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59 July 2025 J O U R N A L July 2025 ยป themortgagepoint.com care more about protecting their friends on Wall Street than the people who voted to send them here," noted New York Congressman Greg Meeks, who is also a committee member. A significant aspect of the legislation that established the CFPB designated the CPF for disbursements to victims who have been legally defrauded or, when feasible, for initiatives related to consumer education and financial literacy programs. The legislation further designates the fund's adminis- trator as the individual accountable for overseeing these payments. Moreover, the administrator allocates funds for disbursements to affected consumers every six months. Democratic members of the HFSC proposed several amendments as alterna- tives to transferring funds to the Treasury. For instance, Massachusetts Representa- tive Ayanna Pressley suggested that finan- cial wrongdoers should bear the financial responsibility for funding when their actions contravened relevant laws. This proposal, along with other amendments put forth by committee Democrats, was also dismissed by the majority members. CFPB ENFORCEMENT EXEC STEPS DOWN AMID BUREAU OVERHAUL C ara Petersen, Enforcement Director for the Consumer Financial Protection Bureau (CFPB), has stepped away from her role, citing the White House's overhaul of the agency had made her position untenable. As Enforcement Director for the CFPB, Petersen was responsible for overseeing the Bureau's enforcement ac- tivities, such as investigating and taking action against entities that violate con- sumer financial laws. The role involves determining whether to open investiga- tions, coordinating enforcement actions with other agencies, and ensuring that appropriate remedies are pursued to compensate harmed consumers. Petersen, who has served at the CFPB since its formation nearly 15 years ago, said in an email announcing her resignation that President Donald Trump "has no intention to enforce the law in any meaningful way." She continued, "I have served under every Director and Acting Director in the Bureau's history, and never before have I seen the ability to perform our core mission so under attack." Petersen joined the CFPB in March 2011 during the implementation phase of the agency. Prior to assuming the Princi- pal Deputy role, she served as a Litiga- tion Deputy and an Assistant Litigation Deputy in the Office of Enforcement. Prior to joining the CFPB, Petersen was an Attorney at the Federal Trade Commis- sion (FTC), handling consumer protec- tion investigations in the FTC's Division of Financial Practices. Before that, she was a litigator at Arnold & Porter. The CFPB, often targeted for reform by the Trump administration, recently avoided being shut down as U.S. District Judge Amy Berman Jackson denied actions by the Trump administration from firing Bureau employees, and or- dered the reinstatement of workers who were previously terminated. In Civil Action No. 25-0381, National Treasury Employees Union v. Russell Vought (in his official capacity as Acting Director of the Consumer Financial Protection Bu- reau), the National Treasury Employees Union (NTEU) and other groups sued Acting CFPB Director Vought over the dismantling of the Bureau, arguing the effort violates the separation of powers between the branches of government. NTEU represents more than 1,000 front- line employees. Petersen added in her resignation memo: "It has been devastating to see the Bureau's enforcement function being dis- mantled through thoughtless reductions in staff, inexplicable dismissals of cases, and terminations of negotiated settle- ments that let wrongdoers off the hook." YOUR TRUSTED SOURCE FOR MORTGAGE BANK ING AND SERVICING NEWS DECEMBER 2024 Magazine PRESERVING the AMERICAN DREAM Industry experts from Five Star's PROPERTY PRESERVATION EXECUTIVE FORUM discuss the trends and challenges facing the field services sector as we head into the new year. ALSO IN THIS ISSUE EXPERT INSIGHTS ASSESSING TODAY'S LANDSCAPE Derrick Barker, Co-Founder & CEO of Nectar, discusses his beginnings in the mortgage market CONTRIBUTED SPOTLIGHT: LEGAL LEAGUE IN PENNSYLVANIA, IS THERE A RIGHT TO JURY TRIAL IN IN REM FORECLOSURE ACTIONS? THE NATIONAL PROPERTY PRESERVATION CONFERENCE CELEBRATES TWO DECADES OF INDUSTRY ACTION REIMAGINING CREDIT AND VERIFICATION WORKFLOWS Subscribe to MortgagePoint and MortgagePoint Digital now! Visit themortgagepoint.com/mp-access to take advantage of our special offer! Experts you trust. People you know. News you want. MortgagePoint is putting essential mortgage market news at your fingertips with our new digital edition, now available online via your smartphone, tablet, or computer. Enjoy the magazine at your desk, and tap into MortgagePoint Digital's easily accessible platform anywhere, anytime. Committed to giving originators, servicers, and all lending professionals access to smarter perspectives, MortgagePoint believes it's time to think differently about the mortgage industry. Because the American Dream is evolving . . . are you? YOUR TRUSTED SOURCE FOR MORTGAGE BANK ING AND SERVICING NEWS FEBRUARY 2025 Magazine In This Issue: THE RISE OF MULTI- GENERATIONAL HOUSING: LENDING TRENDS AND OPPORTUNITY EXPERT INSIGHTS MICHAEL GEVURTZ CEO AND FOUNDER OF BLUEBIRD LENDING CHANGES TO CALIFORNIA'S HOME OWNER BILL OF RIGHTS TAKE ADVANTAGE OF A SLOW MARKET TO SHORE UP PROCESSES With rates starting to drop, savvy lenders are moving to get ahead of the game before a rebound. SPECIAL SECTION WHITE HOUSE NOMINEES A look at President Trump's picks for his cabinet and other high-level positions that are sure to shake up the industry. Once the Smoke Clears MortgagePoint examines how the CALIFORNIA WILDFIRES could have wide-ranging impacts on government programs, insurance coverage, and the housing market. YOUR TRUSTED SOURCE FOR MORTGAGE BANK ING AND SERVICING NEWS JANUARY 2025 Magazine ECONOMIC FORECAST 2025 MortgagePoint surveys a panel of economists and industry experts about where the housing market and mortgage industry will be headed in a new year and under a new incoming president.