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Category: Speech |
Published

Prepared Remarks of Richard Cordray, Director of the CFPB, at the National Association of Federal Credit Unions

Good morning and thank you for having me join you today. For five years now, the Consumer Financial Protection Bureau and America’s credit unions have had the opportunity to work together on behalf of all Americans. Our responsibility is to support and protect consumers. For credit unions, these same people are more than your customers; they are your members. We share many goals in common as we pursue our respective objectives, and we have a considerable stake in one another’s success.

Category: Speech |
Published

Prepared Remarks of CFPB Director Richard Cordray at the Mortgage Bankers Association Annual Convention

Thank you for inviting me today.  As we continue to emerge from the Great Recession, the housing market is finally rebounding in many areas around the country.  It is a very positive development, one that is good for consumers, good for the mortgage industry, and good for the United States of America.  Just to be […]

Category: Press release |
Published

CFPB Finalizes Rule to Improve Information About Access to Credit in the Mortgage Market

Bureau Takes Steps to Simplify the Reporting Process for Financial Institutions WASHINGTON, D.C. — Today, the Consumer Financial Protection Bureau (CFPB) finalized a rule to improve information reported about the residential mortgage market. The rule will shed more light on consumers’ access to mortgage credit by updating the reporting requirements of the Home Mortgage Disclosure […]

Category: Testimony |
Published

Written Testimony of CFPB Director Richard Cordray Before the House Committee on Financial Services

Chairman Hensarling, Ranking Member Waters, and Members of the Committee – thank you for the opportunity to testify today about the Consumer Financial Protection Bureau’s latest Semi-Annual Report to Congress. We appreciate your continued oversight and leadership as we work together to strengthen our financial system and ensure that it serves consumers, responsible businesses, and […]

Category: Press release |
Published

Federal Financial Institutions Examination Council Announces Availability of 2014 Data on Mortgage Lending

The Federal Financial Institutions Examination Council (FFIEC) today announced the availability of data on mortgage lending transactions at 7,062 U.S. financial institutions covered by the Home Mortgage Disclosure Act (HMDA). Covered institutions include banks, savings associations, credit unions, and mortgage companies. The HMDA data made available today cover 2014 lending activity, and include applications, originations, […]

Category: Press release |
Published

Federal Financial Institutions Examination Council Announces Availability of 2013 Data on Mortgage Lending

The Federal Financial Institutions Examination Council (FFIEC) today announced the availability of data on mortgage lending transactions at 7,190 U.S. financial institutions covered by the Home Mortgage Disclosure Act (HMDA). Covered institutions include banks, savings associations, credit unions, and mortgage companies. The HMDA data made available today cover 2013 lending activity, and include applications, originations, purchases and sales of loans, denials, and other actions related to applications.

Category: Press release |
Published

CFPB Proposes Rule to Improve Information About Access to Credit in the Mortgage Market

WASHINGTON, D.C. — Today, the Consumer Financial Protection Bureau (CFPB) proposed a rule to improve information reported about the residential mortgage market. The rule would shed more light on consumers’ access to mortgage credit by updating the reporting requirements of the Home Mortgage Disclosure Act (HMDA) regulations. The Bureau also aims to simplify the reporting process for financial institutions.

Category: Press release |
Published

CFPB Takes Steps to Improve Information About Access to Credit in the Mortgage Market

WASHINGTON, D.C. — Today, the Consumer Financial Protection Bureau (CFPB) is taking steps to improve information reported about the residential mortgage market to help better understand borrowers’ access to credit. As a first step in the rulemaking process, the CFPB is convening a panel of small businesses to provide feedback on potential changes to mortgage information reported under the Home Mortgage Disclosure Act (HMDA). Today the Bureau is also unveiling a new online tool that makes it easier to navigate the publicly available HMDA data.

Category: Speech |
Published

Prepared Remarks of CFPB Director Richard Cordray on the HMDA Press Call

Thank you for joining us. Today we are taking important steps to improve information about the residential mortgage market. As Congress required in the Dodd-Frank Act, we are considering proposing rules that would make changes in how financial institutions report their mortgage activity. One of the main purposes of this effort is to gain greater insight into issues about access to credit. We are also releasing an important new tool today so the public can better use the mortgage loan data that is already available. Taken together, we believe these efforts can improve the quality of and access to mortgage loan data, even as we relieve many of the pain points for creditors in the current data collection process. In short, these efforts are about better information, better collection, and better access to mortgage loan data.

Category: Press release |
Published

CFPB Announces Increase in Home Mortgage Disclosure Act Asset-Size Exemption Threshold

WASHINGTON, D.C. — The Consumer Financial Protection Bureau (CFPB) today issued a final rule adjusting the asset-size exemption threshold for banks, savings associations, and credit unions under Regulation C, which implements the Home Mortgage Disclosure Act (HMDA). HMDA requires that the CFPB adjust this threshold yearly by the annual percentage increase in the Consumer Price […]

Category: Press release |
Published

CFPB Takes Action Against Nonbank and Bank for Inaccurate Mortgage Loan Reporting

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.

Category: Press release |
Published

Consumer Financial Protection Bureau and Justice Department pledge to work together to protect consumers from credit discrimination

“Today’s agreement is a critical step to better protecting consumers from illegal and discriminatory lending practices. We look forward to continuing our partnership with the Justice Department under this new framework.”