Items Tagged with 'Richard Cordray'


Why we should quit wasting money on consumer education

Here are 3 better ideas for the $128 million in the CFPB's civil penalty fund
In the first part of September, the CFPB collected $100 million from Wells Fargo after it was revealed that the bank’s employees had opened 2 million fake accounts that customers didn’t know about. By law, the CFPB has only two ways to spend that money: compensating victims harmed by financial institutions and educating consumers. If you have hundreds of millions of dollars that can only be spent on consumer education, it’s easy to imagine how that goal could take on a life of its own, spawning a bloated consumer education complex overnight. Here are some better ideas.
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Will PHH victory undermine CFPB authority in similar court battle?

This is the case no one is talking about...yet
PHH's victory against the Consumer Financial Protection Bureau’s leadership structure opens the door for another, lesser-known case of a small Texas bank. The case got put on hold until the PHH case was finalized since they had similar challenges. Now with the case finalized, will the bureau face more charges on its authority?
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"A good day for democracy" or a "reckless decision": Mortgage industry reacts to watershed PHH-CFPB ruling

Reaction from all sides to Court of Appeals decision
While it’s too early to know the full impact of the United States Court of Appeals for the District of Columbia Circuit’s decision to rule the structure of the Consumer Financial Protection Bureau unconstitutional and vacate a $103 million fine against mortgage lender PHH, opinions from all sides are pouring in on just what the court’s decision could mean for housing and for the financial services industry as a whole.
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PHH wins landmark victory: CFPB ruled unconstitutional

Mortgage lender triumphs over CFPB in fight over $103 million fine
What was once unthinkable actually happened, as the United States Court of Appeals for the District of Columbia Circuit handed an earth-shattering victory to PHH, declaring the Consumer Financial Protection Bureau’s leadership structure unconstitutional and vacating a $103 million fine against PHH.
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CFPB to credit unions: New mortgage regulations level the lending playing field

TRID is good news
After the financial crisis, the government unleashed a wave of new regulation; a move that left credit unions constantly fighting to make sure they don’t drown in the aftermath. The latest speech from CFPB Director Richard Cordray comes off as persuasive, trying to get credit unions to see all the good the rules do for them, but that's not the vibe credit unions received. Is TRID a win for credit unions?
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CFPB consumer complaint database about to hit 1 million complaints

Cordray discusses milestone during Wells Fargo hearing
The Consumer Financial Protection Bureau’s much-maligned consumer complaint database is about to reach 1 million total complaints, CFPB Director Richard Cordray said Tuesday. And, as it turns out, the database proved helpful in levying the $185 million fine against Wells Fargo for opening 2 million fake accounts.
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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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