A recent article by the respected National Mortgage News cited John Hope Bryant as chairman of the President’s Council. The Council Chair is Mr. Charles Schwab, and Council Vice Chair is John Hope Bryant. The error is understandable given that Mr. Bryant does also serve as Chair of the Council’s Committee on the Under-Served, which orchestrated the creation of the recent “Recommendation of Best Practices with respect to The Future of Responsible Sub-Prime Mortgage Lending” report. The article referenced this report and an FDIC speech given by Mr. Bryant regarding same. Accordingly, this correction is simply noted for the public record and out of respect for Mr. Schwab.
The Committee’s work and subsequent report in this regard, now available publicly on the U.S. Treasury website, speaks to overall "best practices" with respect to the future of responsible mortgage subprime lending, rooted in financial literacy.
The report leaves specifics such as underwriting standards to private industry.