Items Tagged with 'Richard Cordray'


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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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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