On December 22, 2017, the Department of Justice responded to the preliminary injunction motion (“PI motion”) filed by the Lower East Side People’s Credit Union (“People’s”) in its lawsuit challenging Mick Mulvaney’s appointment as CFPB Acting Director.  People’s lawsuit was filed in the U.S. District Court for the Southern District of New York after Leandra

Could the CFPB be worried that its ability-to-repay/qualified mortgage rule is already contracting the availability of mortgage credit?  In his remarks earlier this week to the Credit Union National Association, Director Richard Cordray told mortgage executives that “the current mortgage market is so tight that lenders are leaving good money on the table by not

We received an email from one of our readers, reporting on a recent meeting between CFPB Director Cordray and representatives of the South Dakota banking and credit union industries. We very much appreciate the report and encourage other readers to share their observations with us. Topics addressed in the meeting included the impact of consumer regulation on small banks and the ability to provide financial products and services; competition between community banks and credit unions and large banks; regulatory uncertainty regarding new products; the need for payday loans or payday loan alternatives; and preparations for going after payday lenders (presumably only lenders deemed to be in violation of UDAAP or other laws). For the full report (with identifying information deleted), click below:
Continue Reading Reader of CFPB Monitor reports on April 13 Richard Cordray Q&A with SD community bankers and credit unions