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Tag Archives: Richard Cordray

CFPB Gets a Win in Ocwen Case

Ocwen Financial Corporation sued the Consumer Financial Protection Bureau in late April claiming Ocwen had failed borrowers in every stage of the mortgage servicing process. Though the two went back and forth about getting the ruling on the CFPB’s constitutionality expedited, ultimately the request was denied. Ocwen's bid to test the constitutionality of the CFPB has now been delayed.

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Industry Group Takes Step Toward Diversity

Thanks to one of REO’s biggest professional groups, the mortgage industry has taken a significant step in diversity and inclusion. The Federation of REO Certified Experts announced the launch of its Diversity Council on Wednesday, a group that aims to “advance conversations on diversity and inclusion.” The group is made up of six committees, including ones for Latino, African American, women, LGBT, veteran, and Asian REO professionals.

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Reverse Mortgage Complaints Common for Older Americans

The latest CFPB Monthly Complaint Report shows older Americans face a unique set of financial difficulties compared to their younger counterparts. The group regularly cites reverse mortgage concerns—specifically servicing issues and difficult changing loan terms—when lodging complaints with the CFPB. Older Americans also cite financial scams, confusion around deferred- and zero-interest credit cards, and being charged unauthorized add-on products as frequent financial complaints.

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CFPB vs. PHH: Two-Year Battle Coming to a Head

scales and gavel

The highly anticipated hearing for the Consumer Financial Protection Bureau (CFPB) and PHH Corporation took place Wednesday in front of the Court of Appeals for the District of Columbia Circuit. The Court of Appeals agreed to revisit their October decision ...

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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.

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Senate Banking Committee Dems Defend Cordray

Lawmakers on both sides of the aisle are pleading their respective cases as to why they believe CFPB Director Richard Cordray should stay or go as speculation persists that he will be replaced once President-elect Donald Trump takes office.

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