In spite of the influx of new human resource assets, banking regulators have a mixed effectiveness when it comes to compliance with their own Dodd-Frank obligations.
A federal employee union and the Department of Housing and Urban Development have agreed to implement a seven-day employee furlough because of a severe mandatory reduction in HUDs budget in FY 2013. The seven furlough days, which also will affect FHA operations, will apply to HUDs entire 9,100-person work force and will be spread out to one for each pay period beginning May 24. HUD initially proposed a 13-day furlough plan, which was to start May 10, but agreed to reduce it to seven days and to move the start date to May 24. Under an agreement between HUD and the American Federation of Government Employees Council 222, furlough days will occur on ...
The Senate Banking Committee, as expected, approved the nomination of Richard Cordray to head the CFPB, but Republicans are not happy about the structure of the young agency.