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Tag Archives: Richard Cordray

CFPB Releases Guidance on Mini-Correspondent Brokers

The CFPB issued guidance to curb brokers transitioning into the "mini-correspondent" model in the hopes of avoiding rules affecting broker compensation. "Today we are putting companies on notice that they cannot avoid those rules by calling themselves by a different name," commented CFPB Director Richard Cordray with the release of the new guidance.

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House Committee Turns Up Heat on Cordray

A week after appearing before the Senate Banking Committee, Consumer Financial Protection Bureau (CFPB) Director Richard Cordray traveled back up the hill again on Wednesday to review the bureau's semi-annual report and take questions from the House Financial Services Committee. At the hearing, committee members asked Cordray to address a number of issues surrounding the embattled agency.

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Cordray Faces Grilling in Senate Committee Hearing

CFPB Director Richard Cordray appeared Tuesday in front of the Senate Banking Committee, and as always, the proceedings were contentious. At the hearing, a myriad of topics were discussed, including mortgages, student loans, and proposed data collection efforts for the National Mortgage Database.

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Cordray: Student Debts Undermining Housing

Speaking before an audience in Boulder, Colorado, Consumer Financial Protection Bureau (CFPB) Richard Cordray addressed the growing amount of student loan debt—$1.2 trillion and counting—and how it will have negative ramifications on the housing market in the future.

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2013 in Review: The Consumer Financial Protection Bureau

CFPB

Mortgage industry commentators may argue (and they certainly have) about the Consumer Financial Protection Bureau's (CFPB) performance over the last year, but one thing is certain: The bureau knows how to command headlines. Early this year, CFPB finally issued its long awaited Qualified Mortgage (QM) guidelines along with a slew of other finance regulations. With the future of housing finance on the line, it's no wonder readers of theMReport.com couldn't tear themselves away from the news.

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Senate Confirms Cordray in 66-34 Vote

The U.S. Senate voted Tuesday to confirm Richard Cordray as director of the Consumer Financial Protection Bureau (CFPB). According to the Senate website, Cordray was confirmed in a 66-34 vote. President Obama installed Cordray as a recess appointment in 2012, a move that attracted criticism from opponents, who say the Senate was not actually in recess. Critics of the CFPB had vowed not to confirm any nomination for director until the agency saw substantial changes.

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Cordray, Senate Committee Clash over CFPB Data Collection

Consumer Financial Protection Bureau (CFPB) director Richard Cordray faced a contentious Senate Banking Committee Tuesday for his semi-annual report to Congress. A particular point of debate was the joint effort between CFPB and the Federal Housing Finance Agency (FHFA) to establish a national mortgage database that includes information such as borrower profiles, payment history, and mortgage products and terms on loans--an idea one senator described as "creepy."

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Cordray Faces Senate Committee for Nomination Hearing

Richard Cordray, director of the Consumer Financial Protection Bureau (CFPB), sat once again on Tuesday in front of the Senate Banking Committee, this time to present his case to continue leading the consumer agency. While some had expected a contentious round of questioning from Republicans critical of CFPB in its current form, the proceedings were generally cordial, with Cordray and commitee members agreeing to work together to maximize transparency and accountability at the bureau.

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Senate Democrats Urge Reappointment of CFPB Leader

Fifty-four Senate Democrats and Independents issued a letter to the president last week defending the Consumer Financial Protection Bureau (CFPB) and pledging to support the re-appointment of current director Richard Cordray. In their letter, Cordray's Senate supporters decried the opposition's efforts as an attempt to "weaken the CFPB through structural changes" from "a minority of Senators [who] do not support the existence of the agency." The issue of Cordray's nomination comes at a pivotal time for CFPB.

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