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Tag Archives: Richard Cordray

Cordray Addresses Income Inequalities

While many enjoyed their Labor Day Monday, Consumer Financial Protection Bureau Director Richard Cordray attended the American Federation of Labor and Congress of Industrial Organizations Labor Day Picnic to discuss three forms of financial inequality deepening the divide between those trying to stretch their dollar and the wealthy.

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CFPB Wins a Battle in Ocwen Case

For going on two months, Ocwen Financial Corporation, the country’s largest nonbank mortgage loan servicer, and the Consumer Financial Protection Bureau (CFPB) have been at odds. Beginning in late April, the CFPB sued Ocwen and its subsidiaries claiming that they have been “failing borrowers at every stage of the mortgage servicing process.” Now, a federal judge has delayed Ocwen’s bid to test the constitutionality of the CFPB.

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Industry Group Launches Diversity Effort

The mortgage industry has taken a big step toward diversification thanks to one its largest professional groups. On Wednesday, the Federation of REO Certified Experts—or FORCE, for short—announced the launch of its Diversity Council, a team dedicated to embracing and encouraging diversity in the REO, default servicing, and mortgage industries at large. The council will consist of six unique committees: Latino Professionals in FORCE, Asian Professionals in FORCE, Black Professionals in FORCE, Women Professionals in FORCE, LGBT Professionals in FORCE, and Veteran Professionals in FORCE.

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Older Americans Lodge Reverse Mortgage Complaints with CFPB

Reverse mortgages are one of the most-complained about financial products for older Americans, with a new CFPB report showing servicing issues, communication problems, and difficulty changing loan terms as a common concern for consumers 62 and older. This group also reports issues with financial scams, confusion around deferred-interest credit cards, and being charged for unauthorized add-on products and services. Aging Americans are at a higher risk for financial exploitation, according to CFPB Director Richard Cordray.

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