What to expect at HousingWire’s Spring Summit

The focus of the Summit is The Year-Round Purchase Market. Record low rates led to a banner year for mortgage lenders in 2020, and this year is expected to be just as incredible.

Conquering the Mortgage Lender’s Dilemmas

This webinar provides a roadmap for creating a sophisticated, digital-first cost improvement strategy to maximize profits by reducing high processing environments.

HW's 2021 Spring Summit

We’ve gathered four of the top housing economists to speak at our virtual summit, a new event designed for HW+ members that’s focused on The Year-Round Purchase Market.

We need higher mortgage rates to cool the housing market

2020-2024 will have the best housing market demographics and the lowest mortgage rates ever recorded, which could accelerate real home prices too quickly.

Politics & MoneyMortgage

What does CFPB Cordray think about Trump revoking the arbitration rule?

Still no word on regulator's website

Consumer Financial Protection Bureau Director Richard Cordray slammed President Donald Trump’s decision to revoke the arbitration rule. However, there is still no official word on the bureau’s website about the rule getting overturned.

Since Trump revoked the rule, Cordray has made one comment on the rule, bashing the president’s decision.

Back when the rule was first revoked, Cordray said in a comment in an article in The Hill by Sylvan Lane:

CFPB Director Richard Cordray said “in signing this resolution, the president signed away consumers’ right to their day in court."

"This action tips the scales of justice in favor of Wall Street banks less than 10 years after they caused the financial crisis," said Cordray, who asked Trump on Monday to spare the rule. "By blocking our arbitration rule, this action makes it nearly impossible for ordinary people to stand up for themselves against corporate giants like Wells Fargo and Equifax.

"Now more than ever, it is critical that the Consumer Bureau remain a strong check on financial companies," he said.

The statement, however, is the only comment the bureau has made on the rule.

A blog post from Ballard Spahr stressed the importance on the CFPB updating its website to note the rule’s override.

The blog noted that it assumes the CFPB will be publishing a notice in the Federal Register that references the CRA override and removes the arbitration rule from the Code of Federal Regulations.

Cordray might not be at the bureau much longer though to ensure it maintains a “strong check on financial companies.”

When Trump signed the resolution to overturn the rule, Trump, House Financial Services Committee Chairman Jeb Hensarling, R-Texas, Rep. Sean Duffy, R-Wisc., and others reportedly discussed firing Cordray from his position at the CFPB, something that Hensarling has repeatedly called for in recent years.

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