Financial Protection Bureau Implementation Team> E: [email protected]> O: 202-435-7454> C:>>> -----Original Message-----> From: 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, <[email protected]> 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: [email protected]>>>> O: 202-435-7454>>>> C:>>

>>>>>> --> Brady Dennis> The Washington Post> [email protected]>>


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Cc:

Subject: RE: hey

I'm here. Happy to chat.


-----Original Message-----From: On Behalf Of Brady DennisSent: Tuesday, March 22, 2011 6:03 PMTo: Howard, Jennifer (CFPB)Subject: hey

you in San Diego?

what's the deal on this Granholm thing? was she offered the job?


Date: Tue Mar 22 2011 18:03:41 EDT Attachments:

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Holly Petraeus Letter to James Dimon - Feb 1 2011.pdf (Attachment 1 of 1)

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Subject: RE: hey

Ok, those lines are good to go. The letter is being tweaked, so don't link to it or anything. Could youhold off posting story online until we can get the letter out? (don't want members of Congress to readabout it in your story before they even get the letter).


-----Original Message-----From: On Behalf Of Brady DennisSent: Tuesday, March 01, 2011 7:01 PMTo: 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 providershave had a real impact on the work we are doing," and "we've taken everyopportunity to let small companies know that this office is open to them."**



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>> From: 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>> [email protected]>>>>>>>> --> Brady Dennis> The Washington Post> [email protected]>>

--Brady DennisThe Washington Post

[email protected]

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Subject: RE: today

No worries--a little bit of late notice on my part and I know they've got you running in a few differentdirections. Looking forward to Monday as well.

Best,

Peter

-----Original Message-----From: On Behalf Of Brady DennisSent: Tuesday, November 09, 2010 9:44 AMTo: 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 lookforward to trying to sit down with Prof. Warren again soon. Meantime, alsowill look forward to meeting up on Monday....

-brady


Date: Tue Nov 09 2010 10:07:06 EST Attachments:

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Subject: RE: cfpb

Sorry about that. Elizabeth and I are venturing west tomorrow to Berkeley so she can give a big speechthere Thursday night. We'll make sure you get an early copy under an embargo that lifts when thespeech starts. As for seeing the new digs, perhaps you can drop by late next week? Let me know whatmight work well for you.

Peter

-----Original Message-----From: On Behalf Of Brady DennisSent: Monday, October 25, 2010 7:06 PMTo: Peter Jackson; Jackson, Peter Subject: cfpb

Hey Peter. My apologies for not getting back to you last week. I wastraveling and actually didn't get your messaging about meeting withElizabeth until after it was too late. Too bad, because I absolutely wouldhave 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


Date: Tue Oct 26 2010 19:00:17 EDT Attachments:

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Brady DennisThe Washington [email protected]

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Cc:

Subject: RE: Rich Cordray

Yep....like 11ish?


-----Original Message-----From: On Behalf Of Brady DennisSent: Tuesday, March 01, 2011 5:39 PMTo: Howard, Jennifer (CFPB)Subject: RE: Rich Cordray

That might just work. Let me check with the editors. Is Thurs morning apossibility?

On Mar 1, 2011 5:09 PM, <[email protected]> wrote:

>> If we did the interview on Thursday, could we embargo for Monday night (soit comes out on Tuesday)?>> Jen Howard> Senior Spokesperson> Consumer Financial Protection Bureau Implementation Team> E: [email protected]> O: 202-435-7454> C:>>

> -----Original Message-----> From: 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, <[email protected]> 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: [email protected]> >> > O: 202-435-7454> >> > C:> >> >> >>>>> --> Brady Dennis> The Washington Post> [email protected]>

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> On Tue, Mar 1, 2011 at 3:56 PM, <[email protected]> wrote:>> > Speaking on March 8. I'm still checking on interview...> >> >> >> > Jen Howard> >

> > Senior Spokesperson> >> > Consumer Financial Protection Bureau Implementation Team> >> > E: [email protected]> >> > O: 202-435-7454> >> > C:> >> >> >>>>> --> Brady Dennis> The Washington Post> [email protected]>

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Subject: RE: Hey

Great, no rush. Just keep me posted. (Your job is insane!)


-----Original Message-----From: On Behalf Of Brady DennisSent: Tuesday, March 08, 2011 7:06 PMTo: Howard, Jennifer (CFPB)Subject: Re: Hey

Hey there. Sorry, I've been off in Libya world. Thanks for sending alongRich's comments to the AGs. Looking unlikely that I get around to a storythis week, but hopefully soon. It was good to finally meet him. Thanks againfor setting it up...


> Just checking in re: Rich Cordray interview….no pressure or anything….>>>> Jen Howard>> Senior Spokesperson>> Consumer Financial Protection Bureau Implementation Team

>> E: [email protected]>> O: 202-435-7454>> C:>>>


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Cc:

Subject: RE: Background Briefing on CFPB Organization and Hiring

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'sPost.

Peter

-----Original Message-----From: Behalf Of Brady DennisSent: Monday, December 20, 2010 11:21 AMTo: 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, <[email protected]> wrote:

> All— >>

>> I wanted to give you a heads up that we’re 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 you’d like to participate. I’ll provide call-in> information and more details on format Monday morning.>

>>> Thanks and best wishes for the weekend.>>>> Peter >>>>

Date: Mon Dec 20 2010 11:22:17 EST Attachments:

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>


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>> The Washington Post>> [email protected]>>

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Cc:

Subject: RE: Drinks next week?

Done! I'll pencil it in.


-----Original Message-----From: On Behalf Of Brady DennisSent: Wednesday, January 26, 2011 12:31 PMTo: 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 weaim for Tuesday and see how things look that day? Work for you?

On Wed, Jan 26, 2011 at 12:25 PM, <[email protected]> wrote:

> Hey Brady->>>> Do you have time next week to meet for drinks? I’m thinking Thursday, but> really, I’m free every day but Wednesday….>>>

> Jen Howard>> Senior Spokesperson>> Consumer Financial Protection Bureau Implementation Team>> E: [email protected]>> O: 202-435-7454>> C:

Date: Wed Jan 26 2011 12:31:39 EST Attachments:

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>>>

--Brady Dennis

The Washington [email protected]

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Cc:

Subject: RE: OTR Chat with Raj Date

I think Raj is out for much of next week...I'll circle back with some new suggestions on timing...


-----Original Message-----From: On Behalf Of Brady DennisSent: Wednesday, April 20, 2011 11:43 AMTo: Howard, Jennifer (CFPB)Subject: Re: OTR Chat with Raj Date

Hey, not sure yet but looks like Friday might be kinda hectic. Any chanceMonday might work?

On Mon, Apr 18, 2011 at 11:38 AM, <[email protected]> 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: [email protected]> O: 202-435-7454> C:>

>> -----Original Message-----> From: 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 :)>

Date: Wed Apr 20 2011 11:44:54 EDT Attachments:

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> Maybe later this week on Raj?>> On Mon, Apr 18, 2011 at 11:29 AM, <[email protected]> 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-general-presidential-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-9084-17db45e870dc/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: [email protected]> >> > O: 202-435-7454> >> > C:> >> >> >> >> >

> > -----Original Message-----> > From: 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, <[email protected]> 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: [email protected]> >

> > >> >> > > O: 202-435-7454> >> > >> >> > > C:> >> > >> >> > >> >

> > >

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> >> >> >> >> >> >> >> > --

> >> > Brady Dennis> >> > The Washington Post> >> > [email protected]> >> >> >>>>> --> Brady Dennis> The Washington Post> [email protected]>>

--Brady Dennis


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To: Brady Dennis <[email protected]>Cc:

Subject: RE: [spam] Re: [spam] Re: [spam] Re: Warren: Welcoming Holly Petraeus to the CFPB

Implementation Team (WH Blog)

Sure thing. That's correct.

-----Original Message-----From: On Behalf Of Brady DennisSent: Thursday, January 06, 2011 4:26 PMTo: Jackson, Peter (CFPB)Subject: [spam] Re: [spam] Re: [spam] Re: Warren: Welcoming Holly Petraeus to the CFPBImplementation Team (WH Blog)

Ha, gotta love that GS scale and all the other acronyms. Should've justlooked that up first before hounding you. Thanks again.

So, if I'm reading correctly, is it accurate to say that her salary hasn'tbeen finalized but will fall somewhere between $119,554 and $179,700?

On Thu, Jan 6, 2011 at 4:22 PM, <[email protected]> wrote:

> Sorry, I've been in government too long. This ought to explain:>

> http://www.opm.gov/ses/performance/salary.asp>>>> -----Original Message-----> From: 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, <[email protected]> wrote:>> > She will be SES (senior executive service) but her exact salary isn't> final> > yet.> >

Date: Thu Jan 06 2011 16:27:09 EST Attachments:

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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, <[email protected]> wrote:> > > >>> > > >> >> > > >> >> > > >>> > >> >> http://www.whitehouse.gov/blog/2011/01/06/welcoming-holly-petraeus-consumer-financial-protection-bureau-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> > > >> [email protected]> > > >>> > > >>

> > > >> > > >> > > >> > > > --> > > > Brady Dennis> > > > The Washington Post> > > > [email protected]> > > >> > > >> > > >> > >> > >> > > --> > > Brady Dennis> > > The Washington Post> > > [email protected]> > >> > >> >> >> >> > --> > Brady Dennis

> > The Washington Post> > [email protected]> >> >>>>> --> Brady Dennis> The Washington Post> [email protected]>

>


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>>

>> Thanks and best,

>>

>> Peter

>>

>>

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Subject: RE: Cleared

Great. Nope, nothing.


-----Original Message-----From: On Behalf Of Brady DennisSent: Tuesday, March 29, 2011 4:57 PMTo: Howard, Jennifer (CFPB)Subject: Re: Cleared

Ok, I think the small changes are okay by the editors, given they don'talter the meaning and that they were made by Rich. So we will go ahead asplanned. Thanks for getting all that cleared so quickly.

Any luck on the banks' counter proposal on the mortgage stuff???


> 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 hadn’t 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 I’m no longer here, I will 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 happy with that.”>>>>>> --Rich's age is 51.>>>> --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 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: [email protected]

>

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> O: 202-435-7454>> C:>>>


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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 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=bWFpbGluZ2lkPTE0MjU1MDUmbWVzc2FnZWlkPVBSRC1CVUwtMTQyNTUwNSZkYXRhYmFzZWlkPTEwMDEmc2VyaWFsPTEyNzY2NjIxNzMmZW1haWxpZD1fZGxfZnlpQGRvLnRyZWFzLmdvdiZ1c2VyaWQ9X2RsX2Z5aUBkby50cmVhcy5nb3YmZmw9JmV4dHJhPU11bHRpdmFyaWF0ZUlkPSYmJg==&&&100&&&http://www.whitehouse.gov/blog/2011/07/18/president-obama-nominates-richard-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> 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


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Cc:

Subject: RE: Is story running tomorrow?

Btw, it turned out FABULOUS! I am so in love with the lede about not wearing shoes and quotingSHakespeare. 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: On Behalf Of Brady Dennis[[email protected]]Sent: Tuesday, March 29, 2011 11:18 PMTo: Howard, Jennifer (CFPB)Subject: RE: Is story running tomorrow?

Sorry, had no idea. They are changing it online now. The print headline wasdifferent and accurate.

Thanks for the heads up....On Mar 29, 2011 11:03 PM, <[email protected]> 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-consumer-

protection-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 HOSTCONFERENCE ON ANNIVERSARY OF CREDIT CARD ACT>>>

> WASHINGTON - The Consumer Financial Protection Bureau (CFPB)implementation team will host a conference with industry executives, leadingacademics, 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 theSecretary of the Treasury on the CFPB, will open the conference with akeynote address recognizing the one-year anniversary of the effective dateof many of the most significant provisions of the Credit CARD Act, andoutlining the CFPB's priorities for making the credit card market workbetter for consumers.>>>> WHO: Elizabeth Warren, Assistant to the President and Special Advisor tothe 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 themedia 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) by7:30 a.m. to allow time for equipment sweeps and set-up. No vehicles will bepermitted 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 poolmust contact Jen Howard in CFPB's Office of Public Affairs at (202) 435-7454by 3:00 p.m. EDT on Friday, February 18, 2011, with the followinginformation: full name, Social Security number, date of birth, and countryof citizenship. This information also may be emailed to

[email protected]<mailto:[email protected]>.Congressional and White House press passes will not grant access toTreasury.>>>> 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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To: Howard, Jennifer (CFPB)</o=ustreasury/ou=exchange administrative group(fydibohf23spdlt)/cn=recipients/cn=howardje>; Brady Dennis<[email protected]>

Cc:

Subject: RE: Professor Elizabeth Warren Statement and Embargoed Excerpts from WrittenTestimony

OTR, I am so off the ball today, so apologies for sounding like an idiot. Here’s the older statement I wasreferring to: http://shelby.senate.gov/public/index.cfm?p=NewsReleases&ContentRecord_id=0447c3e6-5864-452e-ab43-2b9ec7afa684&ContentType_id=ae7a6475-a01f-4da5-aa94-0a98973de620&Group_id=876a24c9-639d-499e-8f4d-ad2b6c7cf218&MonthDisplay=10&YearDisplay=2010

Jen Howard

Senior Spokesperson

Consumer Financial Protection Bureau Implementation Team

E: [email protected]

O: 202-435-7454

C:

From: Howard, Jennifer (CFPB)Sent: Tuesday, March 15, 2011 2:14 PMTo: 'Brady Dennis'Subject: Professor Elizabeth Warren Statement and Embargoed Excerpts from Written Testimony

Statement from Professor Elizabeth Warren in advance of tomorrow’s hearing:

“Political attacks against federal and state law enforcement officials for responding to alleged legalviolations are dangerous. We know what can happen when laws aren’t fairly or consistently enforcedbecause of political pressure, and it doesn’t end well for American families, for honest businesses, or for the economy.”


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EMBARGOED UNTIL 5 P.M.: Excerpts from Professor Warren’s 34-page written testimony before theHouse Subcommittee on Financial Institutions and Consumer Credit:

Thank you Chairman Capito, Ranking Member Maloney, and members of the Subcommittee for invitingme to testify about the work of the Consumer Financial Protection Bureau (CFPB). This is my firstopportunity to report to Congress formally about the significant progress we have made in bringing tolife 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 heretoday for more than one reason. Not only do those of us who are working to stand up the CFPB believein oversight – by the public as well as Congress – but my own public service began almost two and ahalf years ago when Congress asked me to engage in direct oversight as Chair of the CongressionalOversight Panel (COP). At the COP, we worked to produce detailed monthly reports for you about theactivities 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 COPand to answer your questions and discuss other lines of research to pursue on your behalf. From theseexperiences, 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-oneconversations with Members of Congress, exploring a number of different questions and suggestions indetail. I am pleased to have this chance to appear before you today to update you on our progress andto 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 firsttime. My testimony described in great detail the advantages of bringing greater transparency andstreamlined 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 – praisedtransparency 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 impossiblefor 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 oldsystem, seven different federal agencies were responsible for consumer financial protection. Thoseagencies had other responsibilities as well and consumer financial protection was not anyone’s toppriority. 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 one’s primary responsibility, itwas more difficult to hold any single agency accountable. The CFPB will be directly responsible to thepublic for performing those core functions. Accountability was a central policy rationale for theestablishment 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 andhelps prevent overreach, violations of law, and misguided expenditure of public funds. Oversight of theCFPB – during its stand-up and beyond – will build greater confidence in the consumer bureau by bothother governmental entities and the public. The CFPB has an interest in participating meaningfully inthe 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 judicialreview to be certain that it operates only within the authority granted by Congress and otherwise acts inaccordance with law. If it fails to do so, the courts can overturn its actions. In addition to thesefundamental constraints, Congress took important further steps in the Dodd-Frank Act to ensuremeaningful 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 bureau’s expenditures and submits a report toCongress; and*The CFPB submits its financial operating plans and forecasts and quarterly financial reports to theOffice of Management and Budget.

