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On Wednesday, July 15, CFPB Director Richard Cordray appeared before the Senate Committee on Banking, Housing, & Urban Affairs to answer questions regarding the Bureau’s Semi-Annual Report to Congress and the President, which it published on June 15, 2015.

Dir. Cordray observed that during the six month period covered by the report, from October 2014 through March 2015, the CFPB helped obtain more than $19 million in restitution for consumers through enforcement actions, including $2.5 million in relief for servicemembers for illegal debt collection practices, and more than $32 million in civil money penalties. … Continue Reading

Director Cordray was the only witness at the Senate Banking Committee’s hearing yesterday on the CFPB’s fourth Semi-Annual Report to Congress.  As a Committee member observed, Director Cordray’s appearance represented his first before the Committee since his July confirmation by the Senate as CFPB Director.  

Like the Committee’s April hearing on the CFPB’s third Semi-Annual Report, a significant portion of yesterday’s hearing focused on the CFPB’s data collection activities and followed a familiar script—Republican members raising privacy concerns and Mr.… Continue Reading

Collection documentation and medical debts proved to be the focus of much of yesterday’s  Senate Banking Committee hearing on the debt industry.  The witnesses were Corey Stone, CFPB Assistant Director, Office of Deposits, Cash, Collections, and Reporting Markets, and James Reilly Dolan, FTC Acting Associate Director, Division of Financial Practices. … Continue Reading

The Senate Banking Committee’s Subcommittee on Financial Institutions and Consumer Protection will hold a hearing on Wednesday, July 17 entitled “Shining a Light on the Consumer Debt Industry.”  The scheduled witnesses are Corey Stone, CFPB Assistant Director, Office of Deposits, Cash, Collections, and Reporting Markets, and Reilly Dolan, FTC Acting Associate Director, Division of Financial Practices.… Continue Reading

The only new item of information revealed by Director Cordray during his appearance yesterday before the Senate Banking Committee hearing (in response to a question from Senator Elizabeth Warren) was that he feels “quite sure” that  at least “some” of the results of the CFPB’s study of consumer arbitration will be publicly released this year.… Continue Reading

The Senate Banking Committee has announced that on April 23, 2013, it will conduct a hearing on the CFPB’s third Semi-Annual Report to Congress.  CFPB Director Richard Cordray is the only witness scheduled to appear.

According to the Consumer Bankers Association, Director Cordray is likely to be questioned about the CFPB’s data collection efforts. … Continue Reading