CFPB RIP???
Loan Officer Freedom
Carl White
5 • 743 Ratings
🗓️ 14 February 2025
⏱️ 17 minutes
🧾️ Download transcript
Summary
Welcome to Loan Officer Freedom, the #1 podcast in the country for loan officers, hosted by Carl White.
In this episode, your hosts, Carl White and Owen Lee dive deep into the current state of the Consumer Financial Protection Bureau (CFPB) and its implications for the mortgage industry.
With rapid changes happening in Washington, we discuss the origins of the CFPB, its intended purpose, and how it has evolved over the years.
They unpack the recent buzz surrounding Elon Musk's provocative post about the CFPB and what it could mean for loan officers and the industry at large.
They also explore the pros and cons of potential changes to the CFPB, including the impact of funding cuts versus complete dissolution.
Whether you're a loan officer, branch manager, or simply interested in the financial landscape, this episode provides valuable information and actionable steps to stay informed and engaged.
Schedule a one-on-one free coaching call, click here or visit LoanOfficerStrategyCall.com.
Transcript
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| 0:00.0 | So CFPB Rest in Peace. |
| 0:14.9 | So I'm talking here today. |
| 0:17.2 | I'm talking here with Owen Lee. |
| 0:20.8 | You know, I don't know what to think about it, which I'm glad you with Owen Lee. |
| 0:26.5 | You know, I don't know what to think about it, which I'm glad you're here to kind of clear the air a little bit. |
| 0:33.2 | And, you know, as you mentioned here in the green room, things are moving so fast. |
| 0:39.3 | I'm going to have to publish this episode like today, if at all possible, because otherwise, if we wait 24 hours, what we say here might not even apply. |
| 0:43.6 | Right. |
| 0:43.7 | Yeah. |
| 0:43.9 | I mean, yeah. |
| 0:44.5 | Yeah. |
| 0:44.7 | So, so if somebody's brand new, just what is the CFPB and kind of bring us up to date on what's |
| 0:53.9 | going on? Sure. So the CFPB and kind of bring us up to date on what's going on? |
| 0:54.5 | Sure. |
| 0:55.8 | So the CFPB is the acronym for the Consumer Financial Protection Bureau. |
| 1:02.2 | It was the brainchild of Senator Elizabeth Warren and a few others who were the primary writers of the Dodd-Frank Financial Reform |
| 1:14.3 | Act, which came in 2009 after the financial market crash. And the idea was to create this |
| 1:23.4 | bureau that was going to examine all different kinds of financial companies, not just mortgages, |
| 1:30.8 | although we're probably the biggest segment, but auto lenders and credit card companies |
| 1:35.1 | and, you know, payday lenders and pawn brokers and all kinds of stuff. |
| 1:41.8 | And, you know, they've, they're insulated by the way that they're funded |
| 1:50.0 | and they don't get regular appropriations from Congress like other agencies do, like the FBI or |
... |
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