Items Tagged with 'Richard Cordray'

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Cordray answers charges that CFPB didn't take lead on Wells Fargo scandal

Rep. Ann Wagner: "The CFPB was asleep at the wheel"
During a heated exchange in the Consumer Financial Protection Bureau’s semi-annual hearing in front of the House Financial Service Committee, Rep. Ann Wagner, R-Mo., grilled Director Richard Cordray on the bureau’s lack of initiative in the massive Wells Fargo fake account scandal. Wagner focused the majority of her time on creating a timeline of events to prove her case that the bureau just stood by during the Wells Fargo scandal. In her words, the bureau was asleep at the wheel.
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Tensions reach boiling point at CFPB Director Cordray's hearing

Here are the few comments made on mortgage finance
Both sides of the aisle were primed for battle at the hearing of Consumer Financial Protection Bureau Director Richard Cordray, as this semiannual hearing happened in the midst of controversy around the bureau and Cordray’s position. Tensions quickly rose in the room as representatives questioned Cordray on the constitutionality of his bureau. One representative even asked Cordray why he doesn't just step down.
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Hensarling to CFPB's Cordray: You deserve to be fired immediately

Tells CFPB director to his face that he needs to go
Never one to shy away from a chance to batter the Consumer Financial Protection Bureau, House Financial Services Committee Chairman Rep. Jeb Hensarling, R-Texas, didn’t disappoint on Wednesday when Richard Cordray, the director of the CFPB, appeared before the committee. Hensarling was at his passive-aggressive best during his opening statement, poking at Cordray’s rumored political aspirations and telling Cordray, to his face, that he deserves to be fired by President Donald Trump.
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Monday Morning Cup of Coffee: Cordray to face Financial Services Committee hearing

HUD celebrates fair housing month
CFPB Director Richard Cordray will face the House Financial Services Committee Wednesday morning as the committee reviews the bureau’s biannual report. This hearing, however, could have a few more curveballs than normal considering the uncertainty surrounding the regulator’s future. Plus, check out one surprising factor pushing home prices higher.
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Democrats rally together to support CFPB in case against PHH

Fight to protect bureau’s independent structure and constitutionality
Congressional Democrats filed an amicus brief on Friday with the D.C. Circuit Court of Appeals in support of the bureau's independent structure and constitutionality. “In creating the Bureau, lawmakers determined that it needed two key attributes to fulfill its mission: independence, and the ability to act promptly and decisively in response to new threats to consumers,” the lawmakers wrote.
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Here's what's wrong with the CFPB's practice of regulating through enforcement

Companies are punished just to teach the rest of the industry a lesson
CFPB Director Richard Cordray asserts that protecting consumers in financial matters involves too many bad actors trying to do too many bad things to be outlined in specific laws. As it turns out, it sounds like the CFPB might decide to take enforcement action against one particular company if they need to “send a public message of deterrence” to the whole industry. This is ludicrous.
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Is the CFPB in dire need of a new direction?

Which could mean a new director
Readers don’t have to go any further than HousingWire’s search function to see the constant dialogue around the uncertain future of the Consumer Financial Protection Bureau. Regulation is king in mortgage finance, and right now the No. 1 industry watchdog is in limbo as the court and government try to overhaul its future. So where does this leave people in mortgage finance? These four CFPB and regulation experts have the answers.
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Former CFPB enforcement attorney: "Publicity potential" guided many regulatory actions

Department of External Affairs wields influence similar to political entities
Democrats are racing against the clock to defend the embattled Consumer Financial Protection Bureau, which has a growing pile of government and judicial scenarios at play trying to overhaul it or abolish it altogether. But maybe the only way for CFPB Director to save the bureau is to resign, at least that’s what one former CFPB enforcement attorney argues.
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Ballard Spahr: 8 questions we wish CFPB Director Cordray would answer

What if President Donald Trump tries to fire you?
An interview with Consumer Financial Protection Bureau Director Richard Cordray doesn’t come around often. To him, the future of the bureau lies in the hands of government officials, as his daily job remains to protect consumers. However, after a recent interview shed light on some of Cordray’s thoughts, it only left more questions.
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