Two Consumer Financial Protection Bureau officials have been hired by Wells Fargo, reports the American Banker.
Both new hires, Peter Carroll and Lisa Applegate, had important roles in shaping new mortgage rules that went into effect in January and will help Wells Fargo expands its focus on mortgage policies and the home loan capital markets, a Wells Fargo spokesperson told the American Banker.
Carroll, formerly CFPB’s assistant director of mortgage markets, is now senior vice president of capital markets at Wells Fargo Home Mortgages, effective last month.
Applegate has led the bureau’s mortgage rules implementation, according to the article, and will start at Wells Fargo as a strategic quality manager within the bank’s home lending capital markets group on April 28.
Wells Fargo has launched an initiative to “offer effective guidance on policy matters” as the mortgage industry adjusts to new rules and regulations, and the new hires fit into that, the spokesperson said.
While the CFPB is still searching for a permanent successor to Carroll, with Abhishek Agarwal currently the acting replacement, Applegate’s tenure at the bureau may have been drawing to a close.
“[Her] position was intended to span the length of the regulatory implementation period for the bulk of our mortgage rules,” a CFPB spokesperson told the American Banker, adding that officials in the markets and regulations offices will continue to lead regulatory implementation.
Written by Alyssa Gerace