September 13, 2012 |
Richard Cordray, director of the Consumer Financial Protection Bureau, faced renewed questions Thursday about the legitimacy of his agency. Cordray, in a semiannual report to Congress, touted the bureau's accomplishments in drafting rules to fix mortgage servicing and supervising the previously unregulated non-bank financial firms. He added that the bureau is working on rules to bring greater transparency to prepaid debit cards and is fine-tuning its consumer complaint database — as of Sept.
August 10, 2012 |
Buying a house is often a stressful event. Getting a mortgage loan is sometimes even worse, especially when you don't fully understand what the entire process will cost, or even how it works. In an effort to reduce consumer confusion as well as the reams of paper involved in a real estate settlement transaction, the new Consumer Financial Protection Bureau (CFPB) has proposed rules aimed at simplifying and improving the disclosure forms required for mortgage transactions. Using the name Know Before...
July 9, 2012 |
The federal consumer watchdog agency on Monday proposed banning several controversial mortgage fees and unveiled new disclosure forms intended to help borrowers better understand the terms of their home loans. The moves come as the Consumer Financial Protection Bureau approaches its first anniversary. During a speech in Las Vegas on Monday, CFPB Director Richard Cordray highlighted abuses in the mortgage market and said restoring trust in the industry was one of the key drivers for creating...
May 22, 2012 |
The new federal consumer watchdog agency is considering drafting new rules governing transparency and safety in the rapidly growing market for prepaid cards . Consumer Financial Protection Bureau Director Richard Cordray said the cards have fewer regulatory protections than bank accounts and debit cards. The agency said it will focus rule-making on three key areas: disclosure of fees and terms, liability for unauthorized transactions and niche product features, such as overdrawing an account.
February 16, 2012 |
The Consumer Financial Protection Bureau on Thursday sought to bring debt collectors and credit bureaus under its purview, marking the first time the often controversial industries would be subject to federal supervision. Under its proposed rule, the CFPB would oversee the nation's largest debt collectors, the primary credit reporting agencies such as Experian, Equifax and TransUnion, and other lesser-known consumer reporting agencies . It is the first attempt by the watchdog agency to...
January 5, 2012 |
President Obama has done what he should have done months ago. On Wednesday, he appointed Richard Cordray as the director of the Consumer Financial Protection Bureau (CFPB). Without missing a beat, Republicans, who have been holding up Cordray's nomination to head this important consumer agency, criticized the president's move, reports The Washington Post's David Nakamura and Felicia Sonmez. Senate Minority Leader Mitch McConnell (R-Ky.) said in a statement that Obama "has arrogantly circumvented the American...