Items Tagged with 'Richard Cordray'

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CFPB will update Know Before You Owe rule

Here's everything in the works right now
Staying true to its announcement three months ago, the Consumer Financial Protection Bureau released a set of proposed updates to its Know Before You Owe mortgage disclosure rule after industry calls asked for greater clarity and certainty on the rule. However, the changes, while welcomed, don't address everything the industry asked for.
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Happy 5-year anniversary CFPB! Will you make it to 6?

The shaky future of the CFPB
Five years ago today marked the first day of one of the most unique and powerful regulators in government. The entity, designed to fix one of the worst financial crises in America’s history, might not be around much longer, at least not in the same capacity the mortgage industry has come to know. The bureau might want to think twice about its birthday wish this year.
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Federal court tosses challenge to CFPB Director Cordray's recess appointment

But other questions of agency's constitutionality linger
A federal judge tossed out part of a lawsuit that challenged the makeup, leadership structure and authority of the Consumer Financial Protection Bureau, finding that the Obama Administration was within its allowable rights when it named Richard Cordray as the CFPB’s director while Congress was in recess.
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[Video] 5 years later, would CFPB Director Cordray do regulation any differently?

And where will he go from here?
July 21, 2016 marks the fifth anniversary of the Consumer Financial Protection Bureau. Looking back, CFPB Director Richard Cordray answered in a recent interview if he would do anything different now that he sees some of the consequences of regulation. And as far as looking ahead, could America soon be seeing him as the future vice president of America?
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Are Richard Cordray's days as CFPB director numbered?

Growing momentum in Congress to replace current leadership structure
In his nearly three years as the director of the Consumer Financial Protection Bureau, Richard Cordray made friends and enemies on both sides of the aisle in Congress, on Wall Street and beyond. But several new reports suggest that Cordray's time as CFPB director, at least as the role is currently constructed, could be ending soon.
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CFPB's rule to limit arbitration opens door to class action against banks

But industry questions consumer benefit
The CFPB is seeking comment on a new proposed regulation that would prohibit mandatory arbitration clauses that deny groups of consumers their day in court, putting into motion discussions that started toward the end of last year. When talk first started surrounding arbitration clauses, it received mixed opinions. Do those concerns still hold true?
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Wall Street Journal lays waste to CFPB in scathing editorial

Calls agency an 'offense to constitutional governance'
While the Consumer Financial Protection Bureau is fighting to uphold its authority in a federal court, the governmental agency, which so often finds itself in the crosshairs of legislators and the financial industry, has a new enemy in the form of the Wall Street Journal's editorial board, which authored a scathing takedown of the CFPB, questioning whether the agency is operating outside of the parameters of the Constitution.
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House Financial Services Committee approves bill to rein in CFPB budget

Hensarling: We will continue to debate the activities of this particular rogue agency
The Consumer Financial Protection Bureau, long a target of Republicans on Capitol Hill, is in the crosshairs again, as the House Financial Services Committee approved a bill Wednesday that would bring the CFPB’s budget under Congressional oversight. The CFPB's budget currently comes from the Federal Reserve, which has no oversight of the bureau.
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