Tag Archives: CFPB

Photographer: Andrew Harrer/Bloomberg

CFPB’s Cordray Mum About Possible Exit for Political Office

CFPB’s Cordray Mum About Possible Exit for Political Office

By Rob Tricchinelli, Bloomberg BNA Consumer Financial Protection Bureau Director Richard Cordray is keeping quiet about his possible exit from the agency before his term ends next year. “At this time, I have no further insights to provide on that subject,” Cordray said in letter today to House Financial Services Committee Jeb Hensarling (R-Texas). Hensarling

Photographer: Scott Eells/Bloomberg

Wells Fargo Scandal Helps Consumer Advocates in CFPB Rule Fight

By Sara Merken, Bloomberg BNA Wells Fargo’s latest scandal is providing consumer groups new ammunition as they try to save a Consumer Financial Protection Bureau rule banning companies from using mandatory arbitration clauses. Disclosures last month that the bank may have billed as many as 500,000 customers for unneeded auto insurance is just the latest

Photographer: Andrew Harrer/Bloomberg

Trump Confidant Lewandowski Calls for CFPB’s Cordray to Be Fired

By Benjamin Bain, Bloomberg News Former presidential campaign manager Corey Lewandowski urged the Trump administration on Sunday to fire the head of the Consumer Financial Protection Bureau, a sign that Republicans are stepping up attacks on the agency that’s targeted Wall Street conduct. Without being asked about the agency in an interview on NBC’s “Meet the

Richard Cordray, director of the U.S. Consumer Financial Protection Bureau (CFPB), swears into a House Oversight and Government Reform Subcommittee hearing in Washington, D.C., U.S., on Tuesday, Jan. 24, 2012. Photographer: Andrew Harrer/Bloomberg

CFPB Hits Back at Efforts to Kill Rule Easing Bank Lawsuits

By Elizabeth Dexheimer, Bloomberg News Just days after approving a controversial rule that will make it much easier for Americans to sue their banks, the U.S.’s top consumer watchdog is already fighting back against attempts to prevent the regulation from taking effect. Consumer Financial Protection Bureau Director Richard Cordray said there is “no basis” to

Richard Cordray, director of the Consumer Financial Protection Bureau. Photo by Andrew Harrer/Bloomberg

CFPB Issues Rule Making It Easier for Consumers to Sue Banks 

By Elizabeth Dexheimer, Bloomberg News The U.S. Consumer Financial Protection Bureau is making it easier for customers to sue banks, a move sure to rile Wall Street and congressional Republicans. Financial firms will be restricted in using mandatory arbitration to block class-action lawsuits, the CFPB said in a statement Monday. Clauses requiring arbitration to settle

Senator Elizabeth Warren, a Democrat from Massachusetts, questions Steven Mnuchin, U.S. Treasury secretary, not pictured, during a Senate Committee on Banking, Housing, and Urban Affairs hearing at the the U.S. Capitol in Washington, D.C., U.S., on Thursday, May 18, 2017. Mnuchin's testimony is his first committee appearance since his controversial confirmation. Breaking up Wall Street banks would be a "huge mistake," Mnuchin told lawmakers Thursday. Photographer: T.J. Kirkpatrick/Bloomberg

Fate of Elizabeth Warren’s CFPB to Be Decided by Legal Showdown

By Elizabeth Dexheimer, Bloomberg News Since the day it was created, Democrats loved it, Republicans hated it and Wall Street, at best, tolerated it. The fate of the Consumer Financial Protection Bureau and its chief, Richard Cordray, is in the hands of a Washington appeals court that will hear arguments Wednesday. The CFPB asked the

Photographer: Andrew Harrer/Bloomberg

Trump Administration OK With CFPB but Wants Power to Oust Chief

By Andrew Harris, Bloomberg News President Donald Trump’s administration told a U.S. appeals court that it wants the power to fire Consumer Financial Protection Bureau Director Richard Cordray, but that doesn’t mean it wants the agency disbanded. The Justice Department staked out that position Friday in court documents filed at the U.S. Court of Appeals

Photographer: Cole Burston/Bloomberg

PayPal, Google Join Fight to Repeal CFPB Prepaid Rule

By Gregory Roberts, Bloomberg BNA Mobile-wallet providers like PayPal and Google have their own ax to grind in the prepaid card industry’s push to have Congress quash a pending rule from the Consumer Financial Protection Bureau. The companies are particularly unhappy with a provision that would require a 30-day waiting period before extending credit to

Photo by Andrew Harrer/Bloomberg

Why Trump Can’t Just Say ‘You’re Fired’ to This Official

By Cass R. Sunstein, Bloomberg View Republicans are putting a great deal of pressure on President-elect Donald Trump to fire Richard Cordray, director of the Consumer Financial Protection Bureau. He should resist that pressure. Any effort to discharge Cordray would be illegal — and it might even precipitate something close to a constitutional crisis. Here’s the legal

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