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Tag Archives: Consumer Financial Protection Bureau

Cordray Fends Off Continuing Concerns, Criticism at Hearing

Newly appointed Consumer Financial Protection Bureau director Richard Cordray fended off another round of concern and criticism at a congressional hearing Tuesday even as he portrayed Congress as an important check on the bureau├â┬ó├óÔÇÜ┬¼├óÔÇ×┬ós power. Lawmakers from both sides of the aisle stayed true to their parties├â┬ó├óÔÇÜ┬¼├óÔÇ×┬ó positions by alternately casting Cordray├â┬ó├óÔÇÜ┬¼├óÔÇ×┬ós recess appointment as a potentially dangerous abuse of presidential power and as a needed solution to congressional gridlock.

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Obama Proposes New Lending Oversight, Refi Modifications

President Barack Obama used his State of the Union address Wednesday to tout his accomplishments and propose several new housing ventures, including possible expansions to refinance programs, consumer financial protection, and new federal initiatives to combat abusive lending practices. The speech weighed in on risky lending practices in particular and went after Republicans for their opposition to his policies, including consumer financial protection. Experts remain on the sidelines about an expanded refinance program.

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Cordray Defends CFPB at First Congressional Hearing

An awkward and slightly tense air greeted Consumer Financial Protection Bureau director Richard Cordray at his first congressional hearing Tuesday, where the new appointee cast his agency as one that would strive to reduce duplication and increase transparency. Although careful in their approach to the new director, Republican committee members frequently cited their concerns about federal overreach, the constitutionality of his recess appointment, and interests for transparency. The CFPB can now supervise nonbank financial entities.

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CFPB, FTC Sign Agreement to Share, Clarify Powers

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The Consumer Financial Protection Bureau and Federal Trade Commission signed an agreement Monday to eliminate regulatory overlap by frequently sharing information about investigations and rulemaking proposals. A Memorandum of Understanding obliges the agencies to meet no less than once quarterly to share information, notify each other of action pending against entities, and coordinate training exercises for examiners and personnel. The agreement fulfills provisions under the Dodd-Frank Act that charge the agencies with signing a memorandum.

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Group: Don’t Blame Appraisers for Housing Conditions

Enough is enough, the Appraisal Institute said Tuesday, defending the role of appraisers in a statement and two separate guidelines. The trade group came out swinging on behalf of appraisers and appraisal management companies, arguing their independence and professionalism in a down market that consistently sees analysts, Realtors, and bankers on the offensive. The statements and guidelines pointed to appraisers as independent observers hard at work for lenders, not buyers or sellers, reaffirming their sense of judgment, market analysis, and roles in the housing industry.

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Huntsman’s Departure Highlights Politics of Housing Finance

And then there were five. Republican presidential hopeful and former Utah Gov. Jon Huntsman threw his support Monday behind frontrunner and former Massachusetts Gov. Mitt Romney. Not unlike his fellow candidates ├â┬ó├óÔÇÜ┬¼├óÔé¼┼ô or the incumbent himself ├â┬ó├óÔÇÜ┬¼├óÔé¼┼ô Huntsman left out any mention of housing finance reform and homeowners as issues for voters in the 2012 general election. Recent polls suggest that the political will exists to make housing finance policy a platform issue. MReport speaks with the experts to better understand housing finance policy and politics.

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Justice Department Memo Defends Cordray Appointment

The Justice Department issued a legal opinion Thursday in which it backed President Barack Obama's decision to recess appoint Richard Cordray director of the Consumer Financial Protection Bureau last week. The agency wrote that three-day pro forma sessions fail to constitute an actual session for the Senate. Obama riled the industry when he appointed Cordray and several others despite three-day sessions in which several lawmakers would meet without filing motions to consider nominees or legislation. Critics charge that the decision breaks with years of legal precedent under the agency.

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New CFPB Director Promotes Deputy Directors

Not two days after his recess appointment, newly minted Consumer Financial Protection Bureau director Richard Cordray named de facto leader Raj Date his second-in-command. Date has led the CFPB since it went live in July, serving as day-to-day operations chief and testifying before Congress on its behalf. With degrees from the University of California and Harvard Law, he earned marks from the financial services industry with past roles at Capital One and Deutsche Bank. Cordray also made a string of other appointments at the bureau.

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Obama Praises, Meets With Cordray, CFPB Staff

President Barack Obama stopped by the Consumer Financial Protection Bureau earlier Friday to welcome the staff and new director Richard Cordray. The chief executive sent shockwaves around the mortgage servicing and lending industries Wednesday by making the controversial decision to recess appoint Cordray as CFPB director. The move bypassed lawmakers in the Senate, namely 44 Republicans that vowed earlier this year to block any nominee for the bureau, no matter the party affiliation.

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With Cordray Director, CFPB Steps Up Nonbank Supervision

The Consumer Financial Protection Bureau made clear Thursday that it will exercise its full authority to supervise a host of nonbank financial entities, with mortgage originators, brokers, servicers, and others in plain view. The bureau, newly empowered by Richard Cordray├â┬ó├óÔÇÜ┬¼├óÔÇ×┬ós recess appointment Wednesday, offered up a video in which the new director addressed a virtual audience Thursday. The bureau released an 800-plus-page manual for nonbank examiners detailing their examination procedures, which focus on an entity├â┬ó├óÔÇÜ┬¼├óÔÇ×┬ós volume of business, services, and products.

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