Congress also took special steps to require the CFPB to carefully assess the impact of its actions byway of various internal process requirements. For example, in prescribing a rule under the federalconsumer 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 duringthe consultation process.

In addition to the various process requirements that the CFPB must meet, which are far more extensivethan 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 issuedby the CFPB and, in some cases, even reject the consumer bureau’s regulations – which the FSOClacks the authority to do over any other banking regulator; and*The Inspectors General of the Treasury Department and the Federal Reserve Board have beenreviewing the CFPB’s activities and inform Congress and the public about the consumer bureau’sprograms and activities.

In brief, there will be more oversight and accountability of the CFPB than of any other federal bankingregulator. Over time, I believe these limits will succeed in ensuring both sunlight and accountability inthe consumer bureau’s operations.

###

Jen Howard

Senior Spokesperson



O: 202-435-7454

C:

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From:on belhaf of Brady Dennis

<[email protected]>To: Jackson, Peter (CFPB)

</o=ustreasury/ou=exchange administrative group(fydibohf23spdlt)/cn=recipients/cn=jacksonpe>

Cc:

Subject: Re: coffee

Hey Peter. Tomorrow's looking tough, but maybe Friday or Monday?

On Wed, Nov 17, 2010 at 2:25 PM, <[email protected]> wrote:

> Any daylight in your schedule between now and Turkey day?>> -----Original Message-----> From: 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, <[email protected]> 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:> > 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.> >

Date: Wed Nov 17 2010 19:10:01 EST Attachments:

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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> > [email protected]> >> >>>>> --> Brady Dennis> The Washington Post> [email protected]>>


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Cc:

Subject: Re: Brady Dennis

Yep.

_____

From: Geldon, DanielTo: Jackson, Peter Sent: Tue Nov 09 08:15:37 2010Subject: Re: Brady Dennis

Cool - and he's good with otr/quote approval?

_____

From: Jackson, Peter

To: Geldon, DanielSent: Tue Nov 09 07:54:17 2010Subject: 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 2010Subject: Brady Dennis

Did you ever connect?


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To: Howard, Jennifer (CFPB)

</o=ustreasury/ou=exchange administrative group(fydibohf23spdlt)/cn=recipients/cn=howardje>

Cc:

Subject: Re: Cordray

Thanks Jen.

On Tue, Mar 29, 2011 at 11:13 AM, <[email protected]> wrote:

> Ok, I will do my best!>> Jen Howard> Senior Spokesperson> Consumer Financial Protection Bureau Implementation Team> E: [email protected]> O: 202-435-7454> C:>>> -----Original Message-----> From: 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, <[email protected]> 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: [email protected]> > O: 202-435-7454> > C:> >> >> > -----Original Message-----


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> > From: 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> > [email protected]> >> >>>>

> --> Brady Dennis> The Washington Post> [email protected]>>


[email protected]

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<[email protected]>To: Jackson, Peter


Cc:

Subject: Re: cfpb

Sounds like a plan. Let's keep in touch....Thanks, Peter.

On Tue, Oct 26, 2010 at 7:00 PM, <[email protected]> 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: 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

> [email protected]>>


Date: Tue Oct 26 2010 19:03:06 EDT Attachments:

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<[email protected]>To: Howard, Jennifer (CFPB)


Cc:

Subject: Re: TREASURY DEPARTMENT ANNOUNCES PLANS FOR LEADERSHIPTRANSITION AT THE CONSUMER FINANCIAL PROTECTION BUREAU

cool, thanks...

On Tue, Jul 26, 2011 at 5:46 PM, <[email protected]> wrote:

> yep>> Jen Howard> Senior Spokesperson> Consumer Financial Protection Bureau> E: [email protected]> O: 202-435-7454> C:>>> -----Original Message-----> From: 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, <[email protected]> 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

Date: Tue Jul 26 2011 17:51:55 EDT

Attachments:

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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

XRhYmFzZWlkPTEwMDEmc2VyaWFsPTEyNzY2NjIxNzMmZW1haWxpZD1fZGxfZnlpQGRvLnRyZWFzLmdvdiZ1c2VyaWQ9X2RsX2Z5aUBkby50cmVhcy5nb3YmZmw9JmV4dHJhPU11bHRpdmFyaWF0ZUlkPSYmJg==&&&100&&&http://www.whitehouse.gov/blog/2011/07/18/president-obama-nominates-richard-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


--***************Brady DennisThe Washington [email protected]

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Cc:

Subject: Re: OTR Chat with Raj Date

Sounds like a plan...


> 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: [email protected]> O: 202-435-7454> C:>>> -----Original Message-----> From: 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, <[email protected]> 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-general-presidential-initiative-summit/> >> >> >

Date: Mon Apr 18 2011 11:42:37 EDT Attachments:

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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-9084-17db45e870dc/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: [email protected]> >

> > O: 202-435-7454> >> > C:> >> >> >> >> >> > -----Original Message-----> > From: 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, <[email protected]> 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: [email protected]> >> > >> >> > > O: 202-435-7454

> >> > >> >> > > C:> >> > >> >> > >> >> > >> >> >

> >> >> >> >> >> > --> >> > Brady Dennis> >> > The Washington Post> >> > [email protected]

> >

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> >> >>>>> --> Brady Dennis> The Washington Post



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Cc:

Subject: RE: Brady Dennis

Give it another 30 minutes and if no luck, I’ll find a way to connect with him.

From: Geldon, DanielSent: Monday, November 08, 2010 4:35 PMTo: Jackson, Peter Subject: RE: Brady Dennis

We’re 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 PMTo: Geldon, DanielSubject: RE: Brady Dennis

Yes, we’re playing phone tag.

From: Geldon, DanielSent: Monday, November 08, 2010 4:29 PMTo: Jackson, Peter Subject: Brady Dennis

Any call back?


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> >> > Jen Howard> >> > Senior Spokesperson> >> > Consumer Financial Protection Bureau Implementation Team> >> > E: [email protected]

> >> > O: 202-435-7454> >> > C:> >> >> >> >> >> > -----Original Message-----> > From: 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, <[email protected]> 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: [email protected]> >> > >> >

> > > O: 202-435-7454> >> > >> >> > > C:> >> > >> >> > >> >> > >> >

> >> >> >> >> >> >> > --> >> > Brady Dennis> >> > The Washington Post> >

> > [email protected]

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> >> >> >>>>> --> Brady Dennis

> The Washington Post> [email protected]>>


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To: Geldon, Daniel (CFPB)</o=ustreasury/ou=exchange administrative group(fydibohf23spdlt)/cn=recipients/cn=geldond>

Cc:

Subject: RE: Brady Dennis

Yep.

From: Geldon, Daniel (CFPB)Sent: Tuesday, January 04, 2011 10:13 AMTo: Jackson, Peter (CFPB)Subject: Brady Dennis

He just left me a voicemail… any chance you can call him and say I’m hugely over-extended rightnow? Do you have time?

I gave him the standard line and he’s following up.

Date: Tue Jan 04 2011 10:19:10 EST Attachments:

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To: Jackson, Peter (CFPB)


Cc:

Subject: Re: coffee

Ok, cool. I'll see how things are looking deadline-wise this afternoon, andmaybe 4 p.m. works. Otherwise, let's find another time that works in thenext couple of days. Apologies for the change....

On Mon, Nov 15, 2010 at 9:19 AM, <[email protected]> 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:

> 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> [email protected]>>


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Subject: [spam] Re: Warren: Welcoming Holly Petraeus to the CFPB Implementation Team (WHBlog)

Cool, thanks...

On Thu, Jan 6, 2011 at 11:07 AM, <[email protected]> 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: 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, <[email protected]> wrote:>> >> >> http://www.whitehouse.gov/blog/2011/01/06/welcoming-holly-petraeus-consumer-financial-protection-bureau-implementation-team> >> >

Date: Thu Jan 06 2011 11:08:58 EST

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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> [email protected]>>


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From: Adeyemo, Adewale (Wally) (CFPB)</o=ustreasury/ou=do/cn=do resources/cn=user accounts/cn=standard users/cn=adeyemoa>

To: Geldon, Daniel (CFPB)</o=ustreasury/ou=exchange administrative group(fydibohf23spdlt)/cn=recipients/cn=geldond>; Jackson, Peter (CFPB) </o=ustreasury/ou=exchange administrative group


Subject: Re: Brady Dennis

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 2010Subject: Brady Dennis

Confirmed for tonight short of major breaking news that he can’t control being called to. He is going tocall 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 ina party reminder email?

Date: Thu Dec 16 2010 09:49:01 EST

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From:n belhaf of Brady Dennis



Cc:


Yeah, I had a blast. And a close second was sitting on a beach last weekbeside a cooler full of Coronas :)

Maybe later this week on Raj?


> 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-general-presidential-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-9084-17db45e870dc/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 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: [email protected]>> >>> > O: 202-435-7454>> >>> > C:>> >

>

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> >>> >>>>>>

>>> -->> Brady Dennis>> The Washington Post>> [email protected]>>>


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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> [email protected]>>

--

Brady Dennis

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Subject: RE: you around?

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 PMTo: Jackson, Peter (CFPB)Subject: FW: you around?

-----Original Message-----From: On Behalf Of Brady DennisSent: Friday, December 17, 2010 12:11 PMTo: Geldon, Daniel (CFPB)

Subject: Re: you around?

Honestly, I think that's kind of lame to leave it at that. It loses anysense humor that was in it.

On Fri, Dec 17, 2010 at 12:09 PM, <[email protected]> wrote:

> Could we talk you into just drawing from the first two stanzas?>>> *When out on K Street there arose such a clatter*

Date: Fri Dec 17 2010 12:17:52 EST Attachments:

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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: On Behalf > 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*

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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, <[email protected]> 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: 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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Cc:

Subject: RE: Brady Dennis's birthday coming up

Yep, but thanks for the heads up.

From: Blenkinsopp, Alexander (CFPB)Sent: Wednesday, December 29, 2010 11:00 AMTo: 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 tomake sure you knew that his birthday is Saturday, as mentioned in Playbook.

Date: Wed Dec 29 2010 11:44:49 EST Attachments:

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From:> on belhaf of Brady Dennis



Cc:

Subject: hey

still looking okay for drinks this evening, though i might have tohead out by 8 or just before.

that okay or does lunch work better today?


Date: Tue Feb 01 2011 08:10:05 EST Attachments:

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Hey! I was off all last week (and actually not officially back untiltomorrow), but I'm definitely up for dropping by to talk with Raj soon....

What else did I miss last week?


> 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.>>>> Let me know.

>>>> Jen Howard>> Senior Spokesperson>> Consumer Financial Protection Bureau Implementation Team>> E: [email protected]>> O: 202-435-7454

>> C:>>>



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[email protected]

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Cc:

Subject: Re: Professor Elizabeth Warren Statement and Embargoed Excerpts from WrittenTestimony

hey thanks. is this the three-line thing you were mentioning in regards toCFPB being involved in mortgage servicing?


> *Statement from Professor Elizabeth Warren in advance of tomorrow’s> 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 aren’t fairly or consistently enforced because of political> pressure, and it doesn’t end well for American families, for honest> businesses, or for the economy.”>>

>>>> *EMBARGOED UNTIL 5 P.M.:** Excerpts from Professor Warren’s 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

Date: Tue Mar 15 2011 14:17:23 EDT

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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 anyone’s 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 one’s 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 CFPB’s activities;> - The GAO conducts an audit each year of the consumer bureau’s> 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 bureau’s 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 CFPB’s activities and inform Congress> and the public about the consumer bureau’s 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 > bureau’s operations.>>>> ###>>>

> Jen Howard>> Senior Spokesperson>> Consumer Financial Protection Bureau Implementation Team>> E: [email protected]>> O: 202-435-7454>> C:>

>>


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>> -->> Brady Dennis>> The Washington Post>> [email protected]>>

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To: Jackson, Peter (CFPB)


Cc:

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, justmight be kinda tight.

Also, if you are available for lunch today, that might work well for me....

Thanks,Brady



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>> [email protected]>>>>>>>> --> Brady Dennis

> The Washington Post> [email protected]>

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Cc:

Subject: Re: Drinks next week?

Hey Jen:

I'm actually going to be away on Thursday and Friday next week. Why don't weaim for Tuesday and see how things look that day? Work for you?

On Wed, Jan 26, 2011 at 12:25 PM, <[email protected]> wrote:

> Hey Brady->>>> Do you have time next week to meet for drinks? I’m thinking Thursday, but> really, I’m free every day but Wednesday….>>>> Jen Howard>

> Senior Spokesperson>> Consumer Financial Protection Bureau Implementation Team>> E: [email protected]>> O: 202-435-7454>> C:>>>



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Cc:

Subject: Re: FYI

Thanks for sending. Do you have any snippets from what she plans to saytmrw, or at least some guidance on what sort of reception she's expectingand how she plans to defend the agency's role on the Hill?

On Tue, Mar 15, 2011 at 11:19 AM, <[email protected]> wrote:

>>>>> Jen Howard>> Senior Spokesperson>> Consumer Financial Protection Bureau Implementation Team>> E: [email protected]>

> O: 202-435-7454>> C:>>>


[email protected]


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Cc:

Subject: Re: Hey

Hey there. Sorry, I've been off in Libya world. Thanks for sending alongRich's comments to the AGs. Looking unlikely that I get around to a storythis week, but hopefully soon. It was good to finally meet him. Thanks againfor setting it up...


> Just checking in re: Rich Cordray interview….no pressure or anything….>>>> Jen Howard>> Senior Spokesperson>> Consumer Financial Protection Bureau Implementation Team>> E: [email protected]

>> O: 202-435-7454>> C:>>>

--Brady Dennis



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Cc:

Subject: hey

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 confirmeddirector? Would like to talk about that if you have a sec. Between that andthe Hill hearing, seems like plenty of people are still out to roll back thebureau's authority.

Speaking of which, do you have snippets from EW's remarks on the Hill thatmight be useful in such a story, or at least some preview of what she plansto talk about up there?



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From: Geldon, Daniel </o=ustreasury/ou=exchangeadministrative group(fydibohf23spdlt)/cn=recipients/cn=geldond>

To: Jackson, Peter </o=ustreasury/ou=exchange administrative group(fydibohf23spdlt)/cn=recipients/cn=jacksonpe>

Cc:

Subject: Brady Dennis

Any call back?


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Cc:

Subject: Brady Dennis

Did you ever connect?


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Cc:

Subject: RE: your story

Yes, that should work well. At 1800 L St?On Mar 2, 2011 10:29 AM, <[email protected]> wrote:> Does Thursday at 11 work for you on the Rich Cordray interview?>> Jen Howard> Senior Spokesperson> Consumer Financial Protection Bureau Implementation Team> E: [email protected]> O: 202-435-7454> C:>>> -----Original Message-----> From: 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, <[email protected]> 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: [email protected]>> O: 202-435-7454>> C:

>>>>>> -----Original Message----->> From: 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, <[email protected]> wrote:

Date: Wed Mar 02 2011 10:36:13 EST Attachments:

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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 withand

>> 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 Promotionof >> 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: [email protected]<mailto:[email protected]>>>> O: 202-435-7454>>> C:

>>>

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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> [email protected]>

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To:

Cc:

Subject: Coffee with Brady Dennis

StartTime: Mon Nov 15 10:00:00 Eastern Standard Time 2010EndTime: Mon Nov 15 11:00:00 Eastern Standard Time 2010Location:Recurring: NoShowReminder: YesReminderMinutes: 15ReminderTime: Mon Nov 15 09:45:00 Eastern Standard Time 2010 Accepted: No


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To:

Cc:

Subject: Brady Dennis, WaPo (tentative)

StartTime: Tue Feb 01 18:30:00 Eastern Standard Time 2011EndTime: Tue Feb 01 20:30:00 Eastern Standard Time 2011Location:Recurring: NoShowReminder: No Accepted: No


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“It all happened so fast,” Geldon said. “It’s 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 what’s in our hearts, andthat it’s about the mission that we have as being this new consumer agency,”she told them. “We have this incredible opportunity and this incredibleresponsibility to build a piece of government that we know is here to workon behalf of America’s families.”

