News – Page 61 – CFPB Journal

Cordray 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.

CFPB studying ways to improve consumer financial capability, decision-making

The Consumer Financial Protection Bureau recently summarized progress in its efforts to promote financial literacy.

CFPB still anxious about student debt

In the wake of its announcement that student loan debt had passed the $1.2 trillion mark, the Consumer Financial Protection Bureau continues to focus on student loan debt.

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.

Mortgage servicing and compliance management problems

In its latest Supervisory Highlights report, the Consumer Financial Protection Bureau focused on mortgage servicing problems, although it also noted that many nonbanks which fall under CFPB supervision are “more likely to lack robust compliance management systems.”

Private student loan complaints 2012-2013

The Consumer Financial Protection Bureau recently released a mid-year update to its analysis of private student loan complaints, which it began collecting in March 2012.

Student Loan Debt Tops $1.2 Trillion

The Consumer Financial Protection Bureau released new estimates which place outstanding student loan debt near $1.2 trillion.

CFPB takes action against mortgage firm for compensation practices

On July 23, the Consumer Financial Protection Bureau filed a complaint against Castle & Cooke Mortgage, alleging that the Salt Lake City-based mortgage bank paid quarterly bonuses to loan officers who nudged borrowers into higher-cost loans.

How much will the CFPB spend now?

For more than two years, lawmakers in Congress fought over the Consumer Financial Protection Bureau’s structure.

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.