May 23, 2017
The Consumer Financial Protection Bureau has quietly announced that it plans to begin direct supervision of service providers. Two industry veterans spoke to Dodd Frank Update about the implications service providers face if direct third-party oversight by the bureau becomes a reality. Read on to learn more.
April 18, 2017
Rep. Jeb Hensarling (R-Texas) and Rep. Maxine Waters (D-Calif.) both released statements detailing their arguments for and against the revised version of Hensarling’s Financial Choice Act (FCA), which he plans to reintroduce to Congress before the end of April. Read on to learn about some of the numerous changes the updated bill contains.
April 7, 2017
Republicans attempted to make multiple cases that Consumer Financial Protection Bureau Director Richard Cordray should be removed for cause during his recent hearing in front of the House Financial Services Committee. Read on to find out what evidence they cited when making their cases against the director.
March 16, 2017
Throughout the speculation as to whether President Donald Trump inevitably will fire Consumer Financial Protection Bureau (CFPB) Director Richard Cordray, there has yet to be a face-to-face meeting between the two. This fact came up in a recent interview with CNBC, during which Cordray said he would be happy to sit down and talk with the president or anybody else who wanted to talk about the bureau and its mission. Read on to find out what else Cordray had to say about the president.
February 17, 2017
The D.C. Court of Appeals has granted the Consumer Financial Protection Bureau’s (CFPB) petition for a rehearing of the case of PHH Corp. v. CFPB . With the previous appellate court ruling vacated, President Donald Trump can remove CFPB Director Richard Cordray only for cause. In addition, the CFPB’s status as an independent agency is confirmed, which affects how it complies with recent executive orders issued by Trump.
January 13, 2017
President-elect Donald Trump met with former Rep. Randy Neugebauer (R-Texas) and is considering him to replace Richard Cordray as director of the Consumer Financial Protection Bureau (CFPB), Trump spokesman Sean Spicer confirmed during a conference call with reporters. As a member of Congress, Neugebauer was vocal in his criticism of the CFPB’s actions and its structure.
October 11, 2016
It took more than six months from the time of oral arguments for the D.C. Circuit Court of Appeals to hand down its decision in PHH Corp. v. Consumer Financial Protection Bureau , but the court’s ruling turned heads across the industry. In its 110-page ruling the court deemed the bureau to be unconstitutionally structured, and moved to remedy the situation rather than halt its operations.
June 03, 2016
At its June 2 field hearing, the Consumer Financial Protection Bureau unveiled its long-awaited rulemaking proposal on payday, vehicle title and other high-cost installment loans. The proposal would require lenders to assess consumers’ ability to repay loans or follow alternative lending conditions. The proposal also contains data furnishing and recordkeeping requirements.
March 11, 2016
In an eventful appearance before the Consumers Bankers Association’s CBA Live conference and Dodd Frank Update , Consumer Financial Protection Director Richard Cordray told the industry that its consent orders are detailed guidance for the industry, and that companies who do not heed their lessons are committing “compliance malpractice.”
July 01, 2015
Representatives of PHH Corp. and its affiliates have filed a petition for review, calling for the U.S. Court of Appeals for the District of Columbia Circuit to vacate Consumer Financial Protection Bureau Director Richard Cordray’s administrative decision. Cordray’s decision called for more than $109 in damages for an alleged mortgage reinsurance kickback scheme.
November 20, 2013
The wait is finally over. The Consumer Financial Protection Bureau released the new mortgage disclosure forms and their implementing rule. The final rule provides answers to many of the industry’s long-standing questions about the RESPA/Truth in Lending Act proposal released last year.
August 30, 2013
In what may be one of the agency’s shortest-ever Federal Register releases, Consumer Financial Protection Bureau Director Richard Cordray officially ratified all actions he took as the bureau’s leader in the period between his controversial recess appointment and his recent Senate confirmation.
January 05, 2012
If there's one thing the last six months has taught us, it's that things move fast at the Consumer Financial Protection Bureau. True to form, Richard Cordray, the agency's new director, appeared publically to discuss his vision for the CFPB just one day after he got the job. It was also the same day the agency launched its effort to regulate nonbanks, something the CFPB couldn't do without a director. Cordray made it clear that nonbank supervision is now a CFPB priority.
January 03, 2012
President Barack Obama announced the appointment of Richard Cordray to head the Consumer Financial Protection Bureau.
July 18, 2011
With the financial services community, not to mention those in politics, still abuzz about Obama's nomination of Richard Cordray as the first director of the Consumer Financial Protection Bureau, many believe we will see much the same from Cordray as we did from Elizabeth Warren, who was tasked with launching the agency. Read on for opinions from regulators and industry members and to get their take on whether Cordray can successfully navigate the nomination process.