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 >
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 >
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 >
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 >
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 >
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 >
A letter dated November 5, 2013 to Director Cordray signed by 118 House members urges the CFPB to delay the effective dates of its ability-to-repay/qualified mortgage rule and other mortgage rules from January 2014 to January 2015. The CFPB has continued to resist widespread calls for it to delay the rules, with Director Cordray trying… More >
The Senate Banking Committee has announced that it will hold a hearing on November 12, 2013 entitled “The Consumer Financial Protection Bureau’s Semi-Annual Report to Congress.” CFPB Director Cordray is the only witness scheduled to appear. On November 5, the CFPB issued its fourth Semi-Annual Report to Congress.
The CFPB has responded to the October 30 letter it received from a bipartisan group of 22 U.S. Senators raising concerns about the fair lending auto finance bulletin issued by the CFPB this past March. The Senators’ letter posed a series of questions and we expect many of the Senators will find the answers provided… More >
The CFPB has announced that it will hold an auto finance forum at its Washington, D.C. headquarters on November 14. The event, which will be streamed live on the CFPB’s blog, will feature remarks from CFPB Director Richard Cordray and a discussion with consumer groups, industry representatives, and members of the public. The CFPB typically… More >
Director Cordray mostly repeated previous comments in his remarks this week at the Mortgage Bankers Association Annual Convention in Washington, DC. The first portion of Director Cordray’s remarks followed his usual script, outlining the history of the financial collapse, Dodd-Frank, and the start of the CFPB. From there, he explained how the CFPB took into… More >
A substantial portion of Director Cordray’s remarks yesterday at the American Bankers Association’s Annual Convention in New Orleans was directed at justifying the Bureau’s decision not to delay the January 2014 effective dates of the new mortgage rules. Mr. Cordray reminded bankers that if the CFPB had failed to complete the rules, most of Title XIV of… More >
Although the controversy over the validity of Richard Cordray’s recess appointment as CFPB Director effectively ended with his confirmation by the Senate this past July, Freedom of Information Act (FOIA) requests for documents relating to the appointment were the subject of a decision issued on September 30 by a federal district court in Washington D.C. The FOIA requests… More >
Findings on campus banking products released this past Monday by the CFPB in conjunction with a Banking on Campus Forum held in Washington, D.C. appear to be a harbinger of new limitations on the marketing of these products. The findings were based on comments the CFPB received in response to a January 2013 notice seeking input on… More >
Although the House Financial Service Committee’s hearing last Thursday was entitled “The Semi-Annual Report of the Consumer Financial Protection Bureau,” the contents of the report received little mention from committee members. Instead, committee members questioned Director Cordray, the sole hearing witness, on a wide range of topics. Highlights include the following: The CFPB’s data collection… More >
Comments made by Director Cordray in an interview with the Washington Post indicate that the CFPB will be taking an aggressive approach to rulemaking in the coming months. Director Cordray indicated that prepaid cards are “a real front-burner issue for us” and that the CFPB is “moving forward to write rules to make sure they are… More >
While Director Cordray mostly recycled comments he has previously made about the CFPB’s mortgage rules in his remarks today to the American Mortgage Conference, he did offer some newsworthy information. First, Director Cordray indicated that “any day now” the CFPB expects to finalize the additional changes to its servicing, ability to repay and loan originator compensation… More >
The CFPB is poised to further ramp up its oversight of the debt collection industry. According to a Bloomberg report by Carter Dougherty, Director Cordray said in an interview earlier this week that the CFPB “will be looking to write” new regulations under the Fair Debt Collection Practices Act (FDCPA) and will “continue to pursue a… More >
On September 12, the House Financial Services Committee will hold a hearing entitled “The Semi-Annual Report of the Consumer Financial Protection Bureau.” Director Richard Cordray is the only witness scheduled to appear.
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 published a “Notice of Ratification” in today’s Federal Register in which Director Cordray ratifies the actions he took prior to his confirmation by the Senate as CFPB Director. In the notice, he states “I believe that the actions I took during the period I was serving as a recess appointee were legally authorized… 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 >
Yesterday, the CFPB’s motion to dismiss was granted in State National Bank of Big Spring, Texas, et al. v. Lew, et al., the case filed in federal district court in Washington, D.C. that included a challenge to President Obama’s recess appointment of Richard Cordray and also alleged that the CFPB’s structure and authority violated the… More >
On July 25, the Senate Appropriations Committee approved report language for the FY 2014 financial services appropriations bill that “directs the Bureau to provide an informal, non-public full briefing, at least annually, before the relevant Appropriations subcommittee on the Bureau’s finances and expenditures.” The language was authored by Republican Senator Susan Collins and all Democratic… More >