Comment on CFPB-2012-0005-0003

My comment is simply in support of the expansion of participants covered by the Bureau of Consumer Financial Protection. This is a good first step to make sure that consumers are protected from organizations attempting to circumvent government regulation. The Bureau needs to effectively regulate the three major areas identified by the rule, property loans, education loans, and payday loans. Having an honest environment in which to procure these types of loans is integral to our nation’s financial integrity. With the mortgage crisis, our nation discovered that financial institutions were becoming smaller and more specialized. The organization that originated a mortgage loan no longer held the loan for its duration. It was assigned to other institutions that would in turn bundle and assign the mortgages to others. In many cases, the mortgages were assigned without valid signatures. Courts have started declaring these mortgages invalid (Ex. Ibanez). To properly regulate and, in time, fix some of the financial difficulties our country has found itself in, government agencies need to have jurisdiction to regulate all necessary players. This looks like a good first step in this process. I support the prospect that once the Bureau finishes editing its jurisdictional issues, it will create more regulations to protect consumers.