As she spoke, a strand of hastily hung Christmas lights fell from theceiling behind her, causing her to flinch.

No big deal, shouted one staffer as the laughter subsided, “We’re astartup.”

--

Brady DennisThe Washington [email protected]

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Consumer Financial Protection Bureau Implementation TeamE: [email protected]: 202-435-7454C:

-----Original Message-----From: On Behalf Of Brady Dennis

Sent: Tuesday, February 08, 2011 12:39 PMTo: 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 (bothreligious 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>

To: Jackson, Peter (CFPB)</o=ustreasury/ou=exchange administrative group(fydibohf23spdlt)/cn=recipients/cn=jacksonpe>

Cc:

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 tomake sure you knew that his birthday is Saturday, as mentioned in Playbook.

Date: Wed Dec 29 2010 10:59:59 EST Attachments:

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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 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> 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

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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*>


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From: RD </o=ustreasury/ou=exchangeadministrative group (fydibohf23spdlt)/cn=recipients/cn=rd>

To: Howard, Jennifer (CFPB)</o=ustreasury/ou=exchange administrative group(fydibohf23spdlt)/cn=recipients/cn=howardje>

Cc:

Subject: Accepted: Call Carter DoughteryDate: Thu Sep 01 2011 16:12:15 EDT Attachments:

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To: Date, Rajeev (CFPB)</o=ustreasury/ou=exchange administrative group(fydibohf23spdlt)/cn=recipients/cn=dater>

Cc:

Subject: Raj OTR with Brady Dennis, WaPo (tentative)

When: Friday, April 22, 2011 2:00 PM-2:30 PM (UTC-05:00) Eastern Time (US & Canada).Where: Your office


*~*~*~*~*~*~*~*~*~*


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Cc:

Subject: Call Carter Doughtery -- on deep background

When: Tuesday, May 31, 2011 6:00 PM-6:30 PM (UTC-05:00) Eastern Time (US & Canada).Where: 202 624 1907


*~*~*~*~*~*~*~*~*~*

Date: Tue May 31 2011 17:52:26 EDT Attachments:

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Cc: RD </o=ustreasury/ou=exchange

administrative group (fydibohf23spdlt)/cn=recipients/cn=rd>

Subject: Call Carter Doughtery -- on deep background

StartTime: Tue May 31 18:00:00 Eastern Daylight Time 2011EndTime: Tue May 31 18:30:00 Eastern Daylight Time 2011Location:Invitees:Recurring: NoShowReminder: No Accepted: No

Date: Tue May 31 2011 17:52:07 EDT

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Cc:

Subject: Canceled: Raj OTR with Brady Dennis, WaPo (tentative)

When: Friday, April 22, 2011 2:00 PM-2:30 PM (UTC-05:00) Eastern Time (US & Canada).Where: Your office


*~*~*~*~*~*~*~*~*~*

He had to reschedule….

Date: Thu Apr 21 2011 11:02:38 EDT Attachments:

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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>

To: Howard, Jennifer (CFPB)</o=ustreasury/ou=exchange administrative group

(fydibohf23spdlt)/cn=recipients/cn=howardje>Cc:

Subject: Accepted: Raj OTR with Brady Dennis, WaPo (tentative)

Date: Mon Apr 18 2011 12:04:38 EDT

Attachments:

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To: Cordray, Richard (CFPB)</o=ustreasury/ou=exchange administrative group(fydibohf23spdlt)/cn=recipients/cn=cordrayr>

Cc:

Subject: Rich Cordray interview with Brady Dennis, WaPo (tentative time)

StartTime: Thu Mar 03 11:00:00 Eastern Standard Time 2011EndTime: Thu Mar 03 11:30:00 Eastern Standard Time 2011Location:Invitees:Recurring: NoShowReminder: No Accepted: No


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To: Cordray, Richard (CFPB)</o=ustreasury/ou=exchange administrative group(fydibohf23spdlt)/cn=recipients/cn=cordrayr>

Cc:

Subject: Rich Cordray interview with Brady Dennis, WaPo (tentative time)

When: Thursday, March 03, 2011 11:00 AM-11:30 AM (UTC-05:00) Eastern Time (US & Canada).Where: in your office


*~*~*~*~*~*~*~*~*~*


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From: Cordray, Richard (CFPB)</o=ustreasury/ou=exchange administrative group(fydibohf23spdlt)/cn=recipients/cn=cordrayr>


Cc:

Subject: Accepted: Rich Cordray interview with Brady Dennis, WaPo (tentative time)


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From: Martinez, Zixta (CFPB)</o=ustreasury/ou=exchange administrative group(fydibohf23spdlt)/cn=recipients/cn=martinezz>

To: 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>

Cc:

Subject: RE: Readout on faith rountable

I can confirm all except Esperanza, USA. If you need a list of affiliations I have it. 20 individualsattended. ZQM

Zixta Q. MartinezCFPB Implementation Team202.435.7204

-----Original Message-----From: Howard, Jennifer (CFPB)

Sent: Tuesday, February 08, 2011 4:32 PMTo: 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 2011Subject: RE: Readout on faith rountable

Looks good.

-----Original Message-----From: Martinez, Zixta (CFPB)Sent: Tuesday, February 08, 2011 1:50 PMTo: Geldon, Daniel (CFPB); Howard, Jennifer (CFPB); Martin, Alyssa (CFPB); English, Leandra(CFPB); Jackson, Peter (CFPB)Subject: Re: Readout on faith rountable

Date: Tue Feb 08 2011 16:41:35 EST

Attachments:

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From: Martinez, Zixta (CFPB)</o=ustreasury/ou=exchange administrative group(fydibohf23spdlt)/cn=recipients/cn=martinezz>

To: 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>

Cc:

Subject: RE: Readout on faith rountable

I can confirm that Esperanza was invited but cancelled this morning. ZQM

Zixta Q. MartinezCFPB Implementation Team202.435.7204

-----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 PMTo: 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

Date: Tue Feb 08 2011 16:46:03 EST

Attachments:

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.

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 2011Subject: RE: Readout on faith rountable

-----Original Message-----From: Howard, Jennifer (CFPB)Sent: Tuesday, February 08, 2011 1:18 PMTo: 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.


-----Original Message-----From: On Behalf Of Brady DennisSent: Tuesday, February 08, 2011 12:39 PM


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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 (bothreligious folks and from gov't), time, who organized, agenda, etc....?

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Cc:

Subject: Two letters

Jen Howard

Senior Spokesperson



O: 202-435-7454

C:

Date: Tue Mar 01 2011 11:58:15 EST Attachments: Neugebauer Letter.pdf IG Report CFPB.pdf

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Neugebauer Letter.pdf (Attachment 1 of 2)

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January 10, 2011

OIG-CA-11-004

FRB OIG 2011-01

The Honorable Spencer Bachus

Chairman

Committee on Financial Services

The Honorable Judy BiggertChairman

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 forinformation concerning the Department of the Treasury’s (Treasury) activities to

establish the Bureau of Consumer Financial Protection (Bureau).

In preparing our response, we (1) reviewed the applicable sections of the Dodd-

Frank 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, Treasury’s General Counsel, the Chief of Staff of the BureauImplementation 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 Treasury’s comments as we prepared the

final document.

IG Report CFPB.pdf (Attachment 2 of 2)

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G Report CFPB.pdf (Attachment 2 of 2)

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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

Treasury’s OIG?

Both the Office of Inspector General (OIG) for the Board of Governors of theFederal 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 Dodd-

Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act), the

Board’s Inspector General is responsible for exercising the role of Inspector

General for the Bureau. Specifically, the Dodd-Frank Act provides that the

Board’s 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 conductinterim 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 Treasury’s programs and operations.1 The Board OIG and

Treasury OIG plan to coordinate and cooperate on audits, inspections, and other

reviews of the Bureau’s 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.

1 Treasury OIG’s 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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Enclosure

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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 Bureau’s 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 Frelated 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 asSpecial 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 Treasury’s General Counsel, Treasury’s

organic statute, which defines the Department’s 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 Secretary’s 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 Secretary’s 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 Secretary’s 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 onSeptember 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 ortalked 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

Bureau’s 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 herBureau 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 Treasury’s authority. The Secretary’s


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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 tosupport 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 Secretary’s section

1066(a) authority. As discussed above, the Secretary’s 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;

3 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, theOffice 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 Secretary’s 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 Bureau’s 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 nondepositoryinstitutions subject to the Bureau’s 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 Bureau’s 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 Secretary’s 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 thetotal 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

President’s 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 GS-15 level or its equivalent.

Treasury’s Response:

The list below, provided by Treasury, includes: (1) Presidentially appointed,

Senate-confirmed (PAS) officials within Treasury’s 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.

6 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 singlediscussion 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 theBureau, 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 First Name Category

Allison Herb PAS (no longer with Treasury)Barr Michael PAS (no longer with Treasury)

Brainard Lael PAS

Cohen David PAS

Collyns Charles PAS

7 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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Geithner Timothy PAS

Goldstein Jeffrey PAS

Ireland S. Leslie PAS

Krueger Alan PAS (no longer with Treasury)

Lago Marisa PAS

Levey Stuart PASMadison George PAS

Miller Mary PAS

Mundaca Michael PAS

Rios Rosie PAS

Tangherlini Daniel PAS

Wallace Kim PAS

Wolin Neal PAS

Coloretti Nani Non-Career SES

Warren Elizabeth Non-Career SES

Horowitz Linda SESLepley Rich SES

Twohig Peggy SES

Antonakes Steve Limited Term SES

Dickman Marilyn Limited Term SES

Slagter Dennis Limited Term SES

Breslaw April SES Equivalent

Burniston Tim SES Equivalent

Campbell Michael SES Equivalent

Chow Edwin SES Equivalent

Hancock Gary SES Equivalent

Leiss Wayne SES Equivalent

Marshall Mira SES Equivalent

Gordon Mike Senior-Level

Adeyamo Adewale Schedule C/GS-14

Goldfarb Rachael Schedule C/GS-15

Cochran Kelly GS-15

Coleman John GS-15


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Date Rajeev GS-15

Galicki Josh GS-15

Geldon Dan GS-15

Hrdy Alice GS-15

Huang Eugene GS-15Kershbaum Sharon GS-15

Lev Ori GS-15

Martinez Adam GS-15

Martinez Zixta GS-15

Morris Lucy GS-15

Pluta Scott GS-15

Reilly Deborah GS-15

Royster Felicia GS-15

Scanlon Thomas GS-15

Silberman David GS-15

Stapleton Claire GS-15

Vale Elizabeth GS-15

Cantrell Diane GS-15 Equivalent

Decker Sharon GS-15 Equivalent

Duncan Tim GS-15 Equivalent

McCoy Patricia GS-15 Equivalent

VanMeter Stephen GS-15 Equivalent

Board’s Response:

Many Board employees have been consulted on matters pertaining to theBureau. 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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Duke Elizabeth PAS

Alvarez Scott SES Equivalent

Boutillier Elaine SES Equivalent

Braunstein Sandra SES Equivalent

Chanin Leonard SES Equivalent

Clark Michell SES Equivalent

Fox Lynn SES Equivalent

Glissman Todd SES Equivalent

Hammond Donald SES Equivalent

Mitchell William SES Equivalent

Price Tonda SES Equivalent

Riesz James SES Equivalent

Romero Raymond SES Equivalent

Tinsley Pelitere Tara SES Equivalent

Vassallo Karen SES Equivalent

Wheatley Katherine SES EquivalentAcconero Michael GS-15 Equivalent

Anderson Jean GS-15 Equivalent

Delaney Craig GS-15 Equivalent

Eskow Beverley GS-15 Equivalent

Foster Alye GS-15 Equivalent

Kapoor Michelle GS-15 Equivalent

Richards Brenda GS-15 Equivalent

Roach Reginald 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 meetingsattended 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 thedate 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

Warren’s schedule from September 20, 2010, through December 3, 2010.9

Treasury plans to continue to post Professor Warren’s 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

8 The policy, “Treasury Policy on Voluntary Disclosure of Meetings on Dodd-Frank Implementation,”

can be found on Treasury’s website at www.financialstability.gov/roadtostability/transparency.html. 9 As of the date of our letter, Professor Warren’s 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 governmentalentities, such as Treasury’s 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 Bureau’s 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 Bureau’s

organizational structure and a draft budget for FY 2011 and FY 2012. A

December 8, 2010, draft of the Bureau’s 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 Treasuryofficials, 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 team’s draft

budgets for FY 2011 and FY 2012 will be included in the President’s 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 fromfederal 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 Bureau’s 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 Bureau’s organizational structure. In addition,

the Bureau’s 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 asmortgages, 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 Bureauimplementation 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 Debt’s 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 Bureau’s policies andprocedures 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 Bureau’s 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 theeffectiveness 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 Bureau’s 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, issuingadvanced notices of proposed rulemaking, as other agencies implementing the

Act have done?

The Treasury Secretary is not authorized to prescribe rules under the Bureau’s

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 Secretary’s interim authority,

does not include a provision that authorizes the Secretary to issue rules prior to the designated

transfer date under the Bureau’s 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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Enclosure

Page 18




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 Bureau’s authority;19

• the process for registering persons that participate in the consumerfinancial 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 Director’s 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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Enclosure

Page 19




• 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 inconsultation 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 industryrepresentatives, to collect information regarding the Bureau’s 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 therea 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 Section 1024(a)(2).22 Section 1024(b)(7).


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Enclosure

Page 20




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 policyinitiatives 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 Bureau’s authority to have Bureau examiners

23 Subtitle F of title X of the Dodd-Frank Act, which describes the Secretary’s 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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Enclosure

Page 21




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 Bureau’s 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 anddepository 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 Bureau’s

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 tothis 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 Director’s 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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Enclosure

Page 22




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 topicssuch 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-relatedissue, 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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Cc:

Subject: Draft

Draft letter, embargoed until you hear back from me. It could change, so if you want to pull anythingeither run the lines past me, or check them against final when I send around.

Thanks Brady, you’re the best!!!

Jen Howard

Senior Spokesperson



O: 202-435-7454

C:

Date: Tue Mar 01 2011 18:18:22 EST Attachments: EW - Letter to Capito Maloney DRAFT.pdf

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DRAFT CONFIDENTIAL

March 1, 2011

Dear Chairman Capito and Ranking Member Maloney:

Tomorrow, the House Subcommittee on Financial Institutions and Consumer Credit will hold ahearing 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 Dodd-Frank 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 financialinstitutions – an outcome that will also benefit consumers. Third, the CFPB will continue to

assess how the CFPB’s 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 havemet 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 agency’s DNA. Whether

in Washington or outside the Beltway, we aim to maintain an ongoing conversation with thesecompanies 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. We’ve heard about duplicative and complicated paperwork and how often these smallcompanies need to take employees away from serving customers in order to fill out more forms.

We’ve heard about the high cost of regulatory compliance. We’ve heard about how hard it can

be to get a clear answer on what is or is not required by a particular regulation. We’ve heard alot 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 worryabout 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

EW - Letter to Capito Maloney DRAFT.pdf (Attachment 1 of 1)

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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 country’s economy. This country needs arobust, 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 theDodd-Frank Act and to make sure that Small Business Regulatory Enforcement Fairness Act

(SBREFA) panels are an important component of the CFPB’s broader ongoing efforts to assessthe effectiveness and impact of its regulations.

