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Tag Archives: Cordray

CFPB and Conference of State Bank Supervisors sign framework for coordinating supervision and enforcement

By John D. Socknat on Posted in CFPB Enforcement, CFPB Exams

The CFPB announced earlier this week that it has established a “framework” with the Conference of State Bank Supervisors (CSBS)  for coordination among the CFPB and state regulators on supervision and enforcement matters.  The framework states that it is “intended to establish a process for coordinated federal/state consumer protection supervision and enforcement of entities providing consumer… More >

No Senate vote on Cordray nomination until after Memorial Day recess

By Barbara S. Mishkin on Posted in CFPB General

Despite expectations fueled by statements from Senate Majority Leader Harry Reid’s office that he planned to hold a procedural vote on Richard Cordray’s nomination this week, it now appears the Senate will not vote on the nomination before the Memorial Day recess.  According to a report in Politico, Senator Reid would not specify when the vote would… More >

NEWS FLASH: Third Circuit agrees with D.C. Circuit reading of Recess Appointments Clause

By Barbara S. Mishkin on Posted in CFPB General

The dark cloud that has been hanging over CFPB Director Richard Cordray’s recess appointment just got darker.  In a 2-1 decision in NLRB v. New Vista Nursing and Rehabilitation, the U.S. Court of Appeals for the Third Circuit ruled today that, under the U.S. Constitution’s Recess Appointments Clause (RAC), the President may only make recess… More >

Senate appears to be nearing vote on Cordray renomination

By Barbara S. Mishkin on Posted in CFPB People

Bloomberg has reported that, according to a spokesman for Senate Majority Leader Harry Reid, the Senate will vote next week on whether to advance President Obama’s renomination of Richard Cordray to serve as CFPB Director.   As reported by Politico, Senator Reid is expected to file a motion to cut off debate on Mr. Cordray’s renomination before the Memorial… More >

Director Cordray’s appearance at Senate Banking Committee hearing yields arbitration news

By Barbara S. Mishkin on Posted in Arbitration, CFPB General

The only new item of information revealed by Director Cordray during his appearance yesterday before the Senate Banking Committee hearing (in response to a question from Senator Elizabeth Warren) was that he feels “quite sure” that  at least “some” of the results of the CFPB’s study of consumer arbitration will be publicly released this year…. More >

CFPB to hold student loan field hearing on May 8

By John L. Culhane, Jr. on Posted in Student Loans

The CFPB has announced that on May 8, 2013,  it will hold a field hearing in Miami-Dade County, Florida on student loan borrowers.  CFPB Director Richard Cordray will be giving remarks at the event.  The CFPB’s practice has been to use field hearings as the venue for announcing a new release or initiative.  Student loan… More >

Director Cordray to appear before Senate Banking Committee on April 23

By Barbara S. Mishkin on Posted in CFPB General

The Senate Banking Committee has announced that on April 23, 2013, it will conduct a hearing on the CFPB’s third Semi-Annual Report to Congress.  CFPB Director Richard Cordray is the only witness scheduled to appear. According to the Consumer Bankers Association, Director Cordray is likely to be questioned about the CFPB’s data collection efforts.  Those… More >

Congressional Research Service issues two reports on Canning decision

By Barbara S. Mishkin on Posted in CFPB General

The D.C. Circuit’s January 2013 decision in Noel Canning v. NLRB is the subject of two recently-issued reports by the Congressional Research Service.  The decision held that President Obama’s recess appointments of three individuals to the National Labor Relations Board violated the Recess Appointments Clause of the U.S. Constitution (RAC).  One report, titled “The Recess… More >

Cordray nomination goes to full Senate

By Barbara S. Mishkin on Posted in CFPB People

Yesterday, in a 12-10 party line vote, the Senate Banking Committee approved Richard Cordray’s nomination to be CFPB Director.  This means the nomination is now headed for a vote by the full Senate.  It is expected that Republican Senators will attempt to block a final vote while they push their call for major structural changes to… More >

No fireworks at Cordray nomination hearing

By Alan S. Kaplinsky on Posted in CFPB People

Not only did the Senate Banking Committee hearing this morning on Richard Cordray’s nomination to be CFPB Director produce no fireworks, there were moments when Committee members seemed to forget he was in the hearing room.  Mr. Cordray appeared before the Committee together with Mary Jo White, on whose nomination to head the SEC the Committee simultaneously… More >

Hearing on Cordray nomination set for March 12

By Barbara S. Mishkin on Posted in CFPB People

The Senate Banking Committee has announced that it will hold a hearing on Richard Cordray’s nomination to be CFPB Director on March 12.   While we would like to believe that the setting of a hearing date is a sign that Democratic committee members are making progress in reaching a deal with their Republican colleagues, it seems more… More >

