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Tag Archives: Cordray

Challenge to CFPB’s constitutionality reemerges

Posted in CFPB General

The issue of the CFPB’s constitutionality reemerged last week in court and Congress. On the judicial front, the U.S. Court of Appeals for the D.C. Circuit, in State National Bank of Big Spring, Texas, et al. v. Lew, et al., reversed the district court and ruled that the bank had standing to challenge the  constitutionality… More >

CFPB officially moves TRID effective date to October 3

Posted in CFPB General, CFPB Rulemaking, Federal Agencies, Richard Cordray, TILA / RESPA

The CFPB has issued a final rule postponing the effective date for all provisions of the TILA-RESPA Final Rule and Amendments to October 3, 2015.  The final rule also includes certain technical amendments to reflect the new effective date.  The provisions of the final rule related to the delay in the effective date, are effective… More >

CFPB to host forum on eClosing

Posted in CFPB General

On Wednesday, August 5 at 1p.m. EDT, the CFPB will be hosting a forum on the “Know Before You Owe Initiative” on eClosing. The forum will feature remarks from Director Richard Cordray, and include a panel discussion with consumer groups, industry representatives, and members of the public. The event is open to the public and… More >

Director Cordray appears before Senate Banking Committee

Posted in Arbitration, CFPB General, Military Issues, Mortgages, Payday Lending

On Wednesday, July 15, CFPB Director Richard Cordray appeared before the Senate Committee on Banking, Housing, & Urban Affairs to answer questions regarding the Bureau’s Semi-Annual Report to Congress and the President, which it published on June 15, 2015. Dir. Cordray observed that during the six month period covered by the report, from October 2014 through… More >

CFPB provides breathing room on compliance with TILA/RESPA integrated disclosure rule but misses mark in waiting period guidance

Posted in Mortgages

While not agreeing to the grace period from enforcement sought by lawmakers and industry, Director Cordray stated in a letter sent yesterday to members of Congress that the CFPB “will be sensitive to the progress made by those entities that have squarely focused on making good-faith efforts to come into compliance with the [TILA/RESPA Integrated Disclosure… More >

Does Director Cordray fully appreciate the implications of the TRID rule?

Posted in Mortgages

Statements made by CFPB Director Cordray to the National Association of Realtors on May 12, 2015 suggest that the Director may not fully appreciate the implications of the TILA/RESPA Integrated Disclosure (TRID) rule that is scheduled to become effective August 1, 2015. The TRID rule requires that the combined consummation disclosure, which is called the… More >

Cordray remarks signal continued CFPB attention to student loan servicing and campus financial products

Posted in Campus Financial Products, Student Loans

Student loan servicers and providers of campus financial product were the focus of remarks given yesterday by Director Cordray at the Ohio College Presidents’ Conference. Director Cordray stated that the CFPB estimates that eight million Americans “are now in default on a student loan – and strengthening student loan servicing is essential to getting this… More >

Director Cordray to testify on March 3 before House Financial Services Committee

Posted in CFPB General

The House Financial Services Committee will hold a hearing tomorrow, March 3, entitled “The Semi-Annual Report of the Bureau of Consumer Financial Protection” at which Director Cordray is expected to testify.  The most recent report was issued in December 2014 and covered the period from April 1 through September 30, 2014.  The report itself typically serves… More >

Director Cordray speaks to the National Association of Attorneys General

Posted in CFPB Exams, CFPB Rulemaking

As he has done in prior years, Director Cordray spoke earlier this week to the National Association of Attorneys General.  His prepared remarks focused on the familiar theme of “the four Ds” that create obstacles for consumers in the financial services marketplace–deceptive marketing, debt traps, dead ends, and discrimination. Director Cordray’s remarks included the following noteworthy… More >

CFPB issues sixth Semi-Annual Report

Posted in CFPB General

The CFPB has issued its sixth Semi-Annual Report to the President and Congress covering the period from April 1 through September 30, 2014. As we have found with previous CFPB semi-annual reports, despite its 188-page length, the latest report provides no noteworthy new information about CFPB activities.  Instead it recycles information in various previously-issued CFPB reports and… More >

CFPB holds field hearing on proposed rules for prepaid accounts

Posted in CFPB Rulemaking

Ballard Spahr to hold a webinar on the proposal at 12 p.m. ET on December 12th. A link to register is available here. Yesterday I attended the Consumer Financial Protection Bureau’s (CFPB) field hearing in Wilmington, Delaware, at which the CFPB unveiled and accepted public comment on its long-awaited proposed rule for prepaid accounts under the… More >

