CFPB Monitor News Guidance Perspectives of CFPB | Ballard Spahr Law Firm Blog

Tag Archives: Richard Cordray

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 >

Cordray’s CNBC interview answers few questions

Posted in CFPB People

Recently, Richard Cordray was interviewed by CNBC while eating breakfast at a diner in his hometown in Ohio.  The interview was more noteworthy for what it failed to cover than for what it covered.  He was not asked the following questions: Do you still intend to issue a final arbitration rule and, if so, when… More >

Trump ignores Dodd-Frank and CFPB in Congressional address

Posted in CFPB General

In his more than one hour nationwide address last night to a joint session of Congress, President Trump discussed a broad range of topics:  repeal of Obamacare, tax relief, immigration, rebuilding the Country’s infrastructure, strengthening the military, foreign trade.  All of these topics, and others mentioned by him, were important campaign issues for Trump.  Noticeably… More >

Director Cordray’s Wall Street Journal interview today

Posted in CFPB People

Here are the highlights from Richard Cordray’s interview earlier today with the Wall Street Journal. He refused to respond to the question of whether or not the memo issued on January 20 on behalf of President Trump by his Chief of Staff, Reince Priebus, directing a moratorium with respect to regulations issued by executive agencies… More >

Breaking News: In PHH v. CFPB, D.C. Circuit Holds that CFPB Structure is Unconstitutional

Posted in CFPB Enforcement, CFPB General, Hot Issues, Mortgages, TILA / RESPA

The D.C. Circuit issued its long-awaited decision in PHH Corporation v. CFPB. In reversing the decision of Consumer Financial Protection Bureau (CFPB) Director Cordray to impose an enhanced penalty of $109 million on PHH for its use of a captive (wholly-owned) mortgage reinsurer, the court made several landmark rulings. First, it held that the CFPB’s… More >

Chamber of Commerce suggests issues for CFPB to address at May 5 arbitration field hearing

Posted in SBREFA panel

The U.S. Chamber of Commerce’s Center for Capital Markets Competitiveness has sent a letter to Director Cordray suggesting a series of issues for Mr. Cordray to address in his prepared remarks at the CFPB’s field hearing on arbitration scheduled for this Thursday, May 5. As the Chamber’s letter notes, the CFPB  foreshadowed in the materials… More >

Director Cordray signals no change in direction regarding arbitration

Posted in Arbitration

At a presentation on February 18, 2016 to the American Constitution Society, CFPB Director Richard Cordray devoted most of his remarks to the subject of consumer arbitration. Director Cordray revealed that the effect on consumers of mandatory predispute arbitration clauses “has been on our radar screen since the very beginning,” and he confirmed that the… More >

CFPB denies petition to modify CID

Posted in CFPB Enforcement, Prepaid Cards

On December 2, 2015, the CFPB denied a petition for modification of a Civil Investigative Demand (CID) filed by UniRush, LLC.  In doing so, the CFPB reinforced its view that such petitions are disfavored.  However, in denying the petition, the CFPB actually gave UniRush the relief it sought – additional time to provide a proposed… More >

Director Cordray responds to American Banker article

Posted in CFPB General

Two weeks ago, we reported on an article published by the American Banker, which alleged certain inaccuracies and flawed practices in the CFPB’s consumer complaint database, citing several current and former employees of the Bureau. This week, CFPB Director Richard Cordray wrote a sharp rebuke of the American Banker’s article, claiming that it was  “riddled… 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 >

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 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 >

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 >

CFPB to hold credit card field hearing

Posted in CFPB General, Credit Cards

Yesterday the CFPB announced that it would hold a field hearing on credit cards in Chicago on October 2, 2013. The hearing will be held at the Harold Washington Library, located at 400 South State Street, and will commence at 11:00 a.m. CFPB Director Cordray plans to make an appearance, and testimony will be taken… 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 >

NEWS FLASH: Government seeks Supreme Court review of D.C. Circuit’s Noel Canning decision

Posted in CFPB People

A petition for certiorari seeking review of the D.C. Circuit’s January 2013 decision in Noel Canning vs. NLRB has been filed in the U.S. Supreme Court. That decision, which we have blogged about before, held that President Obama’s January 4, 2012 recess appointments of three members to the National Labor Relations Board were invalid under… More >

The Senate Republicans officially weigh in on Cordray’s nomination

Posted in CFPB General, CFPB People, CFPB Rulemaking, Hot Issues

Whatever hope President Obama may have had that his nomination of Richard Cordray to serve a five-year term as Director of the CFPB vanished today when 43 Republican Senators joined in a letter to the President saying that they will oppose Mr. Cordray or any other nominee until major structural changes are made to the… More >

Full speed ahead at the CFPB

Posted in CFPB General

With President Obama’s reelection and control of the Senate remaining firmly in control of the Democrats, the CFPB’s hand has strengthened. I had been saying all along that even if Mitt Romney became President, it was unlikely that there would be any weakening of the CFPB until at least 2014 when Romney would have had… More >