Cordray

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A joint comment letter on the CFPB’s ANPR on debt collection practices was submitted by the American Bankers Association, the Consumer Bankers Association, and the Financial Services Roundtable.  In their letter, the trade groups noted an “unexplained inconsistency” between the number of debt collection complaints publicly reported by Director Cordray and the number of such complaints posted on the CFPB’s Consumer Complaint Database.  … Continue Reading

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 CFPB Director.  With regard to all but one document, the court agreed with the CFPB’s position that it was entitled to rely on the deliberative process privilege, the attorney client/attorney work product privilege, or the presidential communications privilege to withhold certain records.  … Continue Reading

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 reforms.  However, he did make some noteworthy comments on prepaid cards offered by states and local governments for wages and other government payments. … Continue Reading

Credit reporting was the first industry targeted by the CFPB using its “larger participant” supervisory authority. As demonstrated by the CFPB’s actions last week, credit reporting continues to be a high CFPB priority and is likely to remain as such for the foreseeable future.

On February 27, CFPB Director Richard Cordray delivered remarks before a meeting of the CFPB’s Consumer Advisory Board.… Continue Reading

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 employees. During the field hearing, CFPB Director Richard Cordray, who also serves as the FLEC vice chair, delivered remarks encouraging employers to voluntarily implement financial education programs for their employees.… Continue Reading

According to a report by Kim Chipman and Carter Dougherty of Bloomberg, in a Q&A with state attorneys general that followed a speech today in Washington, D.C. to the National Association of Attorneys General, Director Cordray said that issues relating to payday and title loans and other small-dollar lending products will be “very much on the [CFPB’s] plate” in 2014. … Continue Reading

The CFPB’s collaboration with state attorneys general was the focus of Director Cordray’s remarks today to the National Association of Attorneys General.  Director Cordray discussed the role of such collaboration in various CFPB enforcement actions, including its actions against Payday Loan Debt Solutions and CashCall.  He also commented that in addition to cases that have resulted in public filings, “our teamwork is much more deeply embedded” with the CFPB “speaking with, meeting with, or working with” state AG offices on a daily basis. … Continue Reading

CFPB Director Richard Cordray, who was an undefeated, five-time Jeopardy! champion, will be returning to the show this Wednesday, February 5.  He will be participating in
the “Battle of the Decades,” a special that brings back former champions to celebrate the show’s 30th anniversary.  Mr. Cordray will be part of “1980s week,” having won $45,303 in 1987. … Continue Reading

A recent Washington Post article entitled “A watchdog grows up: The inside story of the Consumer Financial Protection Bureau” makes for entertaining reading for anyone interested in learning more about the CFPB’s history.   Here are some highlights: 

  • The CFPB’s early days were marked by clashes over the CFPB’s mission.  One camp, that included many who came to the CFPB from the Fed and private sector, wanted to strive to make financial institutions more transparent so that consumers could make informed decisions. 
… Continue Reading