Much of Director Cordray’s testimony in his appearance before the Senate Banking Committee yesterday consisted of his predictable defense of various CFPB positions. While the hearing was much less contentious than last...more
4/8/2016
/ Automotive Loans ,
Banking Sector ,
Consumer Financial Protection Bureau (CFPB) ,
Disparate Impact ,
Dodd-Frank ,
ECOA ,
Enforcement Actions ,
Finance Lease Contract ,
Lending ,
No-Action Letters ,
Richard Cordray ,
Senate Banking Committee ,
Small Business
Director Cordray was the sole witness at the hearing held yesterday by the House Financial Services Committee, which was entitled “The Semi-Annual Report of the Bureau of Consumer Financial Protection.” In November 2015, the...more
3/18/2016
/ Automotive Loans ,
Class Action Arbitration Waivers ,
Consumer Financial Protection Bureau (CFPB) ,
Discriminatory Lending Practices ,
Disparate Impact ,
ECOA ,
Payment Systems ,
Prepaid Payment Products ,
Richard Cordray ,
Rulemaking Process ,
TILA-RESPA Integrated Disclosure Rule (TRID)
Director Cordray is scheduled to be a panelist at the Financial Inclusion Forum to be held in Washington, D.C. on December 1, 2015. Hosted by the U.S. Department of the Treasury and the U.S. Agency for International...more
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
7/28/2015
/ Banking Sector ,
Banks ,
Canning v NLRB ,
Consumer Financial Protection Bureau (CFPB) ,
Dodd-Frank ,
Financial Institutions ,
FSOC ,
Motion to Dismiss ,
Richard Cordray ,
SCOTUS ,
Standing ,
Title II
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
A recent American Banker article written by officials of three community groups urges President Obama to publicly denounce Director Cordray for failing to issue regulations implementing the small business lending data...more
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
Senator Al Franken and 57 other members of Congress signed a letter sent to Director Cordray last week urging the CFPB “to move forward quickly to use its authority under the Dodd-Frank Act to issue strong rules to prohibit...more
The leaders of four liberal and minority Congressional caucuses have written to Director Cordray to urge the CFPB to adopt “strong protections” for payday loans. The letter was signed by the co-chairs of the Congressional...more
The House Financial Services Committee will hold a hearing tomorrow, March 3, entitled “The Semi-Annual Report of the Bureau of Consumer Financial Protection” at which Director Cordray is expected to testify. The most recent...more
As he has done in prior years, Director Cordray spoke earlier this week to the National Association of Attorneys General. His prepared remarks focused on the familiar theme of “the four Ds” that create obstacles for consumers...more
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
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
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
Following up on his earlier statement about the impact of the Supreme Court’s decision in NLRB v. Noel Canning on Richard Cordray’s actions taken prior to his July 16, 2013 confirmation by the Senate as CFPB Director,...more
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
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
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
CFPB Director Richard Cordray did not come close to matching his success in 1987 when he returned last night to Jeopardy! Mr. Cordray participated in the show’s “Battle of the Decades,” which brought back former champions to...more
Director Cordray was the only witness at the Senate Banking Committee’s hearing yesterday on the CFPB’s fourth Semi-Annual Report to Congress. As a Committee member observed, Director Cordray’s appearance represented his...more
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
Rumors have circulated for some time that Director Cordray might be considering a run at becoming Ohio governor. However, Politico has reported that at its Morning Money Breakfast today, Director Cordray indicated that he has...more
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
Although the controversy over the validity of Richard Cordray’s recess appointment as CFPB Director effectively ended with his confirmation by the Senate this past July, Freedom of Information Act (FOIA) requests for...more
Although the House Financial Service Committee’s hearing last Thursday was entitled “The Semi-Annual Report of the Consumer Financial Protection Bureau,” the contents of the report received little mention from committee...more