Prepared Remarks of Richard Cordray at a Mortgage Servicing Field Hearing
Today, the Consumer Bureau is announcing new mortgage servicing rules that will help all borrowers, especially those facing foreclosure. Our rules will...
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CFPB Rules Establish Strong Protections for Homeowners Facing Foreclosure
The CFPB's mortgage servicing rules ensure that borrowers in trouble get a fair process to avoid foreclosure. Borrowers shouldn't have to worry about...
Consumer Financial Protection Bureau Issues Rule to Protect Consumers from Irresponsible Mortgage Lending
The rule also protects borrowers from risky lending practices such as "no doc" and "interest only" features that contributed to many homeowners ending up in...
CFPB Issues Rules to Strengthen Protections for High-Cost Mortgages
In addition to strengthening the protections for high-cost mortgages, the Bureau today is implementing a requirement of the Dodd-Frank Act that lenders...
Prepared Remarks of Richard Cordray at the Ability-to-Repay Rule Field Hearing
Our goal with the Ability-to-Repay rule is to make sure that people who work hard to buy their own home can be assured of not only greater consumer...
CFPB Announces Increase in Home Mortgage Disclosure Act Asset-Size Exemption Threshold
Based on the adjustments announced today, the asset-size exemption for banks, savings associations, and credit unions will increase to $42 million. As a...
CFPB Halts Alleged Nationwide Mortgage Loan Modification Scams
In total, these operations took in more than $10 million by charging consumers for services that falsely promised to prevent foreclosures or renegotiate...
Prepared Remarks by Richard Cordray at a Press Conference with Mayor Rahm Emanuel
Chicago is the first city in the country to agree to share information directly with us, the new CFPB, about enforcing the...
Agencies Announce Increases in Dollar Thresholds in Regulation Z and M for Exempt Consumer Credit and Lease Transactions
Based on the adjustments announced today, the protections of the Truth in Lending Act and the Consumer Leasing Act generally will apply to consumer credit...
Consumer Financial Protection Bureau Warns Companies Against Misleading Consumers with False Mortgage Advertisements
Today's actions stem from a joint "sweep," a review conducted by the CFPB and the FTC of about 800 randomly selected mortgage-related ads across the...
CFPB Extends Effective Date for New Mortgage Disclosures
The Dodd-Frank Act required that the CFPB integrate certain disclosures from the Truth in Lending Act (TILA) and the Real Estate Settlement Procedures Act...
Federal Housing Finance Agency and Consumer Financial Protection Bureau to Partner on Development of National Mortgage Database
The database will primarily be used to support the agencies' policymaking and research efforts and to help regulators better understand emerging mortgage...
CFPB Report Highlights Problems in Market Discovered Through Supervisory Actions
"This report underscores our work to address practices that are risky to consumers, as well as our continued commitment to making sure that institutions are...
Prepared Remarks by Richard Cordray at the National Consumer Law Center Conference
The marketplace can be a hostile place for those who are struggling to stay afloat, who may often pay higher prices for consumer goods, including financial...
Debt Déjà Vu for Students
Financial institutions expect borrowers to hold up their end of the bargain when it comes to mortgages and student loans. Shouldn’t we expect the same of them?
Consumer Financial Protection Bureau Report Finds Private Student Loan Borrowers Face Roadblocks to Repayment
According to the report, private student loan borrowers say they are sometimes surprised by the terms and conditions of their loans, they are given the...
Prepared Remarks by Richard Cordray at the Corporation for Enterprise Development Conference
In recent years, we have seen household wealth shrink by trillions of dollars and incomes decline. As we continue to dig out from the crisis, the Census...
Written Testimony of Richard Cordray Before the U.S. House of Representatives Committee on Financial Services
Through our regulatory tools, we have proposed smarter rules that will help fix the broken mortgage market with common-sense solutions. We are writing rules...
Federal Financial Institutions Examination Council Announces Availability of 2011 Data on Mortgage Lending
The HMDA data made available today cover 2011 lending activity — applications, originations, purchases and sales of loans, denials, and other actions...
Written Testimony of Richard Cordray Before the United States Senate Committee on Banking, Housing, and Urban Affairs
As the report shows, we have been using all of the tools at our disposal to help protect consumers across this country. We pledge to continue our work to...
CFPB Proposes Rules to Bring Greater Accountability to Mortgage Market
These rules, which the CFPB is seeking comment on and will finalize by January 2013, would make it easier for consumers to understand mortgage costs and...
Agencies Issue Proposed Rule on Appraisals for Higher-Risk Mortgages
For higher-risk mortgage loans, the proposed rule would require creditors to use a licensed or certified appraiser who prepares a written report based on a...
CFPB Proposes Rule to Improve Consumer Access to Appraisal Reports
Under the proposed rule, creditors could still charge reasonable fees associated with conducting appraisals and home value estimates; however, the rule...
CFPB Proposes Rules to Protect Mortgage Borrowers
"These proposed rules would offer consumers basic protections and put the Ôservice' back into mortgage servicing. The goal is to prevent mortgage servicers...
Prepared Remarks by Richard Cordray in a Mortgage Servicing Proposed Rules Press Call
But the major failures in this industry demonstrate that all servicers need to meet basic standards of good customer service. So today we are announcing...
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