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Bankers can take comfort; the majority of the Consumer Financial Protection Bureau’s objectives for the next year touch non-banks more than banks, according to CFPB Director Richard Cordray’s comments at the Bureau’s Consumer Advisory Board meeting on Feb. 20.
Small businesses share community banks’ sentiments about too-big-to-fail banks and the Consumer Financial Protection Bureau, according to survey results collected by Small Business Majority, a small business advocacy group.
Since July 2012, credit card complaints received by the Consumer Financial Protection Bureau have been posted on the Bureau’s website for all to see.
On Jan. 22, the Consumer Financial Protection Bureau delayed the implementation of its final international remittance transfer rule to give the public time to comment on proposed changes intended to address community bankers’ concerns.
The Consumer Financial Protection Bureau released its final rule on compensation for mortgage originators on Jan. 22.
With the ability-to-repay rule and qualified mortgage rule release just a week ago, on Jan. 10, the Consumer Financial Protection Bureau has now released an additional set of rules for mortgage servicing.
While meetings with the Consumer Financial Protection Bureau have brought community bankers in Illinois cautious optimism about future regulation from the agency, a meeting with the Bureau did not comfort bankers in Indiana.
While at first the CFPB Community Bank Advisory Council appeared to be a public relations maneuver, bankers attending the council’s meetings have found Consumer Financial Protection Bureau Director Richard Cordray and his staff responsive to their concerns.
The Consumer Financial Protection Bureau has launched an initiative to encourage consumer-friendly innovation in financial products.
Raj Date, the man on Director Richard Cordray’s right hand, will leave the Consumer Financial Protection Bureau after it completes its mortgage rules, likely sometime in 2013.