The ABA Responds on Mobile Financial Services (Plus, Apple Inc.’s “Response”)

Posted in CFPB General, Electronic Payments, Mobile Payments, Richard Cordray, Technology

In an interesting coincidence, the comment period for the CFPB’s Request for Information (“RFI”) on mobile financial services closed the same day, September 10th, that Apple announced “Apple Pay”—a new mobile wallet included with the iPhone 6 that could shake up the mobile payments landscape.  The RFI, which we reported on earlier, speaks optimistically of… More >

Director Cordray to testify at Sept. 9 Senate hearing

Posted in Auto Finance

The Senate Committee on Banking, Housing, and Urban Affairs will hold a hearing tomorrow on “Wall Street Reform: Assessing and Enhancing the Financial Regulatory System.”  The list of witnesses includes CFPB Director Richard Cordray.  He is likely to be questioned about upcoming CFPB initiatives, including the proposed larger participant rule for auto finance that the… More >

Director Cordray to testify at July 30 House hearing on alleged CFPB employee discrimination

Posted in CFPB General

On July 30, 2014, the House Financial Services Committee’s Subcommittee on Oversight and Investigations will hold a hearing titled “Allegations of Discrimination and Retaliation and the CFPB Management Culture.”  Director Cordray is the sole witness scheduled to appear.  The hearing will represent the Subcommittee’s fourth hearing on alleged employee discrimination at the CFPB and the… More >

Consumer stories: CFPB birthday presents?

Posted in CFPB General

To mark the CFPB’s “third birthday,” Director Cordray sent an e-mail inviting consumers to share their “stories with the CFPB.”  In addition, the CFPB has posted several videos on its website that Director Cordray described in his e-mail as “a collection of stories from people all over the country about their personal experiences in the financial marketplace.”… More >

Hensarling and CFPB disagree on impact of Supreme Court’s Canning decision

Posted in CFPB General

It should be no surprise that the CFPB and Republican Congressman Jeb Hensarling, who chairs the House Financial Services Committee, have different perspectives on the U.S. Supreme Court’s ruling last week that President Obama exceeded his Constitutional recess appointment authority when he filled three vacancies on the National Labor Relations Board in January 2012 . … More >

U.S. Supreme Court decides recess appointments case

Posted in CFPB General

The U.S. Supreme Court today issued a decision in NLRB v. Noel Canning in which it held that President Obama’s January 2012 recess appointments to the National Labor Relations Board were invalid. The NLRB recess appointments were made on January 4, the day after a new session of Congress had begun with a pro forma January 3 session… More >

CFPB to issue whitepaper on methodology for identifying auto finance discrimination and consider use of advisory opinions

Posted in Auto Finance, Military Issues, Mortgages, Payday Lending

While Director Cordray’s appearance at the House Financial Services Committee’s hearing on the CFPB’s fifth Semi-Annual Report yesterday was accompanied by the usual dose of political theater, his testimony did yield the following items of noteworthy information:  The CFPB will be issuing a white paper later this summer regarding use of the proxy methodology for… More >

Cordray Discusses Student Loans at Boulder Summer Conference on Consumer Financial Decision Making

Posted in CFPB General, Richard Cordray, Student Loans

Director Cordray spoke at the Boulder Summer Conference on Consumer Financial Decision Making this week, addressing student loan debt as a “pressing problem and a matter of grave importance to public policy in America.” Student loan debt is the second largest debt category after the mortgage market, and has reached $1.2 trillion. According to Director… More >

Debt collection complaints: a numbers game?

Posted in Debt Collection

A joint comment letter on the CFPB’s ANPR on debt collection practices was submitted by the American Bankers Association, the Consumer Bankers Association, and the Financial Services Roundtable.  In their letter, the trade groups noted an “unexplained inconsistency” between the number of debt collection complaints publicly reported by Director Cordray and the number of such… More >

Director Cordray gives prepaid card advice to state regulators

Posted in Prepaid Cards

Director Cordray’s speech yesterday to the National Association of State Treasurers consisted primarily of his standard remarks about the CFPB’s handling of consumer complaints, financial education initiatives, and mortgage reforms.  However, he did make some noteworthy comments on prepaid cards offered by states and local governments for wages and other government payments.  Noting that federal law requires… More >