Obama Nominates Mary Jo White For SEC Commissioner and Richard Cordray to Head CFPB

By: Thursday January 24, 2013 12:01 pm

President Obama announced his nominees for heading the Securities and Exchange Commission and the Consumer Financial Protection Bureau today. Mary Jo White is the nominee to head the SEC. A former prosecutor and corporate attorney at Debevoise & Plimpton. Many are pointing to her experience as a prosecutor as an indication the Obama Administration might [...]

CFPB Looks Into Deceptive Mortgage Advertising

By: Tuesday November 20, 2012 6:18 am

With the dismaying foreclosure fraud settlement in the rear view mirror and happy days here again for the housing market (at least that’s what the analysts tell me), you’d be surprised to know that lenders continue to work their hardest to rip off their customers. Two regulators have opened an investigation into their deceptive marketing [...]

CFPB Releases Mortgage Servicing Rules Under Consideration

By: Tuesday April 10, 2012 6:23 am

The Consumer Financial Protection Bureau has begun its rulemaking process for mortgage servicing, starting with a description of the rules they will consider. The formal proposal of servicing rules will come this summer, and the final rules will get promulgated in January 2013. This would supersede the mortgage servicing standards from the foreclosure fraud settlement, [...]

CFPB Seeks Public Input for Nominees to Consumer Advisory Board

By: Friday February 24, 2012 6:55 am

Here’s kind of a neat twist: the Consumer Financial Protection Bureau wants public input for nominations to a Consumer Advisory Board, an outside group of experts who will advise CFPB on the emerging consumer protection challenges and the desired focus of the agency. One way that the Dodd-Frank Wall Street Reform and Consumer Protection Act [...]

CFPB Launches Inquiry Into Overdraft Fees on Bank Accounts

By: Wednesday February 22, 2012 9:35 am

The Consumer Financial Protection Bureau has sprung into action pretty decently since Richard Cordray was installed as director. CFPB has presented new, simple-to-read mortgage forms, and submitted a plan to regulate debt collection agencies and credit reporting bureaus. Today, Cordray is in New York to discuss overdraft fees, a particularly egregious money-making scheme for banks. [...]

CFPB Announces Draft Mortgage Monthly Statement

By: Monday February 13, 2012 1:38 pm

One thing we don’t have a great handle on is how the Consumer Financial Protection Bureau will play a role in the foreclosure fraud settlement, and more to the point the ongoing issues in the mortgage servicing industry. CFPB Director Richard Cordray goes some way to explaining their perspective in a Politico op-ed. The CFPB [...]

Release on Foreclosure Fraud Settlement Looks Broader Than Advertised

By: Wednesday February 1, 2012 11:10 am

In his statement on the Administration’s new housing policies, CFPB Director Richard Cordray makes a fairly stunning response, considering it’s posted at the White House blog: The principles articulated by the Obama administration today are good guideposts for much-needed reforms in the mortgage market. The problems that plague consumers are well-documented. Too many consumers were [...]

Cordray Faces House Republicans in Financial Services Committee Hearing

By: Tuesday January 24, 2012 10:57 am

Richard Cordray is appearing before a House Financial Services subcommittee at this hour, and I’m not available to watch the testimony. However, I do have Cordray’s written testimony, which he will presumably deliver in a truncated form. It’s pretty good, actually. I especially like how Cordray frames his mission as protecting honest businesses. Second, the [...]

McHenry Plans to Embarrass Himself Again With CFPB Hearing

By: Thursday January 12, 2012 11:33 am

The last time Patrick McHenry, the Billy Zabka of the House Republican caucus, held a hearing with a member of the Consumer Financial Protection Bureau, it didn’t turn out too well. He called Elizabeth Warren a liar and generally tried to bully her, and received quite a backlash in the process. So we’ll get a [...]

CFPB Director Cordray Lays Out Non-Bank Supervision Agenda

By: Thursday January 5, 2012 10:12 am

Richard Cordray spoke at the Brookings Institution today, on his first day as director of the Consumer Financial Protection Bureau. He laid out the mission of the agency as he sees it, and how it will use its expanded authorities over non-bank financial institutions. Cordray started by bearing witness to financial predators who have destroyed [...]

NLRB Nominees to Get Recess Appointments Too

By: Wednesday January 4, 2012 12:29 pm

White House Communications Director Dan Pfeiffer put out his rationale for the recess appointment of Richard Cordray, including some of the legal reasoning. Here are the facts: The Constitution gives the President the authority to make temporary recess appointments to fill vacant positions when the Senate is in recess, a power all recent Presidents have [...]

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