Cordray

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Yes, if you were watching Jon Stewart’s Daily Show last night on Comedy Central, you would have seen that one of his guests was CFPB Director Richard Cordray.  (A video of Director Cordray’s appearance can be viewed here.)  Director Cordray’s Daily Show appearance last night followed his appearance yesterday morning on Morning Joe, an MSNBC program. … Continue Reading

The CFPB showed its strong support for the Consumer Federation of America (CFA) during the first day of the CFA’s 2013 Financial Services Conference entitled, “The Consumer in the Financial Services Revolution.” CFPB Director Richard Cordray delivered a keynote address during which he stated that, “The Consumer Federation of America has been one of our foremost and fiercest allies for consumers … It is a special treat for me to speak today with a group that is so closely aligned to our own goals.”… Continue Reading

The CFPB could soon be joining the efforts of other federal regulators and New York authorities to deny ACH network access to certain online payday lenders and other businesses deemed to present risks to consumers.  In remarks last week to The Clearing House Annual Conference, Director Cordray spoke about the need to protect consumers “who find unexpected debits on their bank statements, or are victimized by third parties who may take inappropriate advantage of the efficiency and trust on which [the electronic payment] systems are built.”  … Continue Reading

Numerous media sources have reported that Senate Democrats “went nuclear” today and, by a vote of 52-48, voted to change Senate filibuster rules to only require 51 (a simple majority) rather than 60 votes for most Presidential nominees to proceed to a full Senate vote. 

Following Richard Cordray’s confirmation by the Senate as CFPB Director this past July, many observers questioned why Senate Republicans “caved.” … Continue Reading

According to a Bloomberg report by Carter Dougherty, Director Cordray confirmed last week that the CFPB will be looking at credit card rewards programs.  Director Cordray is reported to have indicated that the CFPB will be focusing on rewards program disclosures and considering the need for additional protections.  

The Bloomberg report also indicated that, according to an individual at the CFPB involved in the project, the CFPB’s interest in rewards programs was not triggered by consumer complaints, as complaints related to such programs represent only a small percentage of total credit card complaints received by the CFPB. … Continue Reading

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 set politics aside for the time being and does not plan to run for political office as long as he is CFPB Director. … Continue Reading

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 2015. 

The CFPB has continued to resist widespread calls for it to delay the rules, with Director Cordray trying to offer an olive branch by suggesting that the CFPB intends to take an approach of being reasonable in enforcement with lenders that have made a good faith effort to comply. … Continue Reading

The CFPB has responded to the October 30 letter it received from a bipartisan group of 22 U.S. Senators raising concerns about the fair lending auto finance bulletin issued by the CFPB this past March.  The Senators’ letter posed a series of questions and we expect many of the Senators will find the answers provided by the CFPB in its five-page letter dated November 4 to be less than satisfactory.  … Continue Reading