RSSCordray says prepaid cards are top priority
Regulation for the prepaid card market is “a real front-burner issue for the CFPB,” the agency’s Director Richard Cordray told the Washington Post on Sept. 11.
Author Archives: Matthew Doffing
One-time state regulator promoted to CFPB deputy director
On Sept. 4, Steve Antonakes was named Deputy Director of the Consumer Financial Protection Bureau. The former commissioner of banking for the State of Massachusetts had been Acting Deputy Director.
As community banks leave mortgage market, former CFPB official prepares to benefit
The ex-CFPB Deputy Director Raj Date has attracted criticism for creating a mortgage company which competes in nonqualified mortgages, a category of loan he helped create at the CFPB. While Date’s conduct has its critics and defenders, one thing is certain. Community banks have been pushed out of the mortgage business by the rules Date helped write, and Date’s company now plans to soak up the extra loans.
Midwest bankers comfortable with Cordray’s confirmation
As the congressionally confirmed director of the Consumer Financial Protection Bureau, Richard Cordray no longer needs to win the approval of lawmakers in Congress.
CFPB updates its rulemaking agenda
Participating in the Office of Management and Budget’s initiative to publish an agenda of federal regulatory actions, the Consumer Financial Protection Bureau has published its plans for the coming year.
CFPB gives banks tips for currying its favor
On June 25, the Consumer Financial Protection Bureau released a bulletin informing banks of ways they can favorably affect the ultimate resolution of an enforcement action from the bureau.
CFPB steps toward mortgage-regulation relief for small banks
In the last two weeks, small banks have seen some accommodation from the Consumer Financial Protection Bureau on mortgage loans.
CFPB officials write rules, push small banks out of mortgages and take market share
Speaking of picking winners and losers in the private sector, sometimes government officials get to choose someone familiar to be the winner: themselves.
CFPB expands its complaint data base
On May 31, the Consumer Financial Protection Bureau added another wave of complaint data to its complaint database, expanding the number of publicly reported complaints to 113,000.
DOJ charges debt-settlement company in first-ever criminal charge based on CFPB referral
The Consumer Financial Protection Bureau was created as a watchdog. Not just a rulemaking and regulatory agency, it also was chartered to crack down on wrongdoing in financial markets. But, while the bureau has collected penalties from transgressing financial institutions, it never has been responsible for criminal charges.
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