Wells Fargo & Co. /quotes/zigman/239557/quotes/nls/wfc WFC +1.09% became the latest bank to disclose that the Consumer Financial Protection Bureau is examining its consumer business.

The San Francisco bank, the nation's fourth largest by assets but the largest in mortgage lending, said in its annual earnings filing with the Securities and Exchange Commission Wednesday that the CFPB is examining "a number of consumer businesses and products," including mortgage origination and "related compliance management."

Wells Fargo said it expects the regulator to also "examine our residential mortgage servicing activities."


http://online.wsj.com/article/BT-CO-20130227-710186.html?mod=dist_smartbrief

Really? Ya think? This was the whole idea behind establishing the bureau? Looking at systemic institutions of $10B or more.

Yet we have the bureau calling the shots on every one horse bank in town. Just can't understand how all the small community banks in the country could bring down the whole mortgage market? Wait, it did'nt. The systemic ones were the primary players, yet we're burdened with thousands of pages of rules that for lack of a better term are completely cancerous to our existence.

Bitter to the end!!

I second that opinion.

That's because the typical regulatory response is to swat at a fly with a sledgehammer. Due to the slowness of response, unwieldiness of the instrument, and undue weight of the instrument, the fly always gets away. But the collateral damage is extensive.

When someone messes in their pants we all have to wear diapers!
Can't remember who said this.

Al Roker?

LOL.

Let's make sure we are pointing the finger (whichever one you prefer ) at the right culprit. The Bureau's rules are responses to Congressional action. Without the Dodd-Frank Act, none of the rules would have been written and the agency would not exist.

So if we need someone to blame for the sledgehammer in lieu of flyswatter approach it should be the bunch that sit in that big building with the dome in Washington.

I'll give out the sledgehammers to anyone who would like to join me.