CFPB Adds RESPA Director

August 11, 2011

Bart Shapiro, who directed HUD's Office of RESPA and Interstate Land Sales from May 2010 through this July, has been added to the Consumer Financial Protection Bureau (CFPB)staff.

Shapiro will serve as a senior advisor for the Office of Community Banks and Credit Unions at the CFPB. CFPB’s Office of Community Banks and Credit Unions is headed by Elizabeth Vale. Shapiro joins a growing staff of CFPB officials who are led by current Special Advisor Raj Date, pending a confirmation hearing for former Ohio Attorney General Richard Cordray as director, which has been postponed until Sept. 6.

The CFPB assumed authority over RESPA on July 21.

Shapiro’s office at HUD was responsible for administering the Real Estate Settlement Procedures Act and the Interstate Land Sales Full Disclosure Act. He was deputy director of that office for two years. Before that, he was in the HUD general counsel’s office, first as a trial attorney in litigation and later as an attorney-advisor in the department’s regulatory compliance and government-sponsored enterprises/RESPA policy divisions.

The CFPB has been working to consolidate the Truth in Lending Act (TILA) and RESPA mortgage disclosure documents to create a form that consumers can better understand. The bureau has released three rounds of mortgage disclosure drafts for consumer and industry feedback.

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