July 19, 2013 |
WASHINGTON - President Obama on Wednesday hailed Richard Cordray's long-awaited confirmation as head of the Consumer Financial Protection Bureau, saying his installation gives consumers a stronger footing "for years to come" in dealings with banks and credit card companies. Obama, the beneficiary of a Senate agreement Tuesday that cleared the way for a number of his nominations, said Cordray's confirmation eliminates any lingering doubts about the authority of the consumer agency, whose creation was one of the key features of a 2010 financial regulation law and has long been a point of contention with Republicans.
May 16, 2015 |
The Consumer Financial Protection Bureau (CFPB) on Thursday began a public inquiry into student loans. The bureau is seeking information from the public including: industry practices that create repayment challenges; hurdles for distressed borrowers; and economic incentives that may affect the quality of loan servicing. To give information about your student loan repayment problems, visit the CFPB's website ( www.consumerfinance.gov ). The CFPB asks the public to not include account numbers or Social Security numbers when filing.
November 8, 2015 |
Maybe it's my sense of humor, but this recent comment by Richard Cordray, director of the Consumer Financial Protection Bureau, made me chuckle: "Despite strong protections that have been put in place to protect homeowners, this month's complaint report shows consumers are still having problems when dealing with their mortgages. " I'd like to think that all the federal government has to do is snap its collective fingers and all our problems will go away, but I wasn't born yesterday.
May 13, 2012 |
Last week's financial news included reports of a monster investment loss at JPMorgan and new rules for salvaging failed banks. Here are some sites for tracking banks' health and oversight. Who's in charge? This chart at the Fiscal Times website might simply confirm many folks' worries that bank oversight is so complicated that it makes no sense. Various commissions, departments and bureaus oversee certain activities of banks, while an assortment of agencies, now including the Consumer Financial Protection Bureau, try to look after consumer interests.
August 16, 2012 |
Six federal regulatory agencies proposed a rule Wednesday to establish appraisal requirements for what they termed "higher-risk" mortgages. As defined by the 2010 Dodd-Frank Wall Street Reform Act, a high-risk mortgage is one secured by a consumer's home that has an interest rate above a threshold defined by a new section of the Truth in Lending Act. The proposed rule would require a creditor to use a licensed or certified appraiser who...
July 20, 2011
WE COULD have told President Obama that backing off from nominating Elizabeth Warren to head the Consumer Financial Protection Bureau would not make it any easier to get the bureau off the ground. In fact, we did tell him, but it was no great feat of prognostication. Congressional Republicans made it clear that, even though they were brutally demonizing Warren - who has built the agency and was the hands-on best choice to lead it - it wasn't about her, really. They want to cripple the bureau.
June 7, 2015 |
The Consumer Financial Protection Bureau ordered mortgage lender and servicer PHH Corp., of Mount Laurel to pay more than $109 million within 30 days for accepting loan kickbacks in the form of reinsurance premiums. Bureau director Richard Cordray affirmed late Thursday an administrative law judge's ruling that PHH, one of the nation's top 10 home lenders, violated the Real Estate Settlement Procedures Act when it accepted kickbacks for mortgages that closed on or after July 21, 2008.
December 17, 2012
"Clearly, the fiscal cliff is having effects on the economy. This is a major risk factor right now. " - Fed chairman Ben Bernanke, in a speech in which he tied low interest rates to the unemployment levels. "If consumers are not checking their [credit] reports, these errors can persist and pop up when a consumer can least afford them . . . " - Richard Cordray, director, Consumer Financial Protection Bureau, on uncorrected reports by the credit bureaus. "The labor market might be improving a bit quicker than expected.
August 16, 2014 |
The Consumer Financial Protection Bureau has forced a retail chain, USA Discounters, to pay $400,000 and a mortgage lender, Amerisave Mortgage Corp., and its owner to pay more than $20 million in refunds and penalties for deceptive charges imposed on service members and home buyers, the agency said this week. The CFPB said Amerisave used a deceptive "bait-and-switch" scheme, luring customers with mortgage rates available only to people with an unusually high FICO credit score of 800 - even when they had entered a lower score on a referral site that led to Amerisave.
March 28, 2015 |
Stepping gingerly into one of the finance industry's longest-running controversies, the Consumer Financial Protection Bureau said Thursday that it has begun shaping rules to govern payday loans and other small, short-term credit offered at triple-digit interest rates - products that consumer advocates have for years labeled debt traps. The agency's announcement - quickly embraced by President Obama, blasted by lenders' lobbyists, and hesitantly welcomed by advocacy groups - was long foreseen.