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» VISIT US ONLINE @ DSNEWS.COM 57 All this has been accomplished in the face of fierce Republican opposition and an unrelenting effort to dismantle Dodd-Frank that began before the ink on President Obama's signature was even dry. You have long fought against predatory lending and servicing, written legislation to prevent such practices as part of the Housing and Economic Recovery Act. Do you think recent increased regulation has been an effective deterrent for predatory lending and servicing practices? I believe increased scrutiny from the CFPB has been tremendously effective in deterring predatory lending and servicing practices – both among banks and within non-bank mortgage servicers, an unregulated, shadow part of the economy before the creation of the CFPB. On lending, I believe the CFPB generally got it right when they promulgated one of the most common-sense measures we put forward in the aftermath of the 2008 crisis – lenders should have to determine that borrowers can actually repay a loan before they offer a loan. At the same time, the CFPB recognizes that they don't always get it right on their first try, and they have been tremendously responsive in tailoring their rules to community financial institutions. I'm pleased that the Bureau appears willing to respond to new data and new information as it comes to light. On servicing, the CFPB's rule was a strong first step toward limiting widespread predatory practices by the mortgage servicing industry, which has led to many American families needlessly losing their homes and likewise led to many improper losses for mortgage investors. It provides lenders with clear guidance and significantly increases protections for borrowers. It also enhances servicers' disclosure requirements and includes provisions to help rein in the unfair practice of "forced place" insurance. However, the rule should not be the only step toward protecting borrowers from wrongful foreclosure. First, servicers must be required to engage in loss mitigation. Also, more progress should be made in addressing the problem of "dual tracking," by which servicers consider borrowers for loan modifications while simultaneously moving them towards foreclosure. Furthermore, homeowners must be guaranteed a more robust right to appeal when they are denied loan modifications. How do you see the members of Congress, and specifically the House Financial Services Committee, working together in the final two years of the Obama Administration? e Financial Services Committee is not exactly a shining example of bipartisanship, and in too many cases, Democrats have been largely alone in our efforts to keep the government open and to avoid calamity with a potential default on our nation's debt. But I do believe there are areas where Committee Democrats and Republicans can work together to create jobs, protect consumers and increase opportunity. For example, recently Democrats worked with a number of Committee Republicans to enact two major pieces of legislation. One provided a comprehensive reform to our nation's flood insurance program. e second was a renewal of a program that acts as a government backstop to insurance companies in the event of a catastrophic terrorist attack, known as the Terrorism Risk Insurance Act. Although Committee Chairman Hensarling initially opposed both of these measures based upon his rigid ideology, Democrats were able to work around the Chair with more pragmatic Republicans to ensure these important programs were signed into law. I believe we will see the same type of cooperation in efforts to renew the charter of the Export- Import Bank, which creates and sustains critical American jobs and levels the playing field for American businesses abroad. In the House, a majority of Democrats and Republicans support renewing Ex-Im and I'm confident we can move forward with a bill that keeps its doors open. In addition, there are a number of critical initiatives on which I hope House Republicans will join Democrats. In the coming months I will introduce comprehensive credit reporting legislation to bring greater transparency to the credit reporting process and protect consumers by forcing credit reporting agencies to improve the accuracy and completeness of credit reports. And I want to work across the aisle to combat the issue of data security for debit and credit cards. For many consumers, the theft of their personal and financial information is becoming routine. Preventing it requires the adoption of the best available security standards throughout the payment system. I have called on Congress to take action, and I will be actively working with my colleagues to put together an initiative that ensures consumers are informed in a timely manner when their personal information has been compromised. And most importantly, I hope my colleagues can join me in combatting the lack of diversity for women and minorities within the financial services sector and among financial regulators. COVER STORY M ARKET PUL SE SUCCESS FORMUL AS INDUSTRY INSIGHT INDUSTRY INSIGHT

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