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Thank you all for joining us here today. It has long been ingrained in the fabric of our country that if you work hard, study well, and act responsibly, you can get ahead in life. In fact, that is why all of us are here—to help ensure that idea remains true. Benjamin Franklin once said, “An investment in knowledge always pays the best interest.” From a young age, we impress upon our children that education can be an important milestone on the pathway to opportunity. That has been true in my own life, and I am sure it is true for many people here in this room.
Five federal regulatory agencies today issued a statement to address industry questions about fair lending risks associated with offering only Qualified Mortgages. Creditors have asked for clarity regarding whether the disparate impact doctrine of the Equal Credit Opportunity Act (ECOA) and its implementing regulation, Regulation B, allows them to originate only Qualified Mortgages. For the reasons described in the statement, the five agencies do not anticipate that a creditor’s decision to offer only Qualified Mortgages would, absent other factors, elevate a supervised institution’s fair lending risk.
The Consumer Financial Protection Bureau (CFPB) today published the procedures it will use in examining institutions that make remittance transfers for consumers. The Bureau is also releasing eRegulations, an online tool designed to make regulations easier to understand.
Prepared Remarks of Richard Cordray Director of the Consumer Financial Protection Bureau American Bankers Association Annual Convention New Orleans, Louisiana October 21, 2013 Thank you Frank, and thank you all so much for inviting me to speak this morning as part of your discussion about how to spur economic recovery in this country. We appreciate […]
Today, the Consumer Financial Protection Bureau (CFPB) Student Loan Ombudsman released a report analyzing complaints the CFPB has received from private student loan borrowers. According to the report, private student loan borrowers face payment processing pitfalls that can lead to increased costs, prolonged repayments, and harm to their credit profiles. The CFPB is also issuing a consumer advisory today to help certain borrowers communicate their payment preferences to servicers, so they can take better control of their student loans.
Today, the Consumer Financial Protection Bureau (CFPB) is releasing a bulletin and interim final rule to provide greater clarity to the market concerning mortgage servicing rules that take effect in January 2014. The clarifications address communications with family members after a borrower dies, contact with delinquent borrowers, and treatment of consumers who have filed for bankruptcy or invoked certain protections under the Fair Debt Collection Practices Act.
Board of Governors of the Federal Reserve System Consumer Financial Protection Bureau Federal Deposit Insurance Corporation National Credit Union Administration Office of the Comptroller of the Currency Washington, DC – Five federal regulatory agencies encourage financial institutions to work with customers affected by the federal government shutdown. Prudent workout arrangements that are consistent with safe-and-sound […]
Thank you Chairman Gruenberg. The Bureau enjoys an outstanding working relationship with the FDIC. On behalf of Director Cordray, thank you for your continued leadership on matters concerning the unbanked. I appreciate the opportunity to be with you all today to talk about the important mission of expanding and improving services for some of the most vulnerable among us—the unbanked and underbanked. We all witnessed the toll the recent financial crisis took, particularly on the underserved populations. By way of background, I am a career bank regulator having started in this line of work over 23 years ago as an entry-level bank examiner. In my prior capacity, I had a mandate to ensure compliance with safety and soundness, consumer protection, the Community Reinvestment Act, and fair lending.
Today, the Consumer Financial Protection Bureau (CFPB) ordered Mortgage Master, Inc. and Washington Federal to pay civil penalties for violating the Home Mortgage Disclosure Act (HMDA), which requires certain mortgage lenders to accurately collect and report data about home mortgage loans. Mortgage Master will pay $425,000 and Washington Federal will pay $34,000 in civil penalties. The CFPB is also releasing a bulletin today that puts mortgage lenders on notice about the importance of submitting correct mortgage loan information under HMDA.
Prepared Remarks of Richard Cordray Director of the Consumer Financial Protection Bureau Council for Economic Education Annual Financial Literacy and Economic Education Conference Baltimore, Maryland October 3, 2013 Thank you, Nan, for that introduction. You and your entire team at the Council for Economic Education are to be commended for the work you do to […]
Prepared Remarks of Steve Antonakes Deputy Director of the Consumer Financial Protection Bureau Meracord Enforcement Press Call October 3, 2013 Today the Consumer Financial Protection Bureau is taking action against Meracord LLC, a leading debt-settlement payment processor, for helping debt-settlement companies collect illegal fees from consumers. Once approved by a federal district judge, our proposed […]
Payment Processor to Pay $1.376 Million for Aiding Illegal Practices by Debt-Settlement Companies WASHINGTON, D.C. – Today, the Consumer Financial Protection Bureau (CFPB) announced an enforcement action against Meracord LLC, a leading debt-settlement payment processor, for allegedly helping others to collect millions of dollars in illegal upfront fees from consumers. The Bureau has asked a […]
The Consumer Financial Protection Bureau (CFPB) today released a report detailing how the Credit Card Accountability Responsibility and Disclosure Act of 2009 (CARD Act) reduced penalty fees and made the cost of credit cards clearer to consumers. The report found that total cost of credit declined by two percentage points between 2008 and 2012 but that there are still areas of concern in the credit card market.
Thank you so much for being here with us today. I am always happy to be back in Chicago, where I spent three good years as a law student. We are hosting this field hearing to discuss the effects of the Credit Card Accountability Responsibility and Disclosure Act, a law commonly known as the CARD Act. The CARD Act was passed with the specific goal of making the credit card market fairer and more transparent for consumers. Today, we are releasing a report that Congress required us to prepare about the impact of the CARD Act on the marketplace.
Prepared Remarks of Richard Cordray Director of the Consumer Financial Protection Bureau CFPB Banking on Campus Forum September 30, 2013 Thank you for joining the Consumer Financial Protection Bureau today for our Banking on Campus forum. I am pleased to welcome officials from the Department of Education, the Department of the Treasury, the Federal Deposit […]