CFPB Director Richard Cordray will go before the Housing Financial Services Committee to address the Bureau’s two most recent semiannual reports. In his prepared remarks, Cordray is prepared to discuss credit reporting, financial incentives, and debt collection, among other things. He will also defend the CFPB’s purpose amidst the political debate currently encircling it.
Read More »CFPB Defends Its Own Constitutionality
On Friday, the Consumer Financial Protection Bureau filed a brief defending the constitutionality of its single director structure, which has been called into question several times through the course of its ongoing case against PHH Corp. The brief, filed in advance of oral arguments, stated that the CFPB’s leadership model was not a violation of the Constitution’s separation of powers clause.
Read More »In Defense of the CFPB
Several consumer rights groups, legal scholars, and members of Congress submitted amicus briefs to the U.S. Court of Appeals for the D.C. Circuit in the case PHH Corporation v. CFPB, in support of the Consumer Financial Protection Bureau (CFPB). With the CFPB’s constitutionality being called into question, many groups seek the defend the Bureau against a possible restructuring by the Trump administration.
Read More »CFPB Head Discusses Dodd-Frank
In his speech at the Chamber of Commerce 11th Annual Capital Markets Summit, CFPB Director Richard Cordray touched on Dodd-Frank, the Bureau’s role in the financial marketplace, and its efforts to improve and adapt regulations based on industry comment and need. The CFPB recognizes the burden of regulatory compliance placed on today’s financial organizations and is actively working to alleviate that weight, Cordray conveyed.
Read More »Credit Complaints Amplify in Latest CFPB Report
According to the latest report from the CFPB, debt collection was the most-complained-about financial product or service, with 7,755 out of approximately 26,000. The second most-complained-about consumer product was credit reporting followed by mortgages. Montana, Georgia, and Missouri experienced the greatest year-to-year complaint volume increases.
Read More »CFPB to Amend Equal Credit Opportunity Act
The Consumer Financial Protection Bureau released a proposal to amend certain regulations in the Equal Credit Opportunity Act (ECOA). The intent is to provide additional flexibility for mortgage lenders in the collection of consumer ethnicity and race information. The proposed ...
Read More »CFPB to Re-Examine Regulation
The qualified mortgage rule, a standard set up to make sure borrowers can repay their mortgages, as well as other mortgage servicing and home lending regulations are set to come up for review. The CFPB wants to “try to see what the real-world effects on the market” these regulations have.
Read More »Why Did the Department of justice Turn on CFPB?
The Department of Justice defended the president’s power to remove executive branch agency heads at will, though not all groups agree with the decision.
Read More »CFPB Orders Penalty Against Nationstar
For three consecutive years, the CFPB found error rates at Nationwide of 13 percent in 2012, 33 percent in 2013, and 24 percent in 2014.
Read More »Though the CFPB Faces Major Reform, Few Know What it is
As the new administration looks to reform the Consumer FInancial Protection Bureau, the bureau is brought further into the public eye.
Read More »