The Consumer Financial Protection Bureau will create a community bank advisory panel, Director Richard Cordray told a congressional committee at a hearing on Jan. 31. The panel will advise the director of community banker concerns and on the effects of CFPB actions.
Despite a memo from the Justice Department defending the President’s recess appointment of Richard Cordray, Obama’s actions have raised significant constitutional issues and, in turn, more uncertainty for the banking industry.
The Consumer Financial Protection Bureau had a fitting announcement for Martin Luther King, Jr. Day: the creation of the Bureau’s Office of Minority and Women Inclusion.
The target of the Consumer Financial Protection Bureau’s first nonbank investigation is PHH Corp., one of the nation’s largest nonbank mortgage lenders.
Five-plus months after the official opening of the Consumer Financial Protection Bureau, the bureau finally got to kick off its nonbank supervision program.
President Obama made a recess appointment on Jan. 4, announcing that Richard Cordray will lead the Consumer Financial Protection Bureau.
Eugene A. Ludwig is founder and CEO of Promontory Financial Group. He was U.S. Comptroller of the Currency from 1993 to 1998. Promontory, based in Washington, D.C., is a global financial services consulting firm, with a focus on risk management and compliance. He was interviewed by CFPB Journal writer Justin Dullum
Banks will have to walk a fine line between sound lending and potential discrimination in the age of the Consumer Financial Protection Bureau.
Will President Obama finally appoint Richard Cordray as director of the Consumer Financial Protection Bureau during the next congressional recess, which will begin by Jan. 3?
On Dec. 8, the CFPB announced its Ombudsman’s Office for banks, nonbank lenders and consumers.