Items Tagged with 'CFPB Director Richard Cordray'

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  • Did Mick Mulvaney just drastically change how the CFPB enforces fair lending laws?

    Reportedly strips Office of Fair Lending of its enforcement powers
    The way the CFPB enforces fair lending laws could be about to significantly change after CFPB Acting Director Mick Mulvaney reportedly stripped the bureau’s Office of Fair Lending of its enforcement powers. Former CFPB Director Richard Cordray, Sen. Elizabeth Warren, and fair housing groups bemoaned the move.
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  • Court of Appeals rules against CFPB, vacates PHH’s $100M fine for alleged RESPA violations

    It wasn’t a sweeping victory for the CFPB after all
    While the main story coming out of Wednesday’s stunning decision from the Court of Appeals for the D.C. Circuit was the court upholding the constitutionality of the CFPB, the bureau didn’t escape unscathed. The full Court of Appeals upheld the court’s earlier decision that former CFPB Director Richard Cordray far exceeded his authority as director when he handed down a seven-figure fine against PHH for RESPA violations.
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  • S&P: Impact of CFPB shakeup, deregulation will be limited for mortgage servicers

    Trump administration’s changes will not undo years of heavy regulation
    Given the Trump administration’s stated mission of decreasing regulations, it’s a fairly safe bet that whoever Trump picks as CFPB director will have a vastly different view of regulation than former director Richard Cordray did. But what will the impact of that looming deregulation have on mortgage servicers? Not very much, according to a recent report from S&P Global Ratings.
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  • New York federal credit union sues Trump to block Mulvaney at CFPB

    Lawsuit claims installation of OMB Director at CFPB is “illegal”
    When Richard Cordray officially resigned as director of the CFPB last month, the agency was thrown into disarray after a fight emerged over who would replace Cordray, with Democrats on one side and Republicans on the other. Now, Democrats have what may seem like an unlikely ally in their fight over who's leading the CFPB – a financial institution that is regulated by the CFPB.
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  • Trump reportedly considering Mulvaney to replace Cordray as CFPB director

    Would serve as interim director
    President Donald Trump is reportedly close to choosing a replacement for Richard Cordray as director of the CFPB. According to multiple reports, Trump is circling Mick Mulvaney, who currently serves as director of the Office of Management and Budget and has long been outspoken about his dislike for the CFPB, to replace Cordray as the bureau’s director.
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  • CFPB suing Freedom Debt Relief for deceiving customers

    Claims nation’s largest debt settlement services provider lies to customers
    Freedom Debt Relief, the nation’s largest debt settlement services provider, built its business on lying to its customers about the company’s ability to negotiate debt settlements, the Consumer Financial Protection Bureau claims. “Freedom took advantage of vulnerable consumers who turned to the company for help getting out of debt,” CFPB Director Richard Cordray said in a statement.
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  • Investigation clears CFPB’s Cordray of election law violations

    Cordray did not violate Hatch Act
    President Donald Trump and other top Republicans may be debating the future of Consumer Financial Protection Bureau Director Richard Cordray, but one thing they won’t be able to hold over Cordray’s head is a violation of federal election laws. As it turns out, the Office of Special Counsel told Cordray last month that an investigation found “no evidence” that he violated the Hatch Act.
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  • Trump reportedly discussed firing Cordray while signing bill to kill CFPB arbitration rule

    Broached subject in Oval Office meeting with House Reps., others
    President Donald Trump reportedly discussed firing CFPB Director Richard Cordray with members of Congress this week while signing the resolution to repeal the regulator's controversial arbitration rule. The general consensus in the room? Cordray needs to go. But they can't do anything yet. Why? Ohio.
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  • Cordray pleads directly with Trump to save CFPB’s arbitration rule

    CFPB director asks Trump to veto Senate vote to kill rule
    “Many have told me I am wasting my time writing this letter – that your mind is made up and that your advisors have already made their intentions clear,” Cordray told Trump in a letter. “But you are a smart man, and I think we both know what is really happening here.”
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