News & Analysis as of

Richard Cordray Mortgages Banks

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

by Ballard Spahr LLP on

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

by Moore & Van Allen PLLC on

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

by Burr & Forman on

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

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

by Ballard Spahr LLP on

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

Five Legal Topics for Washington Bankers to Consider This Fall

by Lane Powell PC on

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

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