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Category Archives: Richard Cordray

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Trump’s DOJ supports striking Cordray’s removable-only-for-cause protection from Dodd-Frank

Posted in CFPB General, Federal Agencies, Hot Issues, Richard Cordray

The DOJ submitted its amicus brief in the PHH case on Friday, March 17.  We have blogged extensively about this case since its inception. Unsurprisingly, the Trump DOJ supports striking from Dodd-Frank the removal-only-for-cause protection currently applicable to the director of the CFPB.  In its “view, the panel correctly applied severability principles and therefore properly… 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 >

Director Cordray appears before House Financial Services

Posted in CFPB Rulemaking, Hot Issues, Overdrafts, Payday Lending, Prepaid Cards, Richard Cordray, TILA / RESPA

On Tuesday, March 3, CFPB Director Richard Cordray appeared before the House Financial Services Committee to answer questions regarding the Bureau’s Semi-Annual Report to Congress and the President, which it published on December 4 of last year.  As we anticipated shortly before Director Cordray’s testimony, the report merely provided a backdrop for the hearing, which,… More >

Candid remarks from Director Cordray

Posted in CFPB People, Richard Cordray

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 >

CFPB Director Cordray Issues Warning to Bankers

Posted in CFPB General, Richard Cordray

Director Cordray’s remarks to the Clearing House yesterday should unsettle bankers and payday lenders alike. In his talk, Director Cordray challenged bankers to bow to the inevitable. He suggested that sooner, rather than later, the industry should invest the billions of dollars required to build a payment system with “faster and even real-time payments” where… 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 >

Full House Committee to hold hearing on the CFPB’s fifth semi-annual report

Posted in CFPB General, Richard Cordray

The House Committee on Financial Services will hold a hearing tomorrow to receive the Semi-Annual Report of the CFPB and Director Cordray’s testimony on the report. CFPB Director Cordray is scheduled to be the only witness. Director Cordray testified before the Senate Committee on Banking, Housing and Urban Affairs last week on the CFPB’s semi-annual… More >

Director Cordray testifies before Senate committee

Posted in CFPB General, Richard Cordray

Yesterday, the Senate Committee on Banking, Housing and Urban Affairs heard testimony from Director Cordray at its hearing titled “The Consumer Financial Bureau’s Semi-Annual Report to Congress.” Noteworthy aspects of Director Cordray’s testimony included the following: As they did at the Committee’s hearing on the CFPB’s Fourth Semi-Annual Report, Committee members  questioned Director Cordray about… More >

Director Cordray to testify in front of Senate Committee

Posted in CFPB General, Richard Cordray

The Senate Banking Committee announced that it would be holding a hearing on June 10, 2014 on the CFPB’s fifth Semi-Annual Report to Congress. CFPB Director Richard Cordray is the only witness scheduled to testify. The hearing is expected to cover a range of topics, including the CFPB’s recent issues regarding discrimination in employee reviews,… 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 >

Cordray stresses individual accountability and service provider oversight in remarks to Chicago Fed

Posted in CFPB Enforcement, Richard Cordray

In remarks to the Chicago Federal Reserve Bank on May 9, Director Cordray outlined the past and future of the Bureau’s enforcement efforts. Director Cordray’s theme was to outline Bureau expectations in what he calls a “new era of accountability.” Director Cordray highlighted the Bureau’s efforts to hold individual decision makers responsible for violations of… 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 comments on mortgage rules at MBA convention

Posted in CFPB General, Mortgages, Richard Cordray

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 >

U.S. Supreme Court likely to rule on cert petition in NLRB v. Noel Canning at June 20 Conference

Posted in CFPB People, Recess Appointment, Richard Cordray

We have been following very closely developments in NLRB v. Noel Canning, the case seeking Supreme Court review of the D.C. Circuit Court’s judgment invalidating President Obama’s January 4, 2012 appointment of several NLRB members. This case will likely determine the fate of Richard Cordray, who was appointed as Director of the CFPB on the same… More >

Update: Third Circuit recess appointment decision ups the ante on certiorari

Posted in CFPB People, Recess Appointment, Richard Cordray

Last week’s News Flash alerted readers that a second federal appellate court has now invalidated a NLRB recess appointment as incompatible with the meaning of the phrase, “the Recess of the Senate” in the Recess Appointment Clause of the Constitution. The result in the Third Circuit case, NLRB v. New Vista Nursing & Rehabilitation, though identical… More >