On May 12, 2015 Senator Richard Shelby (R-AL) released a draft of a regulatory reform bill entitled the Financial Regulatory Improvement Act of 2015. The draft bill addresses various residential mortgage lending issues, a number of which are summarized below. The draft bill is scheduled for markup on May 21, 2015. TRID Safe Harbor. Section… More >
Last week, Director Cordray spoke at a National Credit Union Administration town hall webinar. While his prepared remarks were not particularly revealing, the American Banker reported that Director Cordray was unusually candid during the Q&A part of the program. In discussing the CFPB’s work on a proposed rule for overdraft products, Director Cordray indicated that… More >
Last Friday, the CFPB announced the following additions to its senior leadership team: Leandra English will serve as the CFPB’s Deputy Chief Operating Officer. Ms. English previously served as a senior advisor and chief of staff to the Office of Management and Budget’s Deputy Director of Management. Before joining the OMB, Ms. English helped to… More >
According to the Wall Street Journal, the CFPB is making two changes in leadership. Tony Alexis, who previously served as Deputy Director of Enforcement Field Litigation and is currently serving as Acting Director of Enforcement, will become the CFPB’s Director of Enforcement. Mr. Alexis served as an Assistant United States Attorney in the District of Columbia for 13 years. … More >
The CFPB has announced a senior leadership change and two new hires. It also announced new appointments to its Consumer Advisory Board, Community Bank Advisory Council, and Credit Union Advisory Council. The CFPB announced the following senior leadership change and new hires: Will Wade-Gery will serve as the Assistant Director for Card and Payments Markets. … More >
On June 26, 2014, I participated in a panel presentation at the MBA Strategic Markets and Diversity Summit, in Washington, D.C. Stuart Ishimaru, Director of the Consumer Financial Protection Bureau’s Office of Minority and Women Inclusion, also sat on the panel. The presentation focused on Section 342 of the Dodd-Frank Act and the proposed Interagency… More >
As we previously reported, the House of Representatives Financial Services Committee held a hearing on the effects of regulatory “red tape.” In her opening statement, Meredith Fuchs, General Counsel of the Consumer Financial Protection Bureau, spoke about the goals of the CFPB in seeking input from impacted entities. Before enacting a rule, she said, the… More >
CFPB General Counsel Meredith Fuchs and CFPB Assistant General Counsel for Law and Policy Anne Zorc spoke last week at the Georgetown Consumer Law Society and Citizen Works’ symposium entitled “Making the Fine Print Fair.” The CFPB’s representatives focused on the Bureau’s updates to the RESPA-TILA integrated disclosures rule, about which we previously reported. According… More >
The CFPB announced today that the following “experts” have been named to senior positions on the CFPB’s leadership team: Jeffrey Langer has joined the CFPB as the Assistant Director of Installment and Liquidity Lending Markets in the Bureau’s Research, Markets, and Regulations Division. Mr. Langer most recently served as senior counsel at Macy’s, Inc. and… More >
Please join us in offering well wishes to Karen Morgan, a Mortgage Banking Group associate in the Washington, D.C., office who is leaving Ballard Spahr for a new opportunity at the Consumer Financial Protection Bureau. Karen will be Attorney-Advisor in the CFPB’s Office of Supervision Policy under its Division of Supervision, Enforcement, and Fair Lending…. More >
CFPB Director Richard Cordray did not come close to matching his success in 1987 when he returned last night to Jeopardy! Mr. Cordray participated in the show’s “Battle of the Decades,” which brought back former champions to celebrate the show’s 30th anniversary. In 1987, Mr. Cordray won $45,303 as a five-time champion. Last night, he came… More >
CFPB Director Richard Cordray, who was an undefeated, five-time Jeopardy! champion, will be returning to the show this Wednesday, February 5. He will be participating in the “Battle of the Decades,” a special that brings back former champions to celebrate the show’s 30th anniversary. Mr. Cordray will be part of “1980s week,” having won $45,303… More >
We have learned that Jeff Langer, an experienced attorney with a strong industry background, will be joining the CFPB to serve as Assistant Director, Installment and Liquidity Lending Markets. In that position, Jeff will oversee auto and student lending. (Corey Stone, CFPB Assistant Director, Deposits, Cash, Collections and Reporting Markets, will continue to oversee smaller… More >
We have learned that, starting Monday, Laura Udis will join the CFPB as the Payday and Small Dollar Lending Program Manager in Research, Markets and Regulations. Ms. Udis comes to the CFPB from the Consumer Federation of America, where she served as Senior Advocate for Financial Services and worked on consumer credit, debt collection and… More >
Rumors have circulated for some time that Director Cordray might be considering a run at becoming Ohio governor. However, Politico has reported that at its Morning Money Breakfast today, Director Cordray indicated that he has set politics aside for the time being and does not plan to run for political office as long as he is… More >
Yesterday we blogged about CFPB Bulletin 2013-09, which examined the CFPB’s expectations of furnishers investigating disputes under the federal Fair Credit Reporting Act (FCRA). The FCRA was also the topic of a panel sponsored by the Consumer Financial Services Committee at the American Bar Association’s Annual Meeting in San Francisco on Friday, August 9. Much… More >
Director Cordray announced today that Steven Antonakes has officially been named CFPB Deputy Director. Mr. Antonakes was appointed Acting Deputy Director in January 2013 following the departure of Raj Date. Director Cordray also announced that Mr. Antonakes will continue to serve as Associate Director for Supervision, Enforcement, and Fair Lending.
The CFPB announced today that the following individuals are joining its leadership team: Cheryl Parker Rose to serve as Assistant Director for the Office of Intergovernmental Affairs. Most recently, Ms. Rose was Deputy Director of U.S. Government Relations for the Bill and Melinda Gates Foundation, and from 2007 to 2010 she was Senior Advisor and Director… More >
CFPB Director Richard Cordray was among the federal financial regulators who attended a closed door meeting yesterday with President Obama. Other regulators attending the meeting included the Chairs of the Fed, FDIC and SEC. At the meeting, President Obama was expected to urge the regulators to complete Dodd-Frank rulemaking. The Dodd-Frank rulemaking still on the… More >
That was the message delivered by CFPB Assistant Director, To-Quyen Truong, at a program entitled “The CFPB’s Amicus Program and Trends in Consumer Litigation” sponsored by the Committee on Consumer Financial Services of the Business Law Section, which took place at the American Bar Association Annual Meeting on Saturday, August 10 in San Francisco. Ms…. More >
We have previously blogged about a number of senior CFPB staff who have left the agency. Politico has reported that yet another senior staff person has left the Bureau. This time it is Sendhil Mullainathan, Assistant Director for Research. He joined the agency in May 2011 after being a Professor of Economics at Harvard. He… More >
Earlier this week, the CFPB announced the addition of the following four people to its leadership team: Sartaj Alag to serve as Chief Operating Officer. Mr. Alag was previously in charge of starting up and managing the CFPB’s Office of Consumer Response. Christopher D’Angelo to serve as Chief of Staff. Mr. D’Angelo previously served as… More >
The Senate voted 71-29 in favor of cloture. That means that the Republicans will not use the threat of the filibuster to block a confirmation vote in the Senate of Richard Cordray’s nomination by President Obama to be Director of the CFPB. The confirmation vote is expected later today.
I heard from many media sources that a “deal” has been struck in the Senate which will result in Richard Cordray being confirmed by the Senate as Director of the CFPB for a 5-year term. Stay tuned for further developments!