Items Tagged with 'Richard Cordray'

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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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Congress brings knife to CFPB gun fight

Payday lending takes next regulatory priority
CFPB Director Richard Cordray once again sat before the Senate in his semi-annual report to Congress, but this time was different. Director Cordray came to this battle armed with lots of support from senators and some watchdog groups. The atmosphere was calm compared to previous years and there was little talk of mortgages.
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CFPB lays out 9-point plan to reshape financial industry

Cordray shares 9 goals CFPB hopes to achieve within 2 years
The five-year anniversary of the Consumer Financial Protection Bureau is coming up this summer. Yet the CFPB is far from being done. This week, CFPB Director Richard Cordray laid out a series of goals for how the CFPB wants the financial industry to operate within the next two years. Here they are.
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CFPB to financial industry: Wake up and smell the coffee, we are not your enemy

Director Cordray calls out lawyers and consultants for breeding 'culture of fear'
Despite how it may be perceived, the Consumer Financial Protection Bureau doesn’t view itself as an "enemy" of the financial industry, nor does it want the industry to view it in that way. Rather, the CFPB wants the financial industry to think of it as "an important new friend and ally" in helping to serve the financial needs of the public, CFPB Director Richard Cordray said.
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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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