Items Tagged with 'CFPB'

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CFPB announces several promotions to its executive team

Finally fills principal deputy general counsel role
"I am very pleased to announce today's changes to senior leadership positions at the bureau," CFPB Director Richard Cordray said. "These leaders have played important roles in fulfilling the CFPB’s mission to protect consumers, and I am looking forward to continuing to work alongside them here at the Bureau."
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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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Republican Party calls for significant changes to housing in 2016

Party platform blasts "corrupt business model" of Fannie Mae, Freddie Mac
If the Republican Party sweeps November’s elections, the world of housing finance could be in for some significant changes, as the party's 2016 platform calls for seriously cutting the government’s role in housing. The platform could potentially abolish the Consumer Financial Protection Bureau and end the use of disparate impact.
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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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BancorpSouth fined $10.6 million for discriminatory lending, redlining

CFPB, DOJ accuse bank of having "explicitly discriminatory denial policy"
BancorpSouth will pay $10.6 million to settle charges against the bank by the Department of Justice and the Consumer Financial Protection Bureau, which accused the Mississippi-based bank of redlining and discriminatory lending practices. The agencies accused BancorpSouth of a number of discriminatory practices, including illegally redlining in Memphis, and implementing an "explicitly discriminatory loan denial policy."
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CFPB issues warning to mortgage servicers: You can't hide behind bad computer systems

Investigations found servicers' deficient technology caused harm to consumers
The Consumer Financial Protection Bureau just fired a shot across the bow of the country's mortgage servicers after it found that some servicers are using outdated computer systems that could run them afoul of CFPB rules. "Mortgage servicers can't hide behind their bad computer systems or outdated technology," said CFPB Director Richard Cordray. "There are no excuses for not following federal rules."
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Congress to consider changes to controversial CFPB complaint database

New bill would require verification of complaint details
When the Consumer Financial Protection Bureau began publishing consumers' complaints against financial services companies several years ago, many of those companies and other industry observers took issue with the fact that the complaints were, in many cases, unverified and unproven. But this could all change soon thanks to a new bill that Congress is set to consider.
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