In January, I traveled to Maine at the invitation of Senator Olympia Snowe to meet with groupsof 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 Dodd-

Frank 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

EW - Letter to Capito Maloney DRAFT.pdf (Attachment 1 of 1)

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Cc:

Subject: CNBC

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 -- shemay -- the senate may approve her nomination.

Jen Howard

Senior Spokesperson



O: 202-435-7454

C:


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Cc:

Subject: Excerpts from Professor Warren's Prepared Remarks at CUNA Tomorrow

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 willhold a hearing on the effect of the Dodd-Frank Act on small financial institutions. Bill Cheney will testifyto represent the views of CUNA’s members. I look forward to reading testimony from Bill and other witnesses at tomorrow’s hearing, and I look forward even more to discussing these issues when I testifybefore 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 bureau’s DNA.

“Since I started my current job in September, I have spoken directly with small providers from nearly 40states. These conversations have informed our thinking about our stand-up efforts and the functioningof 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 includedin our initiatives from the beginning.”

###


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Jen Howard

Senior Spokesperson



O: 202-435-7454

C:

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Cc:

Subject: CU speech

David beat Goliath, but make no mistake: Goliath is not down for the count. Families can and should beproud of their new watchdog, but they would be wrong if they take its future security and independencefor granted.

Many of those who have opposed the CFPB are still trying to chip away at its independence bysubjecting it entirely to Congressional appropriations without any dedicated funding from the FederalReserve. Politicizing the funding of bank supervision would be a dangerous precedent, and it woulddeprive the CFPB of the predictable funding it will need to examine large and powerful banksconsistently and to provide a level playing field with their nonbank competitors. While the bankingregulators charged with preserving the safety and soundness of financial institutions and ensuringconsumer protection compliance by smaller banks would continue to receive independent funding, theagency in the financial regulatory system with lead responsibility for protecting consumers would face adifferent 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 financialcrisis that started one lousy mortgage at a time. Under the caps on dedicated funding that currentlygovern the CFPB, it would take nearly 20 years to invest as much money in protecting consumers andconsumer financial markets as it cost the government to resolve IndyMac – a single institution that failedin the financial crisis of 2008. Reducing the CFPB’s funding is asking the American people to believethat a pound of cure is worth an ounce of prevention. Increasing the risk of financial crisis won’t reduce

our deficits.


-----Original Message-----

From: Howard, Jennifer (CFPB)Sent: Tuesday, February 15, 2011 12:22 PMTo: Howard, Jennifer (CFPB)Subject: Elizabeth Warren's Prepared Remarks at Consumers Union 75th Anniversary Celebration

Remarks as Prepared for DeliveryElizabeth WarrenConsumers Union 75th Anniversary CelebrationTuesday, 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 worldwould 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-applescomparisons among products, when costs and risks are clear, competition is stronger and marketforces 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 itscurrent scrutiny of credit cards, to its ongoing efforts to improve financial literacy, CU has worked hardto empower consumers.

It is a great pleasure to be here to celebrate this anniversary and to thank you for all you have done tomake markets work for consumers, for lenders that want to offer value to their customers, and for thewhole economy.

But I’m here to thank you for something else as well: Your participation in making the new Consumer Financial Protection Bureau (CFPB) a reality.

You don’t need me to remind you how improbable a victory this new consumer bureau represents.Barney Frank said that, at the beginning, the idea wouldn’t even qualify as a pipe dream. Aggressive,no-holds-barred lobbying from some big Wall Street players combined with intense campaignslaunched by special interest groups with massive budgets for one purpose: to stop the creation of theconsumer bureau. But we pushed back. CU was part of a coalition of more than 200 organizations thatcame 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 whowrote 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 I’ll 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 canput 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-informedconsumers make markets work.

David beat Goliath, but make no mistake: Goliath is not down for the count. Families can and should beproud of their new watchdog, but they would be wrong if they take its future security and independencefor granted.

Many of those who have opposed the CFPB are still trying to chip away at its independence bysubjecting it entirely to Congressional appropriations without any dedicated funding from the FederalReserve. 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 banksconsistently and to provide a level playing field with their nonbank competitors. While the bankingregulators charged with preserving the safety and soundness of financial institutions and ensuringconsumer protection compliance by smaller banks would continue to receive independent funding, theagency in the financial regulatory system with lead responsibility for protecting consumers would face adifferent 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 financialcrisis that started one lousy mortgage at a time. Under the caps on dedicated funding that currentlygovern the CFPB, it would take nearly 20 years to invest as much money in protecting consumers andconsumer financial markets as it cost the government to resolve IndyMac – a single institution that failedin the financial crisis of 2008. Reducing the CFPB’s 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 won’t

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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 CFPB’s 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, buildinginfrastructure, 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 JimGuest suggested to me the first week I was on the job, we’ve gotten outside Washington and heardfrom people around the country – and we’re still doing that. Two weeks ago, we launched our firstwebsite at ConsumerFinance.gov, which invites public participation and comment. In the monthsahead, the CFPB will provide a platform for financial education, helping advance more ways to makeconsumers 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 theunique features of the modern financial marketplace. That’s 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, andcomputers, to cribs and coffeemakers. These products come in all sorts of shapes and sizes, butthanks to CU and other groups that test and report on products, quality and price can pretty much becompared straight up. Through the years, as a consumer, I have made a lot of good decisions aboutwhat 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 itdifficult for families to compare costs, benefits, and risks. Certain lenders have taken advantage of thislack 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 madeon fees, penalties and re-pricing on the back end – when it is too late. Too many profit models havebeen built around steering customers into products they can’t understand and may not be able toafford. All this was a way to boost profits by avoiding head-to-head competition on features thatcustomers could easily understand.

CU is leading the way in addressing this issue. You have supplemented the traditional productcomparison 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.

CU’s call for comprehensible contracts is an important start, but the challenge for consumers innavigating credit markets runs even deeper. When a retailer sells a car, a camera, or the like, the priceis the same regardless of who buys it. If you can get to the store or find it online, then you can get theproduct at the offered price, regardless of who you are. And for most products, search engines canenable 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 otherwiseseem very similar. The reasons for these differences are often known only to the lender. And the storygets 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 anotice 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 createslayers of complexity that stand in the way of direct, apples-to-apples comparisons among creditproducts. 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 aconsumer compare two credit products based on an advertisement when the true cost won’t be clear

until months later? And how does a consumer draw comparisons when there are so many differentcomponents 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 aconsumer draw comparisons among products without knowing the nature or likelihood of changes thatare 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 torate credit products in a way that is reliable over the long term. The information CU and others collectand publish about credit is a source of decision-making information for consumers. These ratings andproduct summaries can help the consumer understand what the best deals and companies are, and therange of deals that are available in the marketplace. But to make a good decision on credit, anindividual consumer needs more to comparison shop effectively.

That’s where the new consumer bureau comes in.

We believe in comparison shopping. We want the price and the risks to be clearer, so that consumerscan see what is being offered and decide the products that are best for them. We want to seeinnovations, lots of innovations. But innovations need to be around real product differences thatconsumers can see and understand – not around misleading advertising and new tricks buried in thefine print. Our goal is simple: We want the credit market to work better for consumers, for responsibleproviders, 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 waysmortgages are sold. It is too soon to tell how much these new rules will push the markets in the rightdirection, but the consumer bureau is already beginning the work of trying to assess how the markethas 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 theTreasury building in Washington. Congress indentified a number of unfair practices in the credit cardindustry and outlawed them in the CARD Act, and it will be the one-year anniversary of theimplementation of most of the provisions that law. Our plan is to find out how much has changed in thatyear. 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 withingovernment 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 canimprove our understanding of the impact of the CARD Act and to help us understand how we can makecredit markets work better.

We will be working hard for consumers across the country, but we cannot and will not go it alone. Wecan do our part to help level the playing field, to cut out the tricks and traps, to make it possible tomaster a credit card contract or a mortgage closing without needing an army of lawyers. In tandem, CUcan do what it has always done – help consumers make informed decisions. And as the credit productsget clearer, the impact of what CU does will get stronger. When prices and risks are clearer, CU canhelp 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 havethe information to make the decisions that are best for them. CU’s goals are clear in its missionstatement: “a fair, just, and safe marketplace for all consumers” and to “empower consumers to protectthemselves.” 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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To: Brady Dennis ([email protected])<[email protected]>

Cc:

Subject: Perhaps I can be of assistance?

Geldon asked me to follow up with you as he’s a bit over extended at the moment but wanted to behelpful. I’m at my desk (202-435-7126).

Peter


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Cc:

Subject: Elizabeth Warren's Schedule -- 9/20-11/2

Brady—

Attached is Prof. Warren’s 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

Date: Wed Nov 24 2010 10:04:14 EST Attachments: Elizabeth Warren Calendar - 9.20-11.2.2010.pdf

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Cc:

Subject: Re: Email me when you get here.

One block away. Be there in a minute ..On Mar 3, 2011 10:42 AM, <[email protected]> wrote:>

Date: Thu Mar 03 2011 10:57:33 EST Attachments:

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Cc:

Subject: Re: Perhaps I can be of assistance?

Sure thing. In a meeting buy call u shortly...On Jan 4, 2011 10:20 AM, <[email protected]> wrote:> Geldon asked me to follow up with you as he's a bit over extended at themoment but wanted to be helpful. I'm at my desk (202-435-7126).>> Peter


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Cc:

Subject: Re: Elizabeth Warren's Prepared Remarks at Consumers Union 75th AnniversaryCelebration

Cool thanks...!On Feb 15, 2011 12:24 PM, <[email protected]> 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 anengineer and several consumer advocates to establish Consumers Union, theyprobably did not imagine what the world would look like in 2011. When CUpublished 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 consumerscan make apples-to-apples comparisons among products, when costs and risksare clear, competition is stronger and market forces can drive down pricesand spur innovations that are valuable to customers.>

> For three-quarters of a century, CU has worked to make the financialmarketplace function better by providing clear, objective evaluations of products. From its early assessments of credit unions, to its currentscrutiny of credit cards, to its ongoing efforts to improve financialliteracy, CU has worked hard to empower consumers.>> It is a great pleasure to be here to celebrate this anniversary and tothank 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 wholeeconomy.>> But I’m here to thank you for something else as well: Your participation

in making the new Consumer Financial Protection Bureau (CFPB) a reality.>> You don’t need me to remind you how improbable a victory this new consumer bureau represents. Barney Frank said that, at the beginning, the ideawouldn’t even qualify as a pipe dream. Aggressive, no-holds-barred lobbyingfrom some big Wall Street players combined with intense campaigns launchedby special interest groups with massive budgets for one purpose: to stop thecreation of the consumer bureau. But we pushed back. CU was part of acoalition of more than 200 organizations that came together in the wake of ahuge financial crisis and that pushed hard for new safeguards, particularlythe establishment of the CFPB.

Date: Tue Feb 15 2011 12:27:00 EST

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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 attown hall meetings and signed petitions. In the end, American families won.They got the financial watchdog they need. And I’ll tell you who else won:responsible financial services providers who are willing to compete fairlyfor consumers’ business. These are the companies that want to make pricesclear and risks clear because they believe they can put forward the best

products and services and they want people to know that. Getting theconsumer agency was an important victory for consumers and for anyone whobelieves that well-informed consumers make markets work.>> David beat Goliath, but make no mistake: Goliath is not down for thecount. Families can and should be proud of their new watchdog, but theywould 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 atits independence by subjecting it entirely to Congressional appropriationswithout any dedicated funding from the Federal Reserve. Politicizing thefunding of bank supervision would be a dangerous precedent, and it woulddeprive the CFPB of the predictable funding it will need to examine largeand powerful banks consistently and to provide a level playing field withtheir nonbank competitors. While the banking regulators charged withpreserving the safety and soundness of financial institutions and ensuringconsumer protection compliance by smaller banks would continue to receiveindependent funding, the agency in the financial regulatory system with leadresponsibility 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 atime. Under the caps on dedicated funding that currently govern the CFPB, itwould take nearly 20 years to invest as much money in protecting consumersand consumer financial markets as it cost the government to resolve IndyMac – a single institution that failed in the financial crisis of 2008. Reducingthe CFPB’s funding is asking the American people to believe that a pound of cure is worth an ounce of prevention. Increasing the risk of financialcrisis won’t reduce our deficits.>> So where do we go from here? How can we – the new consumer bureau and CUand all the other organizations and institutions and individuals who supportthe CFPB’s mission – continue working side-by-side for American families?

>> Over the past six months, the consumer bureau has been hard at worksetting initial priorities, building infrastructure, and engaging with the American public and various stakeholders. We have learned more about theconsumer financial markets and gotten thoughtful advice about our stand-upeffort. As Jim Guest suggested to me the first week I was on the job, we’vegotten outside Washington and heard from people around the country – andwe’re still doing that. Two weeks ago, we launched our first website atConsumerFinance.gov, which invites public participation and comment. In themonths ahead, the CFPB will provide a platform for financial education,helping advance more ways to make consumers stronger. The bureau will becharged 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 worksboth for consumers and for responsible credit unions, banks, and other kindsof financial services providers.>> For the new consumer bureau to succeed in that last effort, we need tostart by recognizing some of the unique features of the modern financial

marketplace. That’s 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 awide range of products from cars, cameras, and computers, to cribs andcoffeemakers. These products come in all sorts of shapes and sizes, butthanks to CU and other groups that test and report on products, quality andprice can pretty much be compared straight up. Through the years, as aconsumer, I have made a lot of good decisions about what I bought, guided bya 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 agreementswritten in overly legalistic language too often make it difficult for families to compare costs, benefits, and risks. Certain lenders have takenadvantage of this lack of transparency. Too many profit models have beenbuilt around keeping customers confused or uncertain, pretending to sell atone price on the front end and knowing that the real profits will be made onfees, penalties and re-pricing on the back end – when it is too late. Toomany profit models have been built around steering customers into productsthey can’t understand and may not be able to afford. All this was a way toboost profits by avoiding head-to-head competition on features thatcustomers could easily understand.

