Category Archives: October 2013 Articles

In an unrehearsed, question-and-answers session at the American Bankers Association’s annual convention, Consumer Financial Protection Bureau Director Richard Cordray didn’t mince words about the bureau’s mortgage rules which take effect in January 2014. After implementation, regulators will need a few months before they can examine around the new rules in a meaningful way, he said, adding that regulators will work with banks so long as they make good faith efforts to comply with the rules.

On October 17, the Consumer Financial Protection Bureau avoided trial in a lawsuit brought by a litigation support company, Morgan Drexen Inc., which challenged the CFPB’s constitutional right to exist. U.S. District Judge Colleen Kollar-Kotelly sided with the CFPB.

In response to data released by the American Bankers Association meant to convince the CFPB to delay the effective date of its mortgage rules, CFPB Director Richard Cordray said the bureau will not change the onset date of its rules, which go into effect January 2014.

The Bipartisan Policy Center released a comprehensive study of the Consumer Financial Protection Bureau. While praising some aspects of the CFPB’s first two years, the report expressed concerns about transparency at the federal agency.