As part of the CFPB’s crusade against junk fees, CFPB Director, Rohit Chopra addressed credit report fees in prepared remarks at the Mortgage Bankers Association’s Secondary & Capital Markets Conference & Expo 2024. While Director Chopra began his remarks by commenting on the increasing cost of mortgage loan transactions, stating that both consumers and lenders are negatively affected, he focused most of his remarks on the increasing costs of obtaining consumer credit reports.… Continue Reading
CFPB Director Rohit Chopra Addresses Mortgage Post-Crisis Reforms and Importance of Consumer Protection Regulations
By Erik L. Johnson on
Consumer Financial Protection Bureau (CFPB) Director Rohit Chopra recently addressed The Mortgage Collaborative National Conference recounting the Congressional response to the mortgage industry crisis that began in 2008 that resulted in the creation of the CFPB. Mr. Chopra emphasized that challenges to the validity and authority of the CFPB could hurt the stability of the U.S.… Continue Reading
Cordray remarks to MBA signal continued CFPB focus on servicing, likely petition for rehearing in PHH case
By Richard J. Andreano, Jr. on
Posted in Mortgages, Regulatory and Enforcement
In his remarks at the Mortgage Bankers Association’s annual meeting in Boston on October 25, Director Cordray signaled that mortgage servicing will continue to be a focus of CFPB supervisory and enforcement activity, with the CFPB taking a rigorous approach to compliance.
While noting that the CFPB has seen “some progress” in compliance with CFPB mortgage servicing rules,” most notably efforts by certain servicers to adequately staff up effective compliance management programs,” Director Cordray stated that “many troubling issues persist.” … Continue Reading
CFPB: Industry should “start now” to comply with workplace diversity and inclusion standards
By Brian D. Pedrow on
On June 26, 2014, I participated in a panel presentation at the MBA Strategic Markets and Diversity Summit, in Washington, D.C. Stuart Ishimaru, Director of the Consumer Financial Protection Bureau’s Office of Minority and Women Inclusion, also sat on the panel.
The presentation focused on Section 342 of the Dodd-Frank Act and the proposed Interagency Policy Statement Establishing Joint Standards for Assessing the Diversity Policies and Practices (the Proposed Standards).… Continue Reading