>> CU is leading the way in addressing this issue. You have supplemented thetraditional product comparison approach by calling for changes with a clear and important purpose: get rid of dense legal jargon in loan contracts andreplace it with simple and straightforward language. You know how strongly Istand behind that goal, and the new consumer bureau will do everything itcan to advance it.>> CU’s call for comprehensible contracts is an important start, but thechallenge for consumers in navigating credit markets runs even deeper. Whena retailer sells a car, a camera, or the like, the price is the sameregardless 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 youare. And for most products, search engines can enable you to find the bestprice for any given make and model – a price that is available to allcomers. 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 mefor products that otherwise seem very similar. The reasons for thesedifferences are often known only to the lender. And the story gets even morecomplicated because the price for any one of us – or all of us – can changeover time. When you buy a toaster, the price – and the toaster – stays thesame after purchase. But in many credit contracts, the lender can change thecredit 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 andnot-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 featuresfor cameras and toasters is too often missing for credit cards and checkingaccounts. How does a consumer compare two credit products based on anadvertisement when the true cost won’t be clear until months later? And how

does a consumer draw comparisons when there are so many different componentsof cost in each product? How does a consumer keep track of the continualevolution of the products being offered across the entire market bydifferent providers? And, finally, how does a consumer draw comparisonsamong products without knowing the nature or likelihood of changes that arelikely 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 isreliable over the long term. The information CU and others collect andpublish 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 dealsthat are available in the marketplace. But to make a good decision oncredit, an individual consumer needs more to comparison shop effectively.>> That’s where the new consumer bureau comes in.>> We believe in comparison shopping. We want the price and the risks to beclearer, so that consumers can see what is being offered and decide theproducts that are best for them. We want to see innovations, lots of innovations. But innovations need to be around real product differences thatconsumers can see and understand – not around misleading advertising and new

tricks buried in the fine print. Our goal is simple: We want the creditmarket to work better for consumers, for responsible providers, and for thewhole economy.>> Congress has already begun to change credit markets. The new CARD Actchanged certain elements of credit card pricing, and the mortgage reformprovisions of Dodd-Frank will alter some of the ways mortgages are sold. Itis too soon to tell how much these new rules will push the markets in theright direction, but the consumer bureau is already beginning the work of trying to assess how the market has reacted to changes in the credit cardlandscape and to watch out for consumers.>

> One week from today, the consumer bureau will host a conference on theCredit CARD Act at the Treasury building in Washington. Congress indentifieda number of unfair practices in the credit card industry and outlawed themin the CARD Act, and it will be the one-year anniversary of theimplementation of most of the provisions that law. Our plan is to find outhow much has changed in that year. To do that, we are going to take a hardlook at the data – interest rates, re-pricing and the like. We will bringtogether academics, industry leaders, consumer advocates, and voices fromwithin government to look at the data from multiple directions, and toanalyze how the industry has reacted and how consumers are responding. Theidea 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 cannotand will not go it alone. We can do our part to help level the playingfield, to cut out the tricks and traps, to make it possible to master acredit card contract or a mortgage closing without needing an army of lawyers. In tandem, CU can do what it has always done – help consumers makeinformed 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 financialdecisions that are best for them.>> CU helped make the new consumer bureau a reality, and for that I offer mydeepest thanks. Now we can play complementary roles in realizing our sharedgoals of a marketplace where consumers have the information to make thedecisions that are best for them. CU’s goals are clear in its missionstatement: “a fair, just, and safe marketplace for all consumers” and to“empower consumers to protect themselves.” Together, we can help inform andempower consumers so that credit markets work for them.>> Happy birthday, Consumers Union. Congratulations on 75 years of supportfor American consumers. You have a proud history of past service, and greatnew opportunities in the years ahead.>> ###

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Cc:

Subject: Re: Fyi

Thanks. Saw that.

What time are you expecting to send out the full text?On Feb 15, 2011 11:49 AM, <[email protected]> wrote:> We're sending out the full remarks later, but wanted to be sure you havethis (which is not embargoed):>> Elizabeth Warren, Assistant to the President and Special Advisor to theSecretary 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 thecount. Families can and should be proud of their new watchdog, but theywould 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 atits independence by subjecting it entirely to Congressional appropriationswithout any dedicated funding from the Federal Reserve. Politicizing thefunding of bank supervision would be a dangerous precedent, and it woulddeprive the CFPB of the predictable funding it will need to examine largeand powerful banks consistently and to provide a level playing field withtheir nonbank competitors. While the banking regulators charged withpreserving the safety and soundness of financial institutions and ensuringconsumer protection compliance by smaller banks would continue to receiveindependent funding, the agency in the financial regulatory system with leadresponsibility 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 deficitsin part because of a financial crisis that started one lousy mortgage at atime. Under the caps on dedicated funding that currently govern the CFPB, itwould take nearly 20 years to invest as much money in protecting consumersand consumer financial markets as it cost the government to resolve IndyMac – a single institution that failed in the financial crisis of 2008. Reducingthe CFPB’s funding is asking the American people to believe that a pound of cure is worth an ounce of prevention. Increasing the risk of financialcrisis won’t reduce our deficits.>


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> .....>> One week from today, the consumer bureau will host a conference on theCredit CARD Act at the Treasury building in Washington. Congress identifieda number of unfair practices in the credit card industry and outlawed themin the CARD Act, and it will be the one-year anniversary of theimplementation of most of the provisions that law. Our plan is to find outhow 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 bringtogether academics, industry leaders, consumer advocates, and voices fromwithin government to look at the data from multiple directions, and toanalyze how the industry has reacted and how consumers are responding. Theidea 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 wecan make credit markets work better.>> ###

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Cc:

Subject: Re:

Few minutes away...On Feb 1, 2011 7:01 PM, <[email protected]> wrote:> Are you here?


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Cc:

Subject: Political Economy - Banks reminded on military personnel protections

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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To: Dennis, Brady <[email protected]>

Cc:

Subject: RE: here you go

http://www.youtube.com/watch?v=RET2Z5AVJ8A

Jen Howard

Senior Spokesperson

Consumer Financial Protection Bureau


O: 202-435-7454

C:

From: Howard, Jennifer (CFPB)Sent: Wednesday, May 25, 2011 3:42 PM

To: Dennis, BradySubject: here you go

Jen Howard

Senior Spokesperson



O: 202-435-7454

C:

Date: Wed May 25 2011 15:45:25 EDT Attachments:

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Cc:

Subject: here you go

Jen Howard

Senior Spokesperson



O: 202-435-7454

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Date: Wed May 25 2011 15:42:24 EDT Attachments: medium_imager.gif

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Cc:

Subject: OTR Chat with Raj Date

Hey Brady-

Hope all is well! Do you want to come in sometime this week and speak with Raj off the record? Nowthat he’s taken on the associate director role, I want to make sure that reporters have a chance to get toknow him.

Let me know.

Jen Howard

Senior Spokesperson



O: 202-435-7454

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Cc:

Subject: Can you give me a call?

Jen Howard

Senior Spokesperson



O: 202-435-7454

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Date: Thu Mar 31 2011 16:26:45 EDT Attachments:

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Cc:

Subject: Is story running tomorrow?


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Cc:

Subject: Can you give me a call when you have a sec?

Not at all urgent, so feel free to ignore if you’re swamped.

Jen Howard

Senior Spokesperson



O: 202-435-7454

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Date: Thu Feb 17 2011 13:20:14 EST Attachments:

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Cc:

Subject: Sorry!

This story hit my in box at the end of our chat….

Jen Howard

Senior Spokesperson



O: 202-435-7454

C:

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 ElizabethWarren 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 asthe consumer bureau's permanent director.

"The president needs to get off high center here and give that agency someone who's in charge," theTexas Republican said in an interview. "Some pretty important decisions are being made, and we needto 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 thenkick 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 FinancialServices Committee's oversight and investigations subcommittee. "We have this huge new bureaucracythat'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 financialindustry players as well as consumers.

While nothing has been finalized, Neugebauer envisions a spring hearing at which Warren would testifybefore 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 recentlysent 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 havebroad power to supervise banks and other financial firms.

Although Neugebauer believes the consumer bureau is flawed and could take actions that would hurtfinancial markets, he and other members of Congress who opposed the bureau's creation weredefeated 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 tocurb the bureau's powers and change its structure and funding so that it faces greater congressionalscrutiny.

Congress created the bureau as an independent agency that receives funding from the FederalReserve'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 sameamount 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 routinelycriticized 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 beatup 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 sheworks to standing up the bureau. Neugebauer had planned to reach out to Warren, but she called himfirst.

"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 confirmationprocess 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 tosupervising nonbank financial firms, for instance.

In the interview, Neugebauer seemed somewhat open to backing the Harvard law professor as thebureau'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, creatingmore uncertainty among stakeholders, he noted.

"If it (the Consumer Financial Protection Bureau) isn't going away, then what we have to do is deal withwhat we've got, and I think it's easer to deal with an agency where we have a little bit more permanencyabout its operations," he said.

-By Maya Jackson Randall, Dow Jones Newswires; 202-862-6687; maya.jackson- [email protected]

(END) Dow Jones Newswires01-28-111519ETCopyright (c) 2011 Dow Jones & Company, Inc.

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Subject: RE: Press check-in

Yep. ________________________________________ From: Geldon, Daniel (CFPB)Sent: Tuesday, April 26, 2011 12:13 PMTo: 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 wegave you our large one at some point?

From: Howard, Jennifer (CFPB)Sent: Tuesday, April 26, 2011 11:52 AMTo: 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.

Raj- Already done:Dave Clark, ReutersDeb Soloman, WSJPeter Schroeder, The HillYlan Miu, WaPoBen Protess, NYT

Tom Braithwaite, FTRyan Grim, HuffPoStacy Kaper, NJ

Coming up:Kate Davidson and Cheyenne Hopkins, Banker

Working to reschedule:Brady Dennis, WaPoJim Puzzanghera, LA Times

Date: Tue Apr 26 2011 12:14:23 EDT

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________________________________ From: Geldon, Daniel (CFPB)To: Jackson, Peter (CFPB); Howard, Jennifer (CFPB)Sent: Tue Apr 26 11:38:04 2011Subject: Press check-inIn lieu of today’s meeting, which you might want to cancel Peter:

1. Recruitment Video – Peter, have you followed up on carving out EW time to tape and coordinatingwith new media and Stephanie?

2. Matt Miller – Peter’s thought is we say yes. Jen, are you owning that?

3. Supervision video – Peter, where are we on coordinating supervision/new media/OGC?

4. 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 themortgage disclosure press day?

6. Press assistant – any updates on how we’re 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?

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attorney general,” Cordray said in a recent interview in his new office in Washington, “and in manyrespects, on a better footing, from a better foundation, with better tools, better authority and on a 50-state 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 advocatesin cheering Cordray’s appointment.

“He’s got a gold-plated resume and a wealth of experience. . . . He’s very reasonable, he’s very smart,he’s 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, that’s the type of person you wantin that position.”

Representatives of the banking industry have reacted with far less enthusiasm, saying they fear thatCordray 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 onthe financial services industry within his state,” said Camden Fine, head of the Independent CommunityBankers of America, echoing others in the financial industry who were reluctant to speak publicly. “Wehave concerns about how he will handle enforcement of CFPB regulations and the new rules that theCFPB 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 tobecoming a Washington regulator, including a law degree from the University of Chicago, a stint as aclerk for Supreme Court Justice Anthony M. Kennedy and a five-day run as a “Jeopardy” champion inthe 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, allegingfraudulent, 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 inOhio, Cordray got a call from Elizabeth Warren, the Harvard law professor appointed by PresidentObama to set up the new bureau. “I just really hadn’t given much thought to anything yet, and here shewas recruiting me,” he said. “It was unexpected.”

Despite his initial reservations about seeing his wife and 12-year-old twins back in Ohio only onweekends, 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 themarketplace is playing by the rules,” Warren said in a December statement announcing Cordray’s hire.

These days, Cordray’s time is a mixture of looking at the big picture and small details. For everymeeting about changes to mortgage-servicing practices — an issue he still cares about intensely — there are personnel issues that demand attention. Questions about the bureau’s overall enforcementphilosophy 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 approachabout his political future.

“Someday, if and when I’m no longer here, I will think about that again,” he said. “In the meantime, I’vehad to put that to the side and focus on my job here. And I’m totally happy with that.”

http://www.washingtonpost.com/business/economy/richard-cordray-prepares-to-lead-new-consumer-protection-agency/2011/03/28/AF66aLzB_print.html

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Subject: Fw: WaPo: Geithner defends consumer agency’s role in talks on deal with mortgagefirms

He misinterpreted the quote, but not as badly as I feared.

_____

From: Adamske, StevenTo: _DL_FYISent: Tue Mar 15 22:50:38 2011Subject: WaPo: Geithner defends consumer agency’s role in talks on deal with mortgage firms

Geithner defends consumer agency’s 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 newConsumer Financial Protection Bureau role in negotiating a settlement with mortgage servicing firmswhose 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 hasno permanent director and because it won’t have regulatory authority until it opens in July. Sen. RichardC. Shelby (R-Ala.) recently accused the bureau’s acting director, Harvard law professor ElizabethWarren, of leading what “appears to be nothing less than a regulatory shakedown” of some of thenation’s biggest banks.

Geithner said during testimony on Capitol Hill that he had asked Warren to advise the federal agenciesand state attorneys general collaborating on the pending settlement on how to design appropriatemortgage servicing standards.

In a separate letter Tuesday to Rep. Spencer Bachus (R-Ala.), chairman of the House FinancialServices Committee, Geithner said that the CFPB would “not be a party to any formal settlement withmortgage servicers.” But he said that bureau officials had played an active role in the settlement talksbecause the new watchdog will have “significant authority” in overseeing the mortgage servicingindustry.

In a statement, Warren hit back against the notion that a watchdog created to help consumers shouldn’t

Date: Tue Mar 15 2011 23:20:20 EDT

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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 legalviolations are dangerous,” she said. “We know what can happen when laws aren’t fairly or consistentlyenforced because of political pressure, and it doesn’t end well for American families, for honestbusinesses, 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. Severalmonths ago, Richard Cordray was the Ohio attorney general and had sued several servicers for allegeddeceptive business practices. Now he heads up the consumer bureau’s enforcement division.

The controversy over the bureau’s role in resolving the mortgage foreclosure mess comes as Warren isto 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 andindependent funding given to the bureau would constrict credit to consumers and create anunnecessary layer of regulation for businesses. They have proposed changing its funding structure sothat 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 Wednesday’s hearing, hassaid she called the session in part because of “reservations about the bureau and unintendedconsequences it could have on consumer choice in financial products.”

But Democrats and consumer advocates see the bureau as a key component of preventing thewidespread 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 financialprotection,” 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 directlyresponsible to the public for performing those core functions.”

[email protected]

Staff writer Dina Elboghdady contributed to this report.

Steven Adamske

Deputy Assistant Secretary

Office of Public Affairs

202.622.0501 (direct)

(mobile)

202.622.2920 (office)

[email protected]

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Cc:

Subject: FW: LA Times question

Ben Protess and Brady Dennis asking as well.


-----Original Message-----From: Puzzanghera, Jim [mailto:[email protected]]Sent: Tuesday, March 29, 2011 10:12 AMTo: 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 beavailable to talk or provide some guidance.Thanks,Jim

Jim PuzzangheraNational business writer Los Angeles TimesTribune Washington Bureau1090 Vermont Ave. NW, Suite 1000Washington, DC, 20005office 202-824-8345

cellemail [email protected]<mailto:[email protected]>web www.latimes.com<http://www.latimes.com>


Bcc:

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From: Geldon, Daniel (CFPB)</o=ustreasury/ou=exchange administrative group(fydibohf23spdlt)/cn=recipients/cn=geldond>


Cc: 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>

Subject: RE: Another assignment for next week

Another one -- Brady Dennis’s 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 PMTo: 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. Notethat 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 PMTo: 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 andcompile them? This is for Pete Rouse. As some examples to get you thinking:

1. The Neugebauer piece in the journal

Date: Fri Feb 18 2011 19:09:25 EST

Attachments:

Bcc:

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2. Bloomberg’s piece on AG relationships

3. Bloomberg’s piece on community banks relationships

4. Whatever the best clip is from Maine (maybe just Snowe’s press release)

5. David Corn’s profile

Jen and Peter might be able to add more…….

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Cc:

Subject: RE: Tomorrow's Media Thing at 11am

Well done!

From: Jackson, Peter Sent: Thursday, October 21, 2010 7:02 PMTo: Martin, AlyssaCc: Geldon, DanielSubject: 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

Date: Thu Oct 21 2010 19:02:15 EDT Attachments:

Bcc:

Page 505 of 7675




From: Dina ElBoghdady<[email protected]>


Cc:

Subject: My contact information

Hi there. Now you have my complicated email. An easier way to reach meis: [email protected]

As I mentioned, I cover the mortgage/real estate industries. Ylan Muicovers credit cards. I think you hear from Brady Dennis too, who coversCFPB as an institution in the context of the Dodd-Frank legislation.

Other ways to reach me:202/334-7709 (office)

(cell)

Thanks.

Date: Wed May 18 2011 13:40:20 EDT Attachments:

Bcc:

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To: Riley, Jeffrey (CFPB)</o=ustreasury/ou=exchange administrative group(fydibohf23spdlt)/cn=recipients/cn=rileyje>

Cc: 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>

Subject: Media Memo

Sorry for the delay!

