Items Tagged with 'Richard Cordray'

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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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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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