Tag Archives: CFPB Director Richard Cordray

The court also ordered that the three-judge panel’s ruling this past October be vacated.

Richard Cordray was not forthcoming with praise for the mortgage servicing industry during a speech on Tuesday, but instead spent most of his time highlighting work the CFPB has done to revive the mortgage industry.

"We are accountable to this Congress in numerous ways that are in our statute," Cordray said at the hearing. "The GAO (Government Accountability Office) does a regular audit of our expenses and expenditures each year, which is not common to federal agencies. We are subject to an independent audit also by our statute."

On Wednesday, July 15, the House Financial Services Committee will receive the testimony of Fed Chair Janet Yellen in a full Committee hearing titled "Monetary Policy and the State of the Economy." Chair Yellen will update the Committee on the progress of the economy toward meeting the four benchmarks for the economy as set by the Full Employment and Balanced Growth Act (Humphrey Hawkins) Act of 1978.

In the last couple of weeks, the CFPB has been under fire for alleged discrimination against its employees and subsequent retaliation against the whistleblowers. Two of the whistleblowers testified last week in a subcommittee hearing in the House Financial Services Committee.

Cordray ruled that New Jersey-based mortgage lender PHH Corp. accepted kickbacks for illegally referring consumers to mortgage insurers. In addition to Cordray's ruling, a final order was issued that requires the lender to obey the law and to pay $109 million to the CFPB.