DOJ fights back on recess appointments in Third Circuit

By Keith R. Fisher on Posted in CFPB General

Recently the Department of Justice filed a letter brief in a case pending in the U.S. Court of Appeals for the Third Circuit in the hopes of dissuading that court from following the D.C. Circuit’s recent Recess Appointments Clause (“RAC”) decision in Noel Canning v. NLRB.   The pending Third Circuit case, NLRB v. New Vista Nursing… More >

CFPB files another motion to dismiss in D.C. case challenging Cordray appointment

By Barbara S. Mishkin on Posted in CFPB General

Because it includes a challenge to Director Cordray’s appointment, we continue to follow the case filed this past June in federal court in Washington, D.C. by State National Bank of Big Spring against the CFPB, the Department of Treasury, Richard Cordray, and a number of other federal officials.  The original plaintiffs also included two non-profit… More >

A bad month for payday lenders

By Jeremy T. Rosenblum on Posted in Payday Lending

February was not a good month for payday lenders.  As previously reported, on February 20, CFPB Director Cordray expressed pointed concerns about payday and short-term loan “debt traps” in a speech to the Consumer Advisory Board.  Perhaps not coincidentally—rumors abound that the events were linked—the Pew Charitable Trust released a new payday lending report later… More >

Qualified mortgage remorse?

By Richard J. Andreano, Jr., on Posted in Mortgages

Could the CFPB be worried that its ability-to-repay/qualified mortgage rule is already contracting the availability of mortgage credit?  In his remarks earlier this week to the Credit Union National Association, Director Richard Cordray told mortgage executives that “the current mortgage market is so tight that lenders are leaving good money on the table by not… More >

Shoot first, question later?

By Jeremy T. Rosenblum on Posted in Payday Lending

In his recent post, Alan Kaplinsky rightly warned that recent remarks by Director Cordray strongly imply that payday and other short-term loan products may be in “the CFPB’s line of fire.”  What bothers me is that, to my knowledge, the CFPB has not even commenced, much less completed, payday lending studies designed to ascertain whether… More >

Hearing on Cordray nomination reportedly set for March 11

By Barbara S. Mishkin on Posted in CFPB People

According to a report today from POLITICO Pro Finance, the Senate Banking Committee has tentatively set March 11 as the date for a hearing on Richard Cordray’s renomination as CFPB director.  Given that Senator Tim Johnson, the Committee chair, is a Democrat, the scheduling could be a sign that progress is being made on reaching… More >

Director Cordray targets payday and student lenders in remarks to Consumer Advisory Board

By Alan S. Kaplinsky on Posted in Payday Lending, Student Loans

Director Cordray’s prepared remarks for yesterday’s meeting of the CFPB Consumer Advisory Board contained some particularly ominous signs for student and payday lenders. In the student lending area, Mr. Cordray focused on perceived similarities between servicing problems experienced by mortgage loan borrowers and those experienced by student loan borrowers.  Observing that student loan servicing has the “same problematic [financial] incentive… More >

Request filed to add more state AG plaintiffs in DC case challenging Director Cordray’s appointment

By Barbara S. Mishkin on Posted in CFPB General

Another case we have been following that includes a challenge to Director Cordray’s appointment is the case filed this past June in federal court in Washington, D.C. by State National Bank of Big Spring against the CFPB, the Department of Treasury, Richard Cordray, and a number of other federal officials.  The original plaintiffs also included… More >

Update on CA case challenging Mr. Cordray’s appointment

By Alan S. Kaplinsky on Posted in CFPB General

We have been following the case filed this past summer by the CFPB in a California federal court against an attorney and his law firm that offered mortgage assistance relief services to consumers.  In CFPB v. Chance Edward Gordon, the CFPB obtained a preliminary injunction freezing the law firm’s assets and appointing a receiver. The… More >

The political posturing continues….

By Alan S. Kaplinsky on Posted in CFPB People

President Obama’s renomination of Richard Cordray to serve as CFPB Director is now official.  On February 13, the White House announced that his nomination was sent to the Senate. The official announcement (predictably) coincided with a press release on the same day from Senator Elizabeth Warren stating that she, together with Democratic Senators Jack Reed… More >

Director Cordray to appear before Congress on February 14

By Barbara S. Mishkin on Posted in CFPB People

The Senate Banking Committee has announced that it will hold a hearing on February 14 on “Wall Street Reform: Oversight of Financial Stability and Consumer and Investor Protections.” CFPB Director Cordray is among the scheduled witnesses.  The hearing will be Mr. Cordray’s first appearance before Congress since the D.C. Circuit’s decision in Canning v. NLRB. … More >