Jen Howard

Senior Spokesperson



O: 202-435-7454

C:

Date: Fri May 06 2011 13:26:46 EDT

Attachments: EW Media May 9.docx

Bcc:

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May 6, 2011

MEMORANDUM FOR ELIZABETH WARREN

FROM: Jen Howard

SUBJECT: Media on May 9, 2011

You have the following media scheduled for Monday, May 9, 2011:

Associated Press Roundtable8:30-9:30 a.m.

This is an in-person roundtable with the Associated Press, set up by Dan Wagner, afinancial 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 likelyto cover a broad range of topics – from politics to financial products to CFPB’sregulatory mandate and priorities. As a reminder, I’ve included brief bullets onsome 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 itcannot be attributed, quoted, or paraphrased.

Suzanna Andrews, Vanity Fair1:30-2:30 p.m.

This is an in-person interview with Suzanna Andrews for Vanity Fair. She iswriting 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 theagency off the ground. She is very interested in learning more about anyexperiences that relate to your perspective on the middle class (i.e. what made yousuch a passionate advocate for consumer/middle class issues)? This interview is on

background with cleared quotes. She will likely include physical details about youand your office to provide color and context.

Ylan Mui, Washington Post4:30-5:00 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 personalfinance, so she is very interested in the practical impact of CFPB’s work on the

EW Media May 9.docx (Attachment 1 of 1)

Page 510 of 7675




products and services consumers can access. This interview will be focused onCFPB vision and goals, but you should be prepared for sensitive subjects. Theinterview is on background with cleared quotes.

EW Media May 9.docx (Attachment 1 of 1)

Page 511 of 7675

(b)(5)





To: 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>Cc: Howard, Jennifer (CFPB)</o=ustreasury/ou=exchange administrative group(fydibohf23spdlt)/cn=recipients/cn=howardje>

Subject: RE: Another assignment for next week

Michelle Singletary’s column in the Post

Brady Dennis’s 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 Choi’s AP Q&A

David Lazarus’s column on EW/CFPB (LAT)

From: Blenkinsopp, Alexander (CFPB)Sent: Friday, February 18, 2011 7:08 PMTo: Geldon, Daniel (CFPB)Cc: Jackson, Peter (CFPB); Howard, Jennifer (CFPB)Subject: RE: Another assignment for next week

Date: Fri Feb 18 2011 19:12:46 EST

Attachments:

Bcc:

Page 522 of 7675




Will do, and thanks for those first five suggestions. Input from Jen and Peter is very welcome. Notethat 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 PMTo: 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 andcompile them? This is for Pete Rouse. As some examples to get you thinking:

1. The Neugebauer piece in the journal

2. Bloomberg’s piece on AG relationships

3. Bloomberg’s piece on community banks relationships

4. Whatever the best clip is from Maine (maybe just Snowe’s press release)

5. David Corn’s profile

Jen and Peter might be able to add more…….

Page 523 of 7675






Cc:

Subject: Response to Financial Services Committee Letter

Attached.

Jen Howard

Senior Spokesperson



O: 202-435-7454

C:

Date: Mon Apr 04 2011 11:31:44 EDT

Attachments: Response to Financial Services Committee Letter.pdf

Bcc: CARTER DOUGHERTY, BLOOMBERG/ NEWSROOM:<[email protected]>; Jackson-Randall, Maya<[email protected]>; Kaper, Stacy<[email protected]>; Hopkins, Cheyenne<[email protected]>; Wyatt, Ed<[email protected]>; Protess, Benjamin<[email protected]>; Dennis, Brady<[email protected]>; Peter Schroeder <[email protected]>

Page 524 of 7675

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Response to Financial Services Committee Letter.pdf (Attachment 1 of 1)

Page 525 of 7675




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 andlater as Attorney General of Minnesota. He has also worked on behalf of seniors as president of the

Minnesota AARP and, until recently, served on AARP’ s 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. “Skip’ sexperience 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, they’ ve 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.�

EMBARGOED - CFPB Office of Older Americans Press Release.docx (Attachment 2 of 2)

Page 533 of 7675




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 nation’ s 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.

###

EMBARGOED - CFPB Office of Older Americans Press Release.docx (Attachment 2 of 2)

Page 534 of 7675




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 hadn’ t given much thought to anything yet, and here she was recruiting 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 I’ m no longer here, I will take that up again and think about that again. In themeantime, 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 generalMarc 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.

Washington Post.docx (Attachment 1 of 1)

Page 554 of 7675






Cc:

Subject: FYI

Jen Howard

Senior Spokesperson



O: 202-435-7454

C:

Date: Tue Mar 15 2011 11:19:17 EDT

Attachments: FINAL Letter Bachus.pdf

Bcc: [email protected]<[email protected]>; Hopkins, Cheyenne<[email protected]>; Schwartz, Nelson<[email protected]>; Simon, Ruth <[email protected]>;Liberto, Jennifer <[email protected]>; Ben White<[email protected]>; Protess, Benjamin<[email protected]>; Zach Carter <[email protected]>; Shahien Nasiripour

>; Tom Braithwaite<[email protected]>; Brady Dennis <[email protected]>;Peter Schroeder <[email protected]>; Puzzanghera, Jim<[email protected]>

Page 556 of 7675

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Cc:

Subject: Background Briefing with CFPB Senior Officials

The CFPB Implementation Team will hold a short background briefing for members of the media todayat 1pm via teleconference. Wally Adeyemo and Raj Date will announce that the CFPB implementationteam 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 FinancialProtection 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

Date: Mon Dec 20 2010 11:31:01 EST

Attachments:

Bcc: Dave Clark([email protected])<[email protected]>; Dan Wagner ([email protected]) <[email protected]>; Swindell, Bill<[email protected]>; Jim Puzzanghera([email protected]) <[email protected]>;Maya Jackson Randall ([email protected])<[email protected]>; Carter Dougherty([email protected]) <[email protected]>;Cheyenne Hopkins ([email protected])<[email protected]>; Brady Dennis<[email protected]>

Page 568 of 7675




Code:

Page 569 of 7675

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Cc:

Subject: Materials for Today's Background Briefing

Attached you will find two files we wanted you to have in hand for today’s 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 andreproduce this information, which includes having your graphics or art department redraw the org chart.

Please contact me if you have any questions.

Peter

Date: Mon Dec 20 2010 12:30:46 EST Attachments: CFPB Org Chart DRAFT 121610.pdf

CFPB Implementation Team Directory 122010.pdf

Bcc: Dave Clark([email protected])<[email protected]>; Dan Wagner ([email protected]) <[email protected]>; Swindell, Bill<[email protected]>; Jim Puzzanghera([email protected]) <[email protected]>;Maya Jackson Randall ([email protected])<[email protected]>; Carter Dougherty([email protected]) <[email protected]>;Cheyenne Hopkins ([email protected])<[email protected]>; Brady Dennis<[email protected]>; Peter Schroeder

([email protected]) <[email protected]>

Page 570 of 7675







CFPB IMPLEMENTATION TEAM STAFF DIRECTORYFIRST LAST FUNCTION

Wally Adeyemo Chief of Staff

Steve Antonakes Bank Supervision

Alex Blenkinsopp Communications

Pam Blumenthal Rulemaking

April Breslaw Bank Supervision

J ohn Brolin Rulemaking

Amy Brown GC

Charles Brown Human Capital

Gail Burden Human Capital

Tim Burniston Bank Supervision

Matthew Burton Technology Innovation

Michael Campbell Bank Supervision

Anna Canfield Chief of Staff

Diane Cantrell Operations

Deidra Chandler Consumer Response

Edwin Chow Bank Supervision

Kelly Cochran Rulemaking

J ohn Coleman GC

Nani Coloretti Management Lead

Raymond Coyle Human Capital

Chuck Cross Non-Depository Supervision

Eben Darling Consumer Response

Raj Date Front Office

Sharon Decker Bank Supervision

Marilyn Dickman Human Capital

J ane Dokko Research

Darian Dorsey Consumer Response

Mark Egerman Credit Cards

Brandace Elliott Administrative Support

Leandra English Outreach

Elizabeth (Eli) Erickson Budget

Ashley Evans Policy Intern

Andrew Fay Consumer Response

J osh Galicki Procurement

J ane Gao Rulemaking

Dan Geldon Front Office

Liz Glaser Human Capital

Rachael Goldfarb Technology Innovation

Mike Gordon Enforcement

Stephanie Gorski FOIA/Privacy/RecordsLaurie Gregorio Technology Innovation

J amice Hammonds Administrative Support

Gary Hancock Bank Supervision

Pam Harpe Human Capital

Maria Hart Human Capital

Linda Horowitz GC

Alice Hrdy Fair Lending/Enforcement

Eugene Huang Technology Innovation

CFPB Implementation Team Directory 122010.pdf (Attachment 2 of 2)

Page 572 of 7675





J ames Hupp Technology Innovation

Monica J ackson Administrative Support

Peter J ackson Front Office

Nick Krafft Non-Depository Supervision

Lynn Kim Human Capital

Steve Lauderdale FOIA/Records

Wayne Leiss Technology Innovation

Rich Lepley GC

Ori Lev Enforcement

Alejandra Lopez-Fernandini Research/Financial Ed

Ben Mann Management

Mira Marshall Bank Supervision

Alyssa Martin Front Office

Adam Martinez Human Capital

Zixta Martinez Outreach

Patricia McCoy Non-Depository Supervision

Christine Megee Human Capital

J uan Mestre Operations

Sean Miller Policy Intern

Lucy Morris Enforcement

Lea Mosena GC

Sheila Nelson Administrative Support

Meredith Osborn Policy Analysis

Alexander P lunkett Human Capital

Scott Pluta Consumer Response

Walter Rahmey DO Fellow

Garry Reeder Markets

Deborah Reilly Consumer Response

Mariana Rexroth Bank Supervision

Felicia Royster Human Capital

Tom Scanlon GC

R. Colgate Selden Rulemaking

David Silberman Credit Cards

Dennis Slagter Human Capital

Rebecca Smullin Consumer Response

Nick Smyth Policy Analysis

Claire Stapelton Privacy

Nathan Sterken Technology Innovation

Patrick Tierney DO Fellow

J ames Tingwald Human CapitalAndrew Trueblood Consumer Response

Kevin Tucker Administrative Support

Peggy Twohig Non-Depository Supervision

Elizabeth Vale Mortgage/Credit Card

Amanda Vail General Counsel

J ulie Vanderslice Non-Depository Supervision

Steven Van Meter GC

Merici Vinton Technology Innovation


Page 573 of 7675





Elizabeth Warren Front Office

Anya Williams Administrative Support

J ohn Yuda Technology Innovation

Victor Zapanta Technology Innovation


Page 574 of 7675






Cc:

Subject: Background Briefing on CFPB Organization and Hiring

All—

I wanted to give you a heads up that we’re looking to organize a background briefing with two senior CFPB implementation team members for you on Monday, December 20, at 1pm via teleconference. Wewant to provide you an update on our operations and personnel and the opportunity to ask questions onthose topics.

Please let me know if you’d like to participate. I’ll provide call-in information and more details on formatMonday morning.

Thanks and best wishes for the weekend.

Peter

Date: Fri Dec 17 2010 18:34:11 EST

Attachments:

Bcc: Bill Swindell([email protected])<[email protected]>; Brady Dennis([email protected]) <[email protected]>; Carter Dougherty([email protected]) <[email protected]>;Cheyenne Hopkins ([email protected])<[email protected]>; Dan Wagner ([email protected])<[email protected]>; Dave Clark([email protected])<[email protected]>; Solomon, Deborah<[email protected]>; Jim Puzzanghera([email protected]) <[email protected]>;

Maya Jackson Randall ([email protected])<[email protected]>; Peter Schroeder ([email protected]) <[email protected]>; Ryan Grim([email protected]) <[email protected]>; ShahienNaisiripour ([email protected])<[email protected]>

Page 575 of 7675





To: 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>

Cc: Jackson, Peter (CFPB)</o=ustreasury/ou=exchange administrative group(fydibohf23spdlt)/cn=recipients/cn=jacksonpe>

Subject: RE: CFPB 101 Person Party

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, Barney’s appearance at the party, and maybealso this week’s hiring announcements.

Dan

From: LeCompte, JenniSent: Wednesday, December 15, 2010 2:58 PMTo: Adeyemo, Adewale (Wally) (CFPB); Adamske, StevenCc: 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 bea 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, StevenCc: Geldon, Daniel (CFPB); Jackson, Peter (CFPB)Sent: Wed Dec 15 13:52:01 2010

Date: Wed Dec 15 2010 15:01:08 EST

Attachments:

Bcc:

Page 577 of 7675




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 we’re having a holiday/101 person party at CFPB tomorrow. ChairmanFrank 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 reporterspresence at the event. Of course you are both invited to join us tomorrow.

Thanks,

Wally

Page 578 of 7675






Cc:

Subject: Re: coffee

Monday is better than Friday, but I could make either work.

----- Original Message -----From: <To: Jackson, Peter (CFPB)Sent: Wed Nov 17 19:10:01 2010Subject: Re: coffee

Hey Peter. Tomorrow's looking tough, but maybe Friday or Monday?

On Wed, Nov 17, 2010 at 2:25 PM, <[email protected]> wrote:

> Any daylight in your schedule between now and Turkey day?>> -----Original Message-----> From: 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, <[email protected]> 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: <> > To: Jackson, Peter (CFPB)

Date: Wed Nov 17 2010 19:12:09 EST Attachments:

Bcc:

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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> > [email protected]> >> >>>>> --> Brady Dennis> The Washington Post> [email protected]>>


Page 590 of 7675

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Cc:

Subject: Re: hey

I have black glasses...I will see you there!

----- Original Message -----From: <To: Howard, Jennifer (CFPB)Sent: Tue Feb 01 17:18:49 2011Subject: Re: hey

Works for me...

On Tue, Feb 1, 2011 at 5:11 PM, <[email protected]> wrote:> Here you go!>> Sure, have you been to Dirty Martini yet??>> Jen Howard> Senior Spokesperson> Consumer Financial Protection Bureau Implementation Team> E: [email protected]

> O: 202-435-7454> C:>>> -----Original Message-----> From: 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> [email protected]>>


Bcc:

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Cc:

Subject: Re: hey

Ha!

----- Original Message -----From: <To: Howard, Jennifer (CFPB)Sent: Tue Feb 01 17:26:25 2011Subject: Re: hey

I have on white shirt, navy-and-pink tie, martini in left hand....

On Tue, Feb 1, 2011 at 5:24 PM, <[email protected]> wrote:> I have black glasses...I will see you there!>> ----- Original Message -----> From: <> 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, <[email protected]> wrote:>> Here you go!>>>> Sure, have you been to Dirty Martini yet??>>>> Jen Howard>> Senior Spokesperson>> Consumer Financial Protection Bureau Implementation Team>> E: [email protected]>> O: 202-435-7454

>> C:>>>>>> -----Original Message----->> From: 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.


Bcc:

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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>> [email protected]>>

>>>>>> --> Brady Dennis> The Washington Post> [email protected]>>


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Cc:

Subject: Re: hey

That works great! What time do you want to meet?

----- Original Message -----From: <To: Howard, Jennifer (CFPB)Sent: Tue Feb 01 08:10:05 2011Subject: hey

still looking okay for drinks this evening, though i might have tohead out by 8 or just before.

that okay or does lunch work better today?



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Cc:

Subject: RE: When are we sending speech to reporters?

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 RandallCarter DoughertyCecilia KangChristine DugasBrady Dennis

-----Original Message-----From: Geldon, DanielSent: Thursday, October 28, 2010 11:04 AMTo: 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 AMTo: Geldon, DanielSubject: When are we sending speech to reporters?


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Cc:

Subject:

Jen Howard

Senior Spokesperson



O: 202-435-7454

C:

Date: Fri May 06 2011 12:21:28 EDT Attachments: EW Media May 9.docx

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Cc:


I’m printing and framing this email, btw.

