Items Tagged with 'Richard Cordray'

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CFPB nearly doubled enforcement actions in 2015

Wall Street Journal reports on growing CFPB caseload
If you thought the Consumer Financial Protection Bureau made more headlines in 2015 than ever before, you were right. According to a report from the Wall Street Journal, the CFPB brought nearly twice as many enforcement actions during 2015 than it did in 2014.
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CFPB to relax TRID enforcement actions

Answers questions on cure provisions for violations of the rule
After a recent letter to the Consumer Financial Protection Bureau, the Mortgage Bankers Association released a response from CFPB Director Richard Cordray that should bring some much-needed clarity to the industry on the current expectations for lenders in implementing the new TILA-RESPA Integrated Disclose rule.
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Moody’s: TRID violations found in 90% of recently reviewed mortgages

Errors running rampant, credit negative for mortgage bonds
Despite CFPB Director Richard Cordray’s recent proclamation that the implementation of the new TILA-RESPA Integrated Disclosures rule was akin to the unfounded panic that surrounded Y2K, a new report from Moody’s finds the opposite may be true. Are TRID compliance violations running rampant?
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CFPB Director: Panic over TRID looks just like Y2K

Cordray says 'anxieties' over disclosure rules appear to be unfounded
Depending on what you read and hear and who you believe, the implementation of the Consumer Financial Protection Bureau’s TRID rule in October was either no big deal or a really big deal. Count the CFPB’s director, Richard Cordray, as one of those who thought the implementation of TRID was no big deal.
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From HW Magazine

The CFPB's massive data collection puts us all at risk

How does this protect consumers?
In the four years since its creation, the CFPB has become a law unto itself, full of conflicting agendas and unaccountable to the Congress that created it. Nowhere is this more obvious than in its massive, intrusive data collection program.
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The CFPB just made it easier to get a mortgage in rural, underserved areas

6 big changes for small creditors
Big news for small creditors struggling with recent mortgage regulations. The Consumer Financial Protection Bureau finalized several changes to its mortgage rules in order to expand access to credit, particularly in rural and underserved areas. One of the most notable changes is the definition of small creditor. Hint: It's bigger.
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Here's everything you need to know about the CFPB

Let’s celebrate the Bureau’s 4th birthday!
While it may seem like the Consumer Financial Protection Bureau has been around forever, the CFPB actually opened its doors just four years ago: July 21, 2011. Here's everything you need to know about the agency synonymous with financial regulation.
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From HW Magazine

CFPB Watch: Congress fights for control

The Senate joins the House in trying to exercise oversight
“The CFPB undoubtedly remains the single most powerful and least accountable Federal agency in all of Washington,” Jeb Hensarling said. “When it comes to the credit cards, auto loans and mortgages of hardworking taxpayers, the CFPB has unbridled, discretionary power not only to make those less available and more expensive, but to absolutely take them away.”
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From HW Magazine

The awful truth about TRID

Even with a grace period, the remedy is worse than the disease
The CFPB left the grace period open-ended and most in the industry interpreted that to mean that it will last throughout the rest of 2015, at least. Unfortunately, as welcome as that grace period is, TRID remains a costly and complicated fix that has enormous implications for the whole industry.
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