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Consumer Financial Protection Bureau director Richard Cordray spoke October 28 at the Mortgage Bankers of America annual convention. The chief topic was the CFPB’s upcoming Ability-to-Repay/Qualified Mortgage rule.
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.
In response to inquiries, five federal agencies have issued a statement offering guidance about the fair lending risk banks may pick up if they choose to only offer Qualified Mortgages.
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.
Rohit Chopra, the Student Loan Ombudsman for the Consumer Financial Protection Bureau, released his annual report this week analyzing private student loan complaints
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 Consumer Financial Protection Bureau fined two institutions a combined total of $459,000 in civil penalties for violating the Home Mortgage Disclosure Act (HMDA).
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.
In union with six other federal regulatory agencies, the Consumer Financial Protection Bureau jointly issued an interagency guidance on reporting financial abuse of older adults.
In coordination with the Office of the Comptroller of the Currency, the Consumer Financial Protection Bureau ordered Chase Bank USA, N.A. and JPMorgan Chase, N.A. to refund approximately $309 million to more than 2.1 million customers for what the CFPB termed illegal credit card practices.