Richard Cordray Consumer Financial Protection Bureau

News & Analysis as of

CFPB’s Richard Cordray Issues Warning to Vendors

Consumer Financial Protection Bureau (CFPB) Director Richard Cordray recently issued a warning to mortgage technology vendors for a lack of compliance with the CFPB’s TILA-RESPA Integrated Disclosure (TRID) Rule. Addressing...more

CFPB Shines Spotlight on Credit Card Complaints

The Consumer Financial Protection Bureau (CFPB) recently released its monthly Complaint Report for October, in which the CFPB focuses heavily on credit card companies, specifically calling attention to cardholder complaints...more

CFPB Director Cordray Elaborates on Planned Consumer Arbitration Rulemaking

In the latest public pronouncement on the Consumer Financial Protection Bureau’s (CFPB’s) intention to engage in rulemaking to ban the use of certain arbitration clauses in consumer contracts, CFPB Director Richard Cordray...more

CFPB Singles Out Class Action Waivers for Elimination from Consumer Financial Arbitration Agreements

The Consumer Financial Protection Bureau (“CFPB”) made clear this week that, in its view, class action waivers should be on the chopping block in the agency’s upcoming rulemaking aimed at regulating the use of arbitration...more

CFPB Releases Outline of Proposals to Block Pre-Dispute Arbitration Agreements in Class Litigation

On October 7, 2015, the Consumer Financial Protection Bureau (“CFPB” or the “Bureau”) released an outline of proposals under consideration to ban class action waivers in contracts for consumer financial products and services....more

Cordray Submits Letter to Trade Associations Regarding TRID Compliance

On October 1, CFPB Director Richard Cordray, on behalf of the FFIEC, responded to correspondence from the American Bankers Association and other trade associations seeking guidance as to their compliance with the Bureau’s...more

PHH Wins Stay of $109M CFPB Enforcement Penalty

On August 5, 2015, PHH Corp. (“PHH”) won a stay of the $109M penalty handed down by Consumer Financial Protection Bureau (“CFPB”) director Rich Cordray. Cordray’s aggressive legal reasoning and the harsh penalties he imposed,...more

D.C. Circuit Rules Small Bank has Standing to Challenge the Constitutionality of Consumer Financial Protection Bureau

Last week, the D.C. Circuit Court of Appeals reversed a D.C. District Court decision dismissing a bank’s complaint challenging the constitutionality of the CFPB based on lack of standing. The district court had concluded that...more

DC Circuit Keeps Alive Bank’s Constitutional Challenge to CFPB’s Existence

Most constitutional challenges to agency action arise as a defense to an enforcement action. However, State National Bank of Big Spring, Texas (the “Bank”) has led a constitutional challenge to the very existence and...more

The CFPB & UDAAP: A “Know It When You See It” Standard?

The Consumer Financial Protection Bureau’s (CFPB) exercise of its sweeping authority to prohibit unfair, deceptive, and abusive acts or practices (UDAAP) continues to command the attention of financial institutions and...more

Challenge to CFPB’s constitutionality reemerges

The issue of the CFPB’s constitutionality reemerged last week in court and Congress. On the judicial front, the U.S. Court of Appeals for the D.C. Circuit, in State National Bank of Big Spring, Texas, et al. v. Lew, et al.,...more

Bank Has Standing to Challenge Constitutionality of CFPB

In State National Bank of Big Spring v. Lew, the United States Court of Appeals for the District of Columbia Circuit ruled that the plaintiff had standing to challenge the constitutionality of the CFPB. The Court made quick...more

Meredith Fuchs named today as Acting Deputy Director of the CFPB

Meredith Fuchs, the General Counsel of the CFPB, has been named today by Director Cordray to be the Acting Deputy Director of the CFPB effective August 1, 2015. The CFPB previously announced that the existing Deputy Director...more

CFPB officially moves TRID effective date to October 3

The CFPB has issued a final rule postponing the effective date for all provisions of the TILA-RESPA Final Rule and Amendments to October 3, 2015. The final rule also includes certain technical amendments to reflect the new...more

CFPB Readies Guidance to Help Prevent Elder Financial Exploitation

On July 13, CFPB Director Richard Cordray delivered remarks at the White House Conference on Aging, expressing the need to protect older consumers in light of recent studies that have found that financial exploitation is the...more

Cordray’s Appearance Before Senate Banking Committee Renews Debate on CFPB Restructuring Proposals

Consumer Financial Protection Bureau (CFPB) Director Richard Cordray appeared before the U.S. Senate Committee on Banking, Housing and Urban Affairs on Wednesday, July 15, 2015....more

CFPB’s Corday Reiterates Intent to Pursue Rulemaking on Consumer Arbitration Clauses, Despite Opposition

In testimony before the Senate Committee on Banking, Housing & Urban Affairs on July 15, CFPB Director Richard Cordray affirmed the Bureau’s intention to proceed with rulemaking governing arbitration clauses in consumer...more

Director Cordray appears before Senate Banking Committee

On Wednesday, July 15, CFPB Director Richard Cordray appeared before the Senate Committee on Banking, Housing, & Urban Affairs to answer questions regarding the Bureau’s Semi-Annual Report to Congress and the President, which...more

Director Cordray to appear before Senate Banking Committee on July 15

On July 15, 2015, the Senate Committee on Banking, Housing and Urban Affairs will hold a hearing on “The Consumer Financial Protection Bureau’s Semi-Annual Report to Congress.” Director Cordray is the only scheduled witness....more

CFPB Issues Final Decision in In Re: PHH Corp.: First Agency Decision in Contested Administrative Proceeding

Earlier this month, the Consumer Financial Protection Bureau (CFPB) issued the Director’s final decision in the CFPB’s enforcement action against PHH Corp. (PPH). The decision is the agency’s first ruling in a contested...more

Lawmakers urge CFPB to reopen arbitration study

A group of more than 80 House and Senate Republicans have sent a letter to Director Cordray asking the CFPB to reopen its arbitration study. The CFPB released the final results of its empirical study of consumer arbitration...more

Special Alert: CFPB Will Propose to Delay TRID Rule Until October 1

Two weeks after declining requests from industry and members of Congress for delayed enforcement of the TILA-RESPA Integrated Disclosure (“TRID”) rule, the CFPB announced today that it will be issuing a proposed amendment to...more

CFPB Postpones TRID Implementation Date from August 1 to October 1, 2015

In welcome news to the industry, the Consumer Financial Protection Bureau (CFPB) announced on June 17, 2015 that it will delay the effective date of TRID (the TILA-RESPA Integrated Disclosure rule) until October 1, 2015....more

CFPB Asserts Sweeping RESPA Enforcement Authority In First Appellate Decision

In a decision asserting broad authority for the CFPB and which is certain to set the tone for future CFPB appellate rulings, Bureau director Richard Cordray recently issued the Bureau’s first decision from an appeal of a...more

32 Democratic senators call for strong payday lending rules

A group of 32 Democratic U.S. senators sent a letter to Director Cordray last week regarding the CFPB’s efforts to address payday lending in which they urged him “to issue the strongest possible rules to end the damaging...more

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