From: Geldon, DanielSent: Thursday, October 21, 2010 7:02 PMTo: Jackson, Peter Subject: RE: Tomorrow's Media Thing at 11am

Well done!

From: Jackson, Peter Sent: Thursday, October 21, 2010 7:02 PMTo: Martin, Alyssa

Cc: Geldon, DanielSubject: Tomorrow's Media Thing at 11am




Ian Katz (Bloomberg) - YES

David Clarke (Reuters) - YES

Brady Dennis (WaPo) - LM

Joe Adler (American Banker) – YES

Ed Wyatt (NYT) - YES

Date: Fri Oct 22 2010 13:06:17 EDT Attachments:

Bcc:

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Cc:


Ha

From: Jackson, Peter Sent: Friday, October 22, 2010 1:06 PMTo: Geldon, DanielSubject: RE: Tomorrow's Media Thing at 11am

I’m printing and framing this email, btw.

From: Geldon, DanielSent: Thursday, October 21, 2010 7:02 PMTo: Jackson, Peter


Well done!

From: Jackson, Peter Sent: Thursday, October 21, 2010 7:02 PMTo: Martin, AlyssaCc: Geldon, Daniel

Subject: Tomorrow's Media Thing at 11am




Date: Fri Oct 22 2010 13:10:31 EDT Attachments:

Bcc:

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From: Warren, Elizabeth</o=ustreasury/ou=exchange administrative group(fydibohf23spdlt)/cn=recipients/cn=warrene>


Cc:

Subject: Beat Reporters - Tour

When: Friday, October 22, 2010 11:00 AM-11:30 AM (UTC-05:00) Eastern Time (US & Canada).


*~*~*~*~*~*~*~*~*~*

Maya Jackson-Randall (Dow Jones)Dan Wagner (AP)Ian Katz (Bloomberg)David Clarke (Reuters)Brady Dennis (WaPo) - possiblyJoe Adler (American Banker)Ed Wyatt (NYT)Tom Braithwaite (FT)Jim Puzzanghera (LA Times)


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Cc:

Subject: Invite List for Friday

D/S/PD…

Would like to invite all of these…at least a handful I’m sure wouldn’t be able to attend. I can explainClarke (Reuters) and Borak (AB).


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: None

To: Michalosky, Martin (CFPB)</o=ustreasury/ou=exchange administrative group(fydibohf23spdlt)/cn=recipients/cn=michaloskym>

Cc:

Subject: RE: CFPB FOIA Request 2011-03-093

Marty—A couple of notes:

From: Michalosky, Martin (CFPB)Sent: Thursday, May 26, 2011 4:00 PMTo: 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 PMtomorrow afternoon.

Please do not hesitate to contact me. Thank you.

Marty MichaloskyConsumer Financial Protection Bureau (CFPB) implementation teamDepartment of the TreasuryPhone: 202-435-7198Email: [email protected]

Date: Attachments:

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From: Cordray, Richard (CFPB)</o=ustreasury/ou=exchange administrative group(fydibohf23spdlt)/cn=recipients/cn=cordrayr>

To: 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>Cc:

Subject: RE: WaPo Quotes to Clear by 2 pm

Fine to me, better with Dan’s changes

RC

From: Geldon, Daniel (CFPB)Sent: Tuesday, March 29, 2011 11:39 AMTo: 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 AMTo: 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 toclear. 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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O: 202-435-7454

C:

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Cc:

Subject: RE: Google Alert - "Consumer Financial Protection Bureau"

Yep - I didn’t end up talking to Brady, did you?

From: Jackson, Peter (CFPB)Sent: Tuesday, January 04, 2011 10:35 PMTo: Geldon, Daniel (CFPB); Adeyemo, Adewale (Wally) (CFPB)Subject: Fw: Google Alert - "Consumer Financial Protection Bureau"

Good one...

_____

From: Google Alerts <[email protected]>To: Jackson, Peter (CFPB)Sent: Tue Jan 04 22:28:24 2011Subject: 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 PostBy Brady Dennis In an ongoing push to fill key positions within the new Consumer Financial ProtectionBureau, 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.


Bcc:

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Remove this alert.Create another alert.Manage your alerts.

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To: Adeyemo, Adewale (Wally) (CFPB)</o=ustreasury/ou=do/cn=do resources/cn=user accounts/cn=standard users/cn=adeyemoa>

Cc: Geldon, Daniel (CFPB)

</o=ustreasury/ou=exchange administrative group(fydibohf23spdlt)/cn=recipients/cn=geldond>

Subject: RE: Reminders and Team Photo

(Wally—Thought it might be appropriate to send such a message to the team. Brady’s piece will goonline in a few hours.)

Team—

As Wally mentioned below, a reporter joined us at last night’s celebration—Brady Dennis of theWashington Post. He will be writing a blog post about the party as a glimpse into how far we’ve comeas a team. We hope you enjoy the piece and just wanted to give you a heads up to expect to see itsoon.

Thanks and best,

Peter

From: Adeyemo, Adewale (Wally) (CFPB)Sent: Thursday, December 16, 2010 4:38 PMTo: CFPB ImplementationSubject: Reminders and Team Photo

Team,

Date: Fri Dec 17 2010 12:29:32 EST

Attachments:

Bcc:

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I wanted to send a quick email with a few reminders. As people start to plan for the holidays, pleasemake sure to let your team leaders know your vacation schedule. In order to make sure that work cancontinue while you are gone, please make sure that critical documents are placed on the shared driveor sharepoint.

Please find attached a copy of the picture that we took yesterday. It’s amazing to see how fast our team

has grown. As we grow, it’s 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 room533 will be converted to office space. We will also start to double many of our large offices. Thank youfor 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 andrecognize all the great work we have done. In addition to our special guest today, I wanted to let youknow that a reporter will be attending the party. He will be observing quietly and won’t report onanything 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>

To: Burke, Catherine (CFPB)</o=ustreasury/ou=exchange administrative group(fydibohf23spdlt)/cn=recipients/cn=burkec>

Cc: Twohig, Peggy (CFPB)

</o=ustreasury/ou=do/cn=recipients/cn=twohigp>

Subject: FW: NEW: FOIA REQUEST CFPB-2011-0012

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 PeggyTwohig, 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 freeto contact me at (202) 435-7359.

Thank you

Dominique A. Banks

FOIA Analyst

Office of Records, Privacy & FOIA

Phone: (202) 435-7359


logo.jpg

From: Banks, Dominique (CFPB)Sent: Wednesday, August 31, 2011 3:10 PM

Date: Tue Sep 13 2011 12:19:08 EDT

Attachments: image003.jpgimage002.jpgoriginal request.pdf

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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 provideall responsive records no later than Monday, September 5, 2011.

A “reasonable search” can be defined as a search for all relevant records, both electronic andhardcopy, that is in your possession or your office’s possession at the time of the request. The FOIAdoes not require you to create documents for a response. If the documents requested cannot be“reasonably” obtained by searching your files or your office’s files, than a simple email is requiredstating 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 toyour office. Please “only” answer question 4 until I receive clarification from the requester regarding thesearch 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 mayhave access to. This includes shared network drives (G: and R: drives), filing cabinets, computer harddrives (your C: drive), etc.

a. After reviewing the request, the FOIA Team recommends you use the following terms to focusyour record search. The search terms should include, but are not limited to: [include terms here]. If youuse 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. If possible, submit responsive records in an electronic format via email.

d. 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 thebest course of action for these responsive records.

(2) Include the amount of time you spent searching for responsive records. Please provide the FOIATeam with your pay band and the time you spent searching for records (in 15 minute increments). Thisinformation is used for accounting purposes.

Your cooperation and assistance in this record search will facilitate the FOIA Team in meeting thetimeliness goals established by the FOIA Statute. If you have any questions regarding the specificguidance on submitting documents please contact Dominique Banks at 202-435-7359 or at [email protected].

TOTAL SEARCH TIME EXPENDED

Please indicate time within 15 min increments

Pay Band/GS Equivalent ____________________ Search Time ____________________ Any other Costs(Identify)____________________

Dominique A. Banks

FOIA Analyst



Phone: (202) 435-7359


logo.jpg

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Chief FOIA Officer Aug. 30, 2011


1801 L. St., N.W.

Washington, DC 20036

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"), Irequest 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.


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.


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.


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.


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.

original request.pdf (Attachment 3 of 3)

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AMSTERDAM

ATLANTA

BANKOK

BEIJ ING

BOGOTA

BOMBAY

BONN

BOSTON

BRASILIA

BRISBANE

BRUSSELS

BUDAPEST

BUENOS AIRES

CALGARY

CANBERRA

CARACAS

CHICAGO

CLEVELAND

COPENHAGENDALLAS

DENVER

DETROIT

DUBAI

DUBLIN

FRANKFURT

GENEVA

HANOI

HONG KONG

HOUSTON

ISTANBUL

J AKARTA

J ERUSALEM

J OHANNESBURG

KUALA LUMPUR

LIMA

LISBON

LONDON

LOS ANGELES

MADRID

MANILAMELBOURNE

MEXICO C ITY

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

STOC KHOLM

SYDNEY

TAIPEI

TAMPA

TEL AVIV

TOKYO

TORONTO

VANCOUVER

VIENNA

WARSAW

WASHINGTON DC

WELLINGTON

WILMINGTON

ZURICH

I am a reporter for Bloomberg News, an accredited and recognized newsgatheringorganization. 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. Thisrequest 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 towithhold any such parts of the records from disclosure, you must specify in a writtenresponse 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 agenciesshould adopt a presumption in favor of disclosure, in order to renew their commitment tothe 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 youestimate 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 DoughertyBloomberg News+1 202 624 [email protected]

cc: Mike Tackett, Bureau Chief Charles Glasser, Esq., Global Media Counsel

original request.pdf (Attachment 3 of 3)

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Cc:

Subject: RE: WaPo: Business group wants a director in place before consumer bureau issuesrules

Can we chat really quick? I’m still at the office. I just want to make sure of something, and we have asmall window to deal with this story…

Jen Howard

Senior Spokesperson



O: 202-435-7454

C:

From: Geldon, Daniel (CFPB)Sent: Tuesday, March 01, 2011 8:26 PMTo: 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 2011Subject: FW: WaPo: Business group wants a director in place before consumer bureau issues rules


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So let me know what you think, definitely before talking to Brady….

Jen Howard

Senior Spokesperson



O: 202-435-7454

C:

From: Howard, Jennifer (CFPB)Sent: Tuesday, March 01, 2011 8:16 PMTo: 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 DennisWashington 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 theConsumer Financial Protection Bureau. But as the new watchdog takes shape, those critics havecontinued 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 issuenew regulations if it does not have a permanent director in place by July 21, the date the bureau willofficially 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 MarketsCompetitiveness, told reporters.

As anyone familiar with the bureau's short history knows, getting a Senate-confirmed director in placemight take an awfully long time.

Concerned that Harvard law professor Elizabeth Warren would face a contentious and drawn-outconfirmation battle for the post, President Obama appointed her in September to a temporary postoverseeing the formation of the bureau.

Six months later, the bureau has hired more than 100 employees and secured prime new office spacenear 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 managesome - 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 makesure 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 situationwhere there's a brief burst of enforcement or regulation out of the Department of Treasury and then findout 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 FinancialServices Roundtable. It included a number of warnings that critics of the new bureau have reiteratedover 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 toexamine the economic impact of last year's financial overhaul legislation. Later this month, Warren willtestify before that committee in a hearing about oversight of the bureau.

Neither Treasury nor consumer bureau officials would comment Tuesday about efforts to slow thebureau's rulemaking efforts or alter its funding. But it's clear that Warren, who has aggressively courtedindustry 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 themarkets work better for consumers and small providers alike," Warren said Tuesday in remarks to theCredit Union National Association.

Later in the day, Warren sent a letter to two members of the House committee in which she reiteratedthat "our interactions with small financial services providers have had a real impact on the work we aredoing" and that "we've taken every opportunity to let small companies know that this office is open tothem."

http://www.washingtonpost.com/wp-dyn/content/article/2011/03/01/AR2011030106059_pf.html

Jen Howard

Senior Spokesperson



O: 202-435-7454

C:

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From: CARTER DOUGHERTY, BLOOMBERG/ NEWSROOM:

To: Banks, Dominique (CFPB)

Subject: RE: Re:FOIA request

Date: 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 havelisted/discussed.

2. Let's replace state agencies with the following:

Conference of State Banking Supervisors

Iowa Division of BankingLouisiana Office of Financial InstitutionsNational 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 DoughertyBloomberg NewsConsumer Finance Reporter - DCo. +1 202 624 1907c.

----- Original Message -----From: Dominique Banks <[email protected]>

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 youare requesting information from. A calendar would provide you with a time, date, and the individualsthat were involved in the conference call. If you decide that you want call logs, you would need to havespecific phone numbers in order for us to perform the search. I hope this information helps you clarifythe search. Let me know if you have any more questions.

email communication.pdf (Attachment 1 of 3)

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(b) (6)




Thank you

Dominique A. BanksFOIA AnalystOffice of Privacy, Information Disclosure (FOIA),

Records, & TransparencyPhone: (202) 435-7359Email: [email protected]

-----Original Message-----From: CARTER DOUGHERTY, BLOOMBERG/ NEWSROOM: [mailto:[email protected]]Sent: Wednesday, August 31, 2011 3:30 PMTo: 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 toclarify "calls"? I was trying to capture the sort of communications that one reads about, e.g., onElizabeth Warren's public calendar: call to Joe Smith or some such.

Thanks,Carter

------------------------------------------------------------Carter DoughertyBloomberg NewsConsumer Finance Reporter - DCo. +1 202 624 1907

c.

----- Original Message -----From: Dominique Banks <[email protected]>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 toobroad 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 thequestions except for question 4, was tapered to the Attorney Generals in each of the 50 states and thebanking regulators. We discussed the need of a search timeframe for all of the questions except forquestion 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 werepreviously discussed and phrases that still need to be further clarified in order for us to provide youwith all of the records that you requested. I found that currently there is no such office named theOffice of Intergovernmental Affairs and there are no officials appointed to positions that would supportthe intent of this type of office. Until you provide me with specific individuals that you are seekinginformation 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 consideredambiguous and needs some clarification before we can perform a search for that information. It wasexplained that each state does have organizations/agencies that regulate banks but all of their officesare not generically labeled "banking regulators." To process that portion of your request we would needspecific names of banking regulators in each of the 50 states. Lastly, in reviewing the language of therequest again in question 1 the search term "calls" needs more specificity before performing a search forthat 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 requestis still "unperfected", and until further clarification we cannot perform that portion of the search.

Thank you



-----Original Message-----From: CARTER DOUGHERTY, BLOOMBERG/ NEWSROOM: [mailto:[email protected]]Sent: Wednesday, August 31, 2011 11:07 AMTo: 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 phonemessage.

Thanks,

Carter



Thank you so much




Page 2947 of 7675

(b) (6)




-----Original Message-----From: CARTER DOUGHERTY, BLOOMBERG/ NEWSROOM: [mailto:[email protected]]Sent: Wednesday, August 31, 2011 10:19 AMTo: 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:

We just got it. We will look over it tomorrow and be in contact with you. Have a wonderful evening.

Thanks



-----Original Message-----From: CARTER DOUGHERTY, BLOOMBERG/ NEWSROOM: [mailto:[email protected]]Sent: Tuesday, August 30, 2011 4:23 PMTo: 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: [email protected] 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 wouldappreciate a word of advice.


Page 2948 of 7675

(b) (6)




Thanks,Carter

------------------------------------------------------------Carter DoughertyBloomberg News

Consumer Finance Reporter - DCo. +1 202 624 1907c.


Carter:

That is all that I need. I have deemed the request perfected and we will start the search. If we do notcommunicate anymore today, have a good weekend.

