Local Congressman Defends Position on Consumer Protection

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Here’s an excerpt from a recent response written by Congressman Tom MacArthur, R-3^rd of Toms River, New Jersey, to a letter to the Editor of the Burlington County Times. There’s more going on in NJ than Bridgegate and the Sopranos.

“I’m writing in response to a recent letter to the Editor, “Dismantling consumer finance protection is a very bad idea” (March 29). While I don’t doubt the sincerity of the writer, the letter was – characteristically for this political season – light on facts and heavy on hyper-partisan political talking points.”

 (See the full response at the end of this blog)

I bring this up for a few reasons. It is evident from the full response that Representative MacArthur is leaning toward a restructuring of how the CFPB is managed. On the other hand, it seems the writer believes that the current administration is trying to make changes to the CFPB that will hurt current consumer protections.

As I’ve said on many occasions, it all depends on where you stand…

The Congressman goes on to explain that he too wants to protect the consumer and in doing so supports efforts to transform the Bureau into a more accountable and transparent agency.

He further explains that in response to the past problems Congress passed more than 2 dozen laws to assist consumers to better understand the mortgage process and help them to make more informed financing decisions.

So it seems to me that they agree that consumer protection is important. It’s all about how we get there.

Interestingly, in his response, the Representative also makes mention of how he led a bipartisan effort to uncover fraud and mismanagement at FEMA, after Sandy. He states that he stood with whistleblowers from the National Flood Insurance Program when they revealed the system was set up was rigged to underpay consumers.

It goes to show that whistleblowers exist in all areas of government related business, not just mortgage lending. Also, the issue of consumer protections and concerns are more than just a political battle over the structure and management of a governmental agency.

It’s about time our elected officials get back to governing and start paying attention to what’s important; jobs, wage growth, healthcare, tax reform, a growing economy, and available affordable housing in a strong housing market.

Stop the bickering, name calling, and tantrums and get on with the business of managing the country, and doing what is in the best interest of the American people.

I guess it all depends on where you stand…

(Click this link to see the entire letter: Mac Arthur LTE 4-6-17-)

About the Author

Michael Vitali

Michael L. Vitali – Independent Consultant to the Mortgage Industry Mike Vitali is an independent consultant to the mortgage industry on matters concerning compliance and mortgage lending. He most recently served as the Senior Vice President and Chief Compliance Officer for LoanLogics, monitoring regulatory developments and their practical implications for the mortgage lending industry. His duties included research, interpretation, and analysis of existing and proposed legislation related to the industry in support of recommendations for policy and/or procedure changes to maintain continued quality and compliance with all applicable laws, rules and regulations, investor requirements, and standard mortgage practices. In his more than 40 years in the mortgage industry, in senior level management, he has gained experience in all areas of mortgage lending, risk management, and compliance. Mike is a past President of the MBA of Greater Philadelphia, is a charter member and was the second Chairman of the MBA of Pennsylvania, and a past board member and Legislative Chair of both associations. He is a recipient of the 1998 Mortgage Banker of the Year Award from the MBA of Greater Philadelphia, and the 2003 Chairman's Award from the MBA of PA, and currently serves on several compliance related task forces for MBA.