Tag Archives: CFPB

For the first time since the CFPB began accepting consumer complaints nearly five years ago, mortgages did not top the list of complained-about financial products.

The controversial Bureau, now almost five years old, has handed out more than $5 billion in penalties.

Since the initial implementation of these rules, the CFPB has made several moves to expand the definitions of “small creditor” and “rural area,” but before the HELP Act, smaller lenders were only eligible for special provisions if more than half its loans were in rural or underserved areas.

CFPB Director Richard Cordray faced intense criticism from the committee's Republicans, particularly Chairman Jeb Hensarling (R-Texas), who said that Congress has made the Director a “dictator” and given him power that is “amazing, frightening, and tragic.”

Despite the negative effects reported about TRID, homebuyers did report a few positives since the rule went into effect October 2015, indicating that the CFPB's rule may be doing its intended job.

The relationship between the regulator for credit unions, the Credit Union National Association (CUNA), and the CFPB has been a rocky one since the Bureau’s formation nearly five years ago.

On Wednesday, March 16, Consumer Financial Protection Bureau Director Richard Cordray will testify before the House Financial Services Committee about the effects of the Bureau's activities on consumers.

“Too small to comply” may soon become a big issue for our industry. Editor's note: This select print feature originally appeared in the March 2016 edition of DS News.

In an address at the National Credit Union Association on Tuesday, CFPB Director Richard Cordray answered criticisms surrounding the Bureau's regulatory changes in the mortgage industry.

The director said that some of the broader ramifications surrounding arbitration clauses "are surprising and even breathtaking in their scope."