Thanks again



-----Original Message-----From: CARTER DOUGHERTY, BLOOMBERG/ NEWSROOM: [mailto:[email protected]]Sent: Friday, August 05, 2011 12:27 PMTo: Banks, Dominique (CFPB)Subject: Re:FOIA request

Dominique,

Thanks for checking in. Here are the lists:

Associations

American Bankers AssociationFinancial Services RoundtableConsumer Bankers AssociationU.S. Chamber of CommerceIndependent Community Bankers of America The Clearing House Credit Union National AssociationMortgage 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.


Page 2949 of 7675

(b) (6)




Bank of America Corp.JPMorgan Chase & Co.Citigroup Inc.Capital One FinancialUS Bank (aka US Bancorp)

law firms:

Sullivan & CromwellWilmerHale (aka Wilmer, Cutler, Pickering, Hale & Dorr) Wilkie, Farr & Gallagher

Does this do it?

Thanks,Carter

------------------------------------------------------------Carter DoughertyBloomberg NewsConsumer Finance Reporter - DC

o. +1 202 624 1907c.


Carter Dougherty:

Thank you for being so responsive and agreeing to "perfect" your request. As discussed, statementswithin question 2, "...business groups including, but not limited to..." and "...or their legalrepresentatives, 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 fornames 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 therequest has been deemed "perfected", the search for records will begin and the 20 business daytimeline will start. If you have any questions or concerns, please feel free to contact me at (202) 435-7359 or at [email protected]<mailto:[email protected]>.

Thank you for all of your efforts in advance



[cid:[email protected]]


Page 2950 of 7675

(b) (6)




From: Smyth, Nick (CFPB)</o=ustreasury/ou=exchange administrative group(fydibohf23spdlt)/cn=recipients/cn=smythn>


Cc:


Peter,

This is really fantastic and strikes me as a great recruiting tool. I have to say that I was skeptical when Iheard 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 PMTo: CFPB ImplementationSubject: RE: Reminders and Team Photo

Team—

I wanted you to see the story Brady Dennis from the Washington Post wrote up about our celebrationlast night as a window into all the progress we’ve 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


Bcc:

Page 3088 of 7675




By Brady Dennis

Dec. 17 (Washington Post) -- Employees had taped paper snowflakes to the windows and hung astrand 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 offeringsstretched 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 indowntown Washington.

But it was the first holiday celebration for staff members of the Consumer Financial ProtectionBureau, which was created in July when President Obama signed into law a far-reaching financialoverhaul bill. The bureau will have broad powers to write rules aimed at preventing abuses inmortgages, credit cards and other consumer loans.

To some in the room, Thursday's gathering seemed a minor miracle. Over the past two years, aslawmakers 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, butRepublicans on Capitol Hill criticized the idea of a new agency as an unnecessary governmentoverreach - another layer of bureaucracy that would increase costs on banks and small businesses andconstrict 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 theTreasury Department, some in their early 20s, some gray-haired veterans, almost all impeccablydressed - was sipping wine and commiserating about the long hours spent assembling a federal bureaufrom scratch.

"There's so much to know," one female staffer said to a younger male colleague. "There's so muchto 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 thatcomes with creating something new - even though that something has plenty of critics in Washingtonand on Wall Street - rather than working merely as another cog in another yawning federal agencyestablished 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 thesetup of the CFPB, spent months advocating behind the scenes for the creation of the regulator. Hemarveled 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 newconsumer 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 roomshaking 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 BeforeChristmas." 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 themission 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 workon 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,


Please find attached a copy of the picture that we took yesterday. It’s amazing to see how fast our teamhas grown. As we grow, it’s 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 room533 will be converted to office space. We will also start to double many of our large offices. Thank youfor 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 andrecognize all the great work we have done. In addition to our special guest today, I wanted to let youknow that a reporter will be attending the party. He will be observing quietly and won’t report onanything from the event without our clearance. His presence should in no way interfere with our

celebration.


Wally

Page 3091 of 7675






Cc:


It’s awesome.

From: Geldon, Daniel (CFPB)Sent: Friday, December 17, 2010 1:52 PMTo: Jackson, Peter (CFPB)Subject: RE: Reminders and Team Photo

What do you think?

From: Jackson, Peter (CFPB)

Sent: Friday, December 17, 2010 1:48 PMTo: Geldon, Daniel (CFPB)Subject: FW: Reminders and Team Photo

Per Wally’s request.

From: Jackson, Peter (CFPB)Sent: Friday, December 17, 2010 1:47 PM

To: CFPB ImplementationSubject: RE: Reminders and Team Photo

Team—



Bcc:

Page 3109 of 7675




All the very best,

Peter


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 astrand of white Christmas lights from the ceiling. Soft music played from an iPod in the corner, and aplastic penguin greeted guests arriving from their cubicles two floors below. The potluck offeringsstretched across several tables - homemade blackberry cobbler and pineapple upside-down cake,gingerbread cookies and cans of Pabst Blue Ribbon.




To some in the room, Thursday's gathering seemed a minor miracle. Over the past two years, aslawmakers 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, butRepublicans on Capitol Hill criticized the idea of a new agency as an unnecessary governmentoverreach - another layer of bureaucracy that would increase costs on banks and small businesses andconstrict 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 becamereality and now its fledgling staff - some detailed from agencies such as the Federal Reserve and theTreasury Department, some in their early 20s, some gray-haired veterans, almost all impeccablydressed - was sipping wine and commiserating about the long hours spent assembling a federal bureaufrom scratch.


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 agencyestablished long ago.


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 thesetup 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.


Perhaps no one found the scene more surreal than Warren, who first proposed the idea for a newconsumer agency in a 2007 journal article and now found herself ensconced in this downtown officebuilding, 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 roomshaking hands, hugging employees and posing for photos.



















Page 3111 of 7675




"We have come together in no small part because of what's in our hearts, and that it's about themission that we have as being this new consumer agency," she told the staff. "We have this incredibleopportunity and this incredible responsibility to build a piece of government that we know is here to workon behalf of America's families."




Team,



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 youknow that a reporter will be attending the party. He will be observing quietly and won’t report onanything from the event without our clearance. His presence should in no way interfere with our celebration.


Wally

Page 3112 of 7675




From: Vale, Elizabeth (CFPB)</o=ustreasury/ou=exchange administrative group(fydibohf23spdlt)/cn=recipients/cn=valee>


Cc:

Subject: Re: Reminders and Team Photo

Wow. Really nice.

_____

From: Jackson, Peter (CFPB)To: CFPB ImplementationSent: Fri Dec 17 13:47:12 2010Subject: RE: Reminders and Team Photo

Team—


All the very best,

Peter


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 astrand of white Christmas lights from the ceiling. Soft music played from an iPod in the corner, and aplastic penguin greeted guests arriving from their cubicles two floors below. The potluck offerings


Bcc:

Page 3114 of 7675




stretched across several tables - homemade blackberry cobbler and pineapple upside-down cake,gingerbread cookies and cans of Pabst Blue Ribbon.








comes with creating something new - even though that something has plenty of critics in Washingtonand on Wall Street - rather than working merely as another cog in another yawning federal agencyestablished long ago.







Page 3115 of 7675
























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>


Cc:

Subject: Re: Reminders and Team Photo

EV is here, want to come down?

_____

From: Jackson, Peter (CFPB)To: CFPB ImplementationSent: Fri Dec 17 13:47:12 2010Subject: RE: Reminders and Team Photo

Team—


All the very best,

Peter


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 astrand of white Christmas lights from the ceiling. Soft music played from an iPod in the corner, and aplastic penguin greeted guests arriving from their cubicles two floors below. The potluck offerings


Bcc:

Page 3118 of 7675




stretched across several tables - homemade blackberry cobbler and pineapple upside-down cake,gingerbread cookies and cans of Pabst Blue Ribbon.








comes with creating something new - even though that something has plenty of critics in Washingtonand on Wall Street - rather than working merely as another cog in another yawning federal agencyestablished long ago.







Page 3119 of 7675
























Team,

Page 3120 of 7675








Wally

Page 3121 of 7675






Cc:

Subject: FW: (WPT) Creation of Consumer Financial Protection Bureau Is

Must be on the terminal and not yet online...

-----Original Message-----From: CARTER DOUGHERTY, BLOOMBERG/ NEWSROOM: [mailto:[email protected]]Sent: Friday, December 17, 2010 1:41 PMTo: Jackson, Peter (CFPB)Subject: (WPT) Creation of Consumer Financial Protection Bureau Is

Did I miss the holiday party?


+------------------------------------------------------------------------------+

Creation of Consumer Financial Protection Bureau Is Underway2010-12-17 18:30:28.620 GMT

By Brady DennisDec. 17 (Washington Post) -- Employees had taped paper

snowflakes to the windows and hung a strand of white Christmaslights from the ceiling. Soft music played from an iPod in thecorner, and a plastic penguin greeted guests arriving from their cubicles two floors below. The potluck offerings stretched acrossseveral tables - homemade blackberry cobbler and pineapple

upside-down cake, gingerbread cookies and cans of Pabst BlueRibbon.

The gathering inside the seventh-floor conference room at1801 L St. on Thursday night resembled many other office partiesunfolding this time of year in downtown Washington.

But it was the first holiday celebration for staff membersof the Consumer Financial Protection Bureau, which was created inJuly when President Obama signed into law a far-reachingfinancial overhaul bill. The bureau will have broad powers towrite rules aimed at preventing abuses in mortgages, credit cardsand other consumer loans.


Bcc:

Page 3125 of 7675

(b) (6)




To some in the room, Thursday's gathering seemed a minor miracle. Over the past two years, as lawmakers wrestled with howto prevent a future crisis like the one that crippled the economyin 2008, the CFPB's existence often seemed in doubt. It had thesupport of the Obama administration, but Republicans on CapitolHill criticized the idea of a new agency as an unnecessarygovernment overreach - another layer of bureaucracy that wouldincrease costs on banks and small businesses and constrict access

to credit for ordinary Americans. Financial industry lobbyistspushed hard to get their clients exempted from the newregulator's reach.

In the end, the legislation squeaked through Congress, theconsumer protection bureau became reality and now its fledglingstaff - some detailed from agencies such as the Federal Reserveand the Treasury Department, some in their early 20s, somegray-haired veterans, almost all impeccably dressed - was sippingwine and commiserating about the long hours spent assembling afederal bureau from scratch.

"There's so much to know," one female staffer said to ayounger male colleague. "There's so much to figure out. You walkout every night thinking, 'What did I miss?' "

But staff members also talked excitedly about what they arebuilding together, about the thrill that comes with creatingsomething new - even though that something has plenty of criticsin Washington and on Wall Street - rather than working merely asanother cog in another yawning federal agency established longago.

"Nobody's punching a clock around here," one recent hiresaid.

Dan Geldon stood in a corner of the room, soaking up thescene as more staffers poured in. Geldon, a longtime adviser to

Elizabeth Warren, the outspoken Harvard law professor tapped tooversee the setup of the CFPB, spent months advocating behind thescenes for the creation of the regulator. He marveled that whatonce was a proposal had become reality.


Perhaps no one found the scene more surreal than Warren, whofirst proposed the idea for a new consumer agency in a 2007 journal article and now found herself ensconced in this downtownoffice building, surrounded by conference rooms with names suchas 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 alengthy poem about their work, in the form of " 'Twas the NightBefore 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.


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 beingthis new consumer agency," she told the staff. "We have thisincredible opportunity and this incredible responsibility tobuild a piece of government that we know is here to work onbehalf of America's families."

As she spoke, a strand of hastily hung Christmas lights fellfrom 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





To: Logan, Amanda</o=ustreasury/ou=exchange administrative group(fydibohf23spdlt)/cn=recipients/cn=loganam>; Rose, Lacey</o=ustreasury/ou=do/cn=recipients/cn=rosel>

Cc:

Subject: Washington Post: Creation of Consumer Financial Protection Bureau Is Underway

(This is up on the Bloomberg and presumably will hit online shortly…)


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 aplastic penguin greeted guests arriving from their cubicles two floors below. The potluck offeringsstretched across several tables - homemade blackberry cobbler and pineapple upside-down cake,gingerbread cookies and cans of Pabst Blue Ribbon.



But it was the first holiday celebration for staff members of the Consumer Financial ProtectionBureau, 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 inmortgages, credit cards and other consumer loans.


Date: Fri Dec 17 2010 13:47:55 EST

Attachments:

Bcc:

Page 3132 of 7675











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:













Page 3133 of 7675












Page 3134 of 7675




From: Chow, Edwin (CFPB)</o=ustreasury/ou=exchange administrative group(fydibohf23spdlt)/cn=recipients/cn=chowe>


Cc:


Peter,

I’m 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

From: Jackson, Peter (CFPB)Sent: Friday, December 17, 2010 1:47 PMTo: CFPB ImplementationSubject: RE: Reminders and Team Photo

Team—


All the very best,

Peter


Bcc:

Page 3143 of 7675





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 astrand of white Christmas lights from the ceiling. Soft music played from an iPod in the corner, and aplastic penguin greeted guests arriving from their cubicles two floors below. The potluck offeringsstretched across several tables - homemade blackberry cobbler and pineapple upside-down cake,gingerbread cookies and cans of Pabst Blue Ribbon.




To some in the room, Thursday's gathering seemed a minor miracle. Over the past two years, aslawmakers 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, butRepublicans on Capitol Hill criticized the idea of a new agency as an unnecessary governmentoverreach - another layer of bureaucracy that would increase costs on banks and small businesses andconstrict access to credit for ordinary Americans. Financial industry lobbyists pushed hard to get their clients exempted from the new regulator's reach.





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.


Perhaps no one found the scene more surreal than Warren, who first proposed the idea for a newconsumer agency in a 2007 journal article and now found herself ensconced in this downtown officebuilding, 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.





















Page 3145 of 7675






Team,





Wally

Page 3146 of 7675




From: CARTER DOUGHERTY, BLOOMBERG/ NEWSROOM:<[email protected]>


Cc:

Subject: RE: Antyhing change on plans for releas this morning? Carter

Documents ... I'm in heaven!


----- Original Message -----From: Peter Jackson <[email protected]>To: CARTER DOUGHERTY (BLOOMBERG/ NEWSROOM:) At: 11/24 10:04:03

Here you go...

-----Original Message-----From: CARTER DOUGHERTY, BLOOMBERG/ NEWSROOM: [mailto:[email protected]]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!



Nope. Should have it to you in 30-45 mins.

----- Original Message -----From: CARTER DOUGHERTY, BLOOMBERG/ NEWSROOM: <[email protected]>


Bcc:

Page 3499 of 7675

(b) (6)

(b) (6)




To: Jackson, Peter (CFPB)Sent: Wed Nov 24 08:55:45 2010Subject: Antyhing change on plans for releas this morning? Carter

------------------------------------------------------------Carter Dougherty

Bloomberg NewsConsumer Finance Reporter - DCo. +1 202 624 1907c.

Page 3500 of 7675

(b) (6)




From: CARTER DOUGHERTY, BLOOMBERG/ NEWSROOM:<[email protected]>


Cc:

Subject: RE: Antyhing change on plans for releas this morning? Carter

Give a quick call on this? Thx, Carter



Here you go...

-----Original Message-----From: CARTER DOUGHERTY, BLOOMBERG/ NEWSROOM: [mailto:[email protected]]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!



Nope. Should have it to you in 30-45 mins.

----- Original Message -----From: CARTER DOUGHERTY, BLOOMBERG/ NEWSROOM: <[email protected]>


Bcc:

Page 3534 of 7675

(b) (6)

(b) (6)




To: Jackson, Peter (CFPB)Sent: Wed Nov 24 08:55:45 2010Subject: Antyhing change on plans for releas this morning? Carter

------------------------------------------------------------Carter Dougherty

Bloomberg NewsConsumer Finance Reporter - DCo. +1 202 624 1907c. (b) (6)
