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Author archive: Richard Cordray

CFPB Director Richard Cordray’s Prepared Lecture on Economic Rights as Civil Rights at Michigan State University

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My speech today is intended as an incremental contribution to the year-long conversation on civil and human rights that Michigan State University has commenced through the project known as 60/50. Across the country, this year has marked significant anniversaries for civil rights milestones. It is the 60th anniversary of the Supreme Court’s decision in Brown v. Board of Education, which held that segregated schools in America are unconstitutional and struck down the previously accepted doctrine of “separate but equal.” And it is the 50th anniversary of the Civil Rights Act of 1964, which banned discrimination in public accommodations, employment, and other areas.

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Prepared Remarks of CFPB Director Richard Cordray at Forum on Access to Checking Accounts

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Thank you for joining our forum to explore how consumers are affected by checking account screening policies and practices. Today we will look at how these practices work and raise questions about whether they unfairly block some consumers from opening checking accounts, while exposing other consumers to inappropriate risk. We look forward to a fruitful discussion that advances our understanding of these issues.

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Prepared Remarks of CFPB Director Richard Cordray on the Flagstar Enforcement Action Press Call

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Today the Consumer Financial Protection Bureau is taking its first enforcement action under the Bureau’s new mortgage servicing rules. We are entering an order against Michigan-based Flagstar Bank for violating those rules by failing borrowers and illegally blocking them from trying to save their homes. Flagstar took excessive time to process borrowers’ applications, did not tell them when their applications were incomplete, denied loan modifications to qualified borrowers, and illegally delayed finalizing permanent loan modifications. These unlawful practices caused many consumers to lose the homes they had been trying to save. That is wrong and it is unacceptable.

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Prepared Remarks of CFPB Director Richard Cordray at the Announcement on Public Service and Student Debt

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Thank you. Student loan debt is one of the most significant burdens facing our young people, and it certainly hits close to home for a growing number of Americans. Many of us here borrowed to pay for college and many are still repaying our obligations today. We are well aware of what this issue means for each of us, for our peers, and for our entire nation.

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