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CFPB adds former RESPA chief

Bart ShapiroThe Consumer Financial Protection Bureau has hired the Department of Housing and Urban Development’s RESPA chief only a few weeks after gaining administrative responsibility of the Real Estate Settlement Procedures Act.

The bureau gained control of RESPA on July 21 and announced on Wednesday that Bart Shapiro, the HUD’s former director of mortgage settlement and the person in charge of administering RESPA, has taken a new position at the CFPB, according to ReverseMortgageDaily.com.

Shapiro’s new position as the bureau’s senior advisor for the Office of Community Banks and Credit Unions will likely put him on the task of consolidating the Truth in Lending Act and RESPA mortgage disclosure documents to create a more consumer friendly form.

The bureau has already released three rounds of new mortgage disclosure form drafts to get feedback from both the industry and consumers, ReverseMortgageDaily reports. Two more drafts are expected to be released before choosing the new forms.

CFPB is adding to its staff despite not yet having a director. President Obama has tapped former Ohio Attorney General Richard Cordray for the head position, although his confirmation hearing has been postponed until Sept. 6.

The bureau is currently being led by Special Advisor Raj Date until the Senate confirmation process is complete, which may be an extended period of time as top republican on the Senate Banking Committee Richard Shelby (R-Ala.) recently wrote in a Wall Street Journal op-ed that Cordray’s nomination is “dead on arrival.”

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