House GOP Warns Ex-CFPB Staff May Profit Off New Rules

Law360, New York (August 1, 2013, 6:09 PM EDT) -- Republican leaders in the U.S. House of Representatives on Thursday raised concerns that former Consumer Financial Protection Bureau employees who helped craft the agency's mortgage regulations are now cashing in on that knowledge.

House Financial Services Chairman Jeb Hensarling, R-Texas, and Oversight Committee Chairman Darrell Issa, R-Calif., asked the CFPB to turn over documents linked to writing of the qualified mortgage rule. The two lawmakers worried that former CFPB Deputy Director Raj Date and his new firm, Fenway Summer LLC, are using knowledge of the rule...
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