Warren and SEC Chief in Public Feud – NMP Skip to main content

Warren and SEC Chief in Public Feud

Jun 14, 2016
Sen. Elizabeth Warren (D-MA) took time away from her Twitter fight with Donald Trump to launch a harsh attack at Securities & Exchange Commission (SEC) Chairwoman Mary Jo White

Sen. Elizabeth Warren (D-MA) took time away from her Twitter fight with Donald Trump to launch a harsh attack at Securities & Exchange Commission (SEC) Chairwoman Mary Jo White. For her part, White returned Warren’s caustic volleys in an uncommonly strident exchange during a Senate Banking Committee hearing.

According to Wall Street Journal coverage of the hearing, Warren started the feud by stating she felt the SEC was moving “in the opposite direction” under White’s leadership by neglecting its mission to protect investors. “A year ago, I called your leadership at the SEC extremely disappointing,” Warren remarked to White. “Today, I am more disappointed than ever.”

White immediately responded to Warren’s comments by saying, “I’m disappointed in your disappointment.”

Warren was chiefly critical of the SEC’s handling of an initiative to streamline transparency in a manner that would avoid what White characterized as “information overload.” Warren insisted this initiative did not aid the investor, but rather was a means of “making life easier for big companies and harder for investors.”

“I just want to know what evidence you have that this is a real problem, that investors have come to you and said, ‘We’re worried about getting too much information,’” Warren sarcastically asked.

White was not amused by Warren and insisted that the initiative was designed to “to improve our disclosure regime for investors, to make it better.” She added that Warren mischaracterized the initiative’s’ goals by “describing our disclosure effectiveness review in a way that’s much narrower than its intent.”

About the author
Published
Jun 14, 2016
CFPB Issues AI Underwriting Guidance On Adverse Action Notices

The agency says proprietary and machine-learning models do not relieve lenders of their fair lending and disclosure responsibilities

VantageScore Says 4.0 Model Could Unlock $1 Trillion In Mortgage Originations

New study says VantageScore 4.0 scores five million more creditworthy borrowers than FICO Score 10T, expanding lending opportunities as the industry prepares for the GSE credit score transition

MISMO Updates Mortgage Insurance Standards To Support FICO 10T, VantageScore 4.0

New implementation guide standardizes mortgage insurance data exchange, helping lenders, insurers and technology providers prepare systems for newer credit scoring models

Congress Weighs New Roadmap To End Fannie, Freddie Conservatorship

Rep. Scott Fitzgerald's three-bill housing package would establish a statutory framework for releasing the GSEs while expanding construction lending and easing some TRID compliance requirements

CHLA Backs Bank Capital Proposal, Questions Impact On Mortgage Lending

Trade group supports lower mortgage risk weights but says broader market forces — not capital rules — drove banks' retreat from the market

Senate Passes 21st Century ROAD To Housing Act In 85-5 Vote

Sweeping housing package heads back to House after Senate clears final version with broad bipartisan support