CFPB Director Richard Cordray was among the federal financial regulators who attended a closed door meeting yesterday with President Obama. Other regulators attending the meeting included the Chairs of the Fed, FDIC and SEC. At the meeting, President Obama was expected to urge the regulators to complete Dodd-Frank rulemaking.
The Dodd-Frank rulemaking still on the CFPB’s “to do” list includes rules to implement the Dodd-Frank amendments to the Equal Credit Opportunity Act that require financial institutions to collect and maintain certain data in connection with credit applications made by women- or minority-owned businesses and small businesses and to the Home Mortgage Disclosure Act that greatly increase the types of information that financial institutions must report.
Based on the CFPB’s semiannual regulatory agenda issued last month, the CFPB plans to focus on these items now that it has substantially completed the voluminous mortgage rules mandated by Dodd-Frank. In an interview yesterday with a Politico reporter, Mr. Cordray is reported to have said that the CFPB is not considering a delay of the mortgage rules’ January 2014 effective date.
Mr. Cordray is also reported to have said that the CFPB is currently writing a prepaid card rule and that it will “probably have something to say fairly soon” on the appointment of a permanent Deputy Director to replace Acting Deputy Director Steve Antonakes.