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Tag Archives: Cordray

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 >

Credit reporting remains a CFPB top priority

Posted in Credit Reports, Richard Cordray

Credit reporting was the first industry targeted by the CFPB using its “larger participant” supervisory authority. As demonstrated by the CFPB’s actions last week, credit reporting continues to be a high CFPB priority and is likely to remain as such for the foreseeable future. On February 27, CFPB Director Richard Cordray delivered remarks before a… More >

Director Cordray calls for public and private sector businesses and organizations to help employees with their financial lives

Posted in Financial Literacy, Richard Cordray

On February 25, the Financial Literacy and Education Commission (FLEC) held a field hearing as part of America Saves Week to discuss financial education in the workplace, including how to deliver financial education to employees. During the field hearing, CFPB Director Richard Cordray, who also serves as the FLEC vice chair, delivered remarks encouraging employers… More >

Director Cordray highlights CFPB collaboration with state AGs

Posted in CFPB Enforcement

The CFPB’s collaboration with state attorneys general was the focus of Director Cordray’s remarks today to the National Association of Attorneys General.  Director Cordray discussed the role of such collaboration in various CFPB enforcement actions, including its actions against Payday Loan Debt Solutions and CashCall.  He also commented that in addition to cases that have… More >

How did Director Cordray fare on Jeopardy!?

Posted in CFPB People

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 >

Richard Cordray returning to Jeopardy!

Posted in CFPB People

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 >

An inside story of the CFPB

Posted in CFPB General

A recent Washington Post article entitled “A watchdog grows up: The inside story of the Consumer Financial Protection Bureau” makes for entertaining reading for anyone interested in learning more about the CFPB’s history.   Here are some highlights:  The CFPB’s early days were marked by clashes over the CFPB’s mission.  One camp, that included many who… More >

Richard Cordray visits the Daily Show?

Posted in Mortgages

Yes, if you were watching Jon Stewart’s Daily Show last night on Comedy Central, you would have seen that one of his guests was CFPB Director Richard Cordray.  (A video of Director Cordray’s appearance can be viewed here.)  Director Cordray’s Daily Show appearance last night followed his appearance yesterday morning on Morning Joe, an MSNBC… More >

CFPB takes an active role at the Consumer Federation of America conference

Posted in CFPB General

The CFPB showed its strong support for the Consumer Federation of America (CFA) during the first day of the CFA’s 2013 Financial Services Conference entitled, “The Consumer in the Financial Services Revolution.” CFPB Director Richard Cordray delivered a keynote address during which he stated that, “The Consumer Federation of America has been one of our… More >

ACH network on CFPB radar screen

Posted in Electronic Payments

The CFPB could soon be joining the efforts of other federal regulators and New York authorities to deny ACH network access to certain online payday lenders and other businesses deemed to present risks to consumers.  In remarks last week to The Clearing House Annual Conference, Director Cordray spoke about the need to protect consumers “who find… More >

Filibuster rule change: an explanation for Director Cordray’s confirmation?

Posted in CFPB General

Numerous media sources have reported that Senate Democrats “went nuclear” today and, by a vote of 52-48, voted to change Senate filibuster rules to only require 51 (a simple majority) rather than 60 votes for most Presidential nominees to proceed to a full Senate vote.  Following Richard Cordray’s confirmation by the Senate as CFPB Director… More >

Director Cordray confirms CFPB plans to examine credit card rewards programs

Posted in Credit Cards

According to a Bloomberg report by Carter Dougherty, Director Cordray confirmed last week that the CFPB will be looking at credit card rewards programs.  Director Cordray is reported to have indicated that the CFPB will be focusing on rewards program disclosures and considering the need for additional protections.   The Bloomberg report also indicated that, according to… More >

Cordray reaffirms CFPB regulatory approach

Posted in CFPB General

As a follow-up to our recent post on Director Cordray’s plans on whether to pursue political office, we offer the highlights below from last week’s Politico Morning Money Breakfast Briefing.  During the event, Politico Chief Economic Correspondent Ben White discussed a variety of issues with Director Cordray.  Consumer protection: Mr. Cordray provided three examples of… More >