Richard Cordray Mortgages

News & Analysis as of

Cordray remarks to MBA signal continued CFPB focus on servicing, likely petition for rehearing in PHH case

In his remarks at the Mortgage Bankers Association’s annual meeting in Boston on October 25, Director Cordray signaled that mortgage servicing will continue to be a focus of CFPB supervisory and enforcement activity, with the...more

Director Cordray Responds To Letter from Senators Seeking Tailored Rulemaking for Community Banks and Credit Unions

Last month, a bipartisan group of 70 senators were signatories to a letter sent to Consumer Financial Protection Bureau (CFPB) Director Richard Cordray urging the CFPB to “carefully tailor its regulations to match the unique...more

CFPB: The Quarterly Review - July 2016

In This Issue: •The CFPB Speaks •Rulemaking •Debt Collection •Payday Lending •Mortgages •Upcoming in 2016 - In the second quarter of 2016, the CFPB continued its strong pace of activity, initiating two...more

Ninth Circuit Upholds Ruling in Favor of CFPB against Lawyer in Mortgage Relief Scam, Rejects Constitutional Challenge to Director...

The Ninth Circuit recently considered arguments relating to an enforcement action brought by the Consumer Financial Protection Bureau (CFPB) against a California attorney who was offering loan modification services. The CFPB...more

CFPB Director Cordray Responds to Senator Corker Letter

The Consumer Financial Protection Bureau (CFPB) responded to a letter from Senator Bob Corker (R. Tenn.) requesting the Bureau to release official guidance on what constitutes a technical error under the TILA/RESPA Integrated...more

Ninth Circuit rejects Director Cordray’s recess appointment as defense to CFPB enforcement action; dissenting judge disagrees

Since it was filed in a California federal court in July 2012, we have been following CFPB v. Chance Edward Gordon, a case in which the CFPB alleged that an attorney duped consumers by falsely promising loan modifications in...more

CFPB Shines its Spotlight on Prepaid Product Complaints

As the consumer finance industry is aware, on June 25, 2015, consumer narratives became publicly available on the Consumer Financial Protection Bureau’s (CFPB) Consumer Complaint Database. As of Feb. 1, 2016, the Bureau has...more

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 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

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

CFPB Director Cordray Touts Mortgage Servicing Progress, New Consumer Tools

At a January 13 Brookings Institution event, Consumer Financial Protection Bureau (CFPB) Director Richard Cordray delivered remarks on the current state of the mortgage market....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

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

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

Dodd-Frank News: November 2013: Dodd-Frank Wall Street Reform And Consumer Protection Act Update

In This Issue: - Recent Cases ..Dodd-Frank Prohibition on Arbitration ..Statutory Damages Under TILA ..Preemption ..Declaratory Relief ..HAMP Claims ..Constitutional Challenge to...more

Five Legal Topics for Washington Bankers to Consider This Fall

Summer vacations are over, and now bank management and directors need to focus on compliance. Below are five current legal topics that Washington bankers should be considering this fall. 1. Loans Secured by Residential...more

House members urge CFPB to delay effective dates of mortgage rules

A letter dated November 5, 2013 to Director Cordray signed by 118 House members urges the CFPB to delay the effective dates of its ability-to-repay/qualified mortgage rule and other mortgage rules from January 2014 to January...more

Director Cordray focuses on mortgage rules in remarks to American Bankers Association

A substantial portion of Director Cordray’s remarks yesterday at the American Bankers Association’s Annual Convention in New Orleans was directed at justifying the Bureau’s decision not to delay the January 2014 effective...more

Banking & Financial Services E-Note - September 30, 2013

In This Issue: - NCUA Drafts Rule Subjecting Big Credit Unions to Stress Tests Report Finds FDIC Has Filed as Least 32 D&O Lawsuits This Year - CFPB Cracks Down on "Furnishers" Giving Credit Report Information -...more

Director Cordray comments on timing of further mortgage rule changes and enforcement approach

While Director Cordray mostly recycled comments he has previously made about the CFPB’s mortgage rules in his remarks today to the American Mortgage Conference, he did offer some newsworthy information....more

Director Cordray comments on effective date of mortgage rules, prepaid card rule and new Deputy Director

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....more

Cordray advises no delay in mortgage rule implementation

In a June 19 speech to the Exchequer Club, CFPB Director Richard Cordray advised that the Bureau fully expects all institutions to be in compliance with the new mortgage rules when they become effective in January 2014....more

Financial Services Legislative And Regulatory Update -- March 25‚ 2013

In This Issue: Leading the Past Week; Legislative Branch; Executive Branch; and Upcoming Hearings. Excerpt from Leading the Past Week - Members rushed out of town at the end of last week for a two-week...more

You Need to Pay Attention to the Consumer Financial Protection Bureau

For those companies who pay attention to the always evolving regulatory environment as we do at Brownstein Hyatt Farber Schreck, you have likely heard the debate regarding the validity of rules promulgated by organizations...more

Past CFPB actions may portend fate of mortgage rules

Following the invalidation of three presidential “recess” appointments to the NLRB by the D.C. Circuit Court of Appeals in Noel Canning v. NRLB, theories continue to swirl about the fate of Director Cordray....more

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