News & Analysis as of

Director Cordray provides update on CFPB’s public library partnerships

In his remarks last week at the Columbus Metropolitan Library, Director Cordray spoke about the partnerships that the CFPB is building with public libraries around the country to promote accessible financial education...more

CFPB to hold Dec.11th field hearing on medical debt collection

The CFPB has announced that it will hold a field hearing on medical debt collection in Oklahoma City, OK on December 11. The hearing will include remarks from Director Cordray and testimony from consumer groups, industry...more

CFPB Issues Proposed Rules for Prepaid Products

On November 13, 2014, the Consumer Financial Protection Bureau (“CFPB”) proposed new rules for prepaid accounts, to be effectuated through amendments to the regulations implementing the Electronic Fund Transfer Act and the...more

CFPB Director Cordray Issues Warning to Bankers

Director Cordray’s remarks to the Clearing House Thursday should unsettle bankers and payday lenders alike. In his talk, Director Cordray challenged bankers to bow to the inevitable. He suggested that sooner, rather than...more

CFPB Forum on Access to Checking Accounts Raises Industry Trepidation

On October 8, 2014, the Consumer Financial Protection Bureau held a forum in Washington, D.C. on access to checking accounts. While the CFPB states that the purpose of the event was “to learn more about how the screening...more

CFPB announces November 13 “mystery” field hearing

Departing from its past practice, the CFPB has announced that it will hold a field hearing in Wilmington, Delaware on November 13 but has not yet disclosed what the hearing will be about. Instead, the announcement says only...more

Senator Crapo seeks information on CFPB’s regulatory streamlining efforts

In our blog post yesterday about the CFPB’s final rule allowing an alternative online delivery method for annual privacy notices, we commented that the CFPB has made limited progress on its regulatory streamlining initiative...more

CFPB Holds Forum On Access To Checking Accounts

On October 8, the CFPB held a forum on consumers’ access to checking accounts. The event featured remarks from Director Cordray, as well as presentations from federal and local government officials, consumer groups, and...more

CFPB Director Proposes Checking Accounts for All

On Wednesday, in a speech at the Forum on Access to Checking Accounts CFPB Director Richard Cordray returned to two of his most frequent themes – the consumer reporting process and urging actions that he is unable to mandate....more

Industry trade groups provide recommendations to CFPB on TILA-RESPA implementation

Sixteen industry trade groups, including the American Bankers Association, the Mortgage Bankers Association, and Financial Services Roundtable, have sent a letter to Director Cordray in which they requested that the CFPB...more

Director Cordray to testify at July 30 House hearing on alleged CFPB employee discrimination

On July 30, 2014, the House Financial Services Committee’s Subcommittee on Oversight and Investigations will hold a hearing titled “Allegations of Discrimination and Retaliation and the CFPB Management Culture.” Director...more

CFPB Director Announces Prepaid Card Rule Delay, Discusses Other Initiatives

On June 10, CFPB Director Richard Cordray testified before the Senate Banking Committee in connection with the CFPB’s recently released Semiannual Report to Congress. The hearing covered a broad range of topics, including,...more

Full House Committee to hold hearing on the CFPB’s fifth semi-annual report

The House Committee on Financial Services will hold a hearing tomorrow to receive the Semi-Annual Report of the CFPB and Director Cordray’s testimony on the report. CFPB Director Cordray is scheduled to be the only...more

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

Institutions regulated by the Consumer Financial Protection Bureau (CFPB) and subject to its enforcement authority are dealing with of the agency’s sweeping authority to prohibit unfair, deceptive, and abusive acts or...more

Director Cordray testifies before Senate committee

Yesterday, the Senate Committee on Banking, Housing and Urban Affairs heard testimony from Director Cordray at its hearing titled “The Consumer Financial Bureau’s Semi-Annual Report to Congress.” Noteworthy aspects of...more

CFPB Proposes New Plan for Privacy Notices - Financial institutions may soon have a cheaper way to notify consumers about their...

Under a new proposal issued by the Consumer Financial Protection Bureau (CFPB), financial institutions could avoid the requirement to mail an annual privacy notice to customers by instead referring them to an online notice,...more

Heard at the Country Music Hall of Fame: CFPB Director Performs in Nashville

Among the displays offering tribute to Reba and The Man in Black, Richard Cordray and some of his fans at the CFPB held a public hearing at the Country Music Hall of Fame in Nashville on March 25, 2014. Rather than the...more

Cordray Discusses Student Loans at Boulder Summer Conference on Consumer Financial Decision Making

Director Cordray spoke at the Boulder Summer Conference on Consumer Financial Decision Making this week, addressing student loan debt as a “pressing problem and a matter of grave importance to public policy in America.”...more

CFPB Director Addresses American Bar Association

Richard Cordray, Director of the Consumer Financial Protection Bureau, spoke to the American Bar Association on April 3, 2014, about the Bureau’s purpose, its initial focus on creating rules to implement Dodd-Frank and...more

CFPB Report, Field Hearing, Build Record For Changes To Payday Lending Market

On March 25, the CFPB released a report and held a field hearing on payday loans. Through both, the CFPB sought to expand the record on which it will formulate new rules to address its concerns about the payday lending...more

D.C. federal court reconsiders decision on FOIA requests to CFPB

Last September, a federal district court in Washington, D.C. issued an opinion on Freedom of Information Act (FOIA) requests made by Judicial Watch to the CFPB for documents relating to Richard Cordray’s recess appointment as...more

CFPB Continues Grassroots Methods to Obtain Complaints from Borrowers

In mid-January of this year, Richard Cordray addressed mayors from around the country and explained the many ways that the CFPB is making it easier for disgruntled borrowers to lodge consumer complaints through the CFPB. At...more

The CFPB and House Republicans Remain at Odds Over Consumer Finance Regulation

On January 28, 2014, CFPB Director Richard Cordray appeared before the House Financial Services Committee to testify about his agency's fourth Semi-Annual Report. Cordray's written testimony and opening remarks at the hearing...more

Director Cordray gives prepaid card advice to state regulators

Director Cordray’s speech yesterday to the National Association of State Treasurers consisted primarily of his standard remarks about the CFPB’s handling of consumer complaints, financial education initiatives, and mortgage...more

Director Cordray calls for public and private sector businesses and organizations to help employees with their financial lives

On February 25, the Financial Literacy and Education Commission (FLEC) held a field hearing as part of America Saves Week to discuss financial education in the workplace, including how to deliver financial education to...more

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