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Cordray Stands Up for CFPB in House HearingCordray Stands Up for CFPB in House Hearing

first_img CFPB Hearing 2017-04-04 Seth Welborn The Best Markets For Residential Property Investors 2 days ago Consumer Financial Protection Bureau Director Richard Cordray is preparing to go before the House Financial Services Committee on Wednesday morning, as the Committee gathers to receive the CFPB’s semiannual report.Set for 10 a.m. Wednesday in the Rayburn House Office Building, the hearing is a requirement of the Dodd-Frank Act, which requires the Bureau publish a semiannual report on the CFPB’s activities, as well as testify to that report in front of the Financial Services and Senate Banking Committees. The reports discussed Wednesday will cover CFPB activities from Oct. 1, 2015, through March 31, 2016, and April 1, 2016, through Sept. 30, 2016. The latter marks the 10th semiannual report issued by the Bureau.Given the current political debate swirling around the Bureau’s structure, its directorship, and the CFPB itself, the hearing is likely to have a different tone than those in years past. Cordray’s prepared remarks, recently released by the CFPB, certainly affirm that.“Years of uneven federal oversight on behalf of consumers allowed a lot of bad behavior to go unchecked,” the remarks state. “As the independent consumer watchdog, we are solely focused on the job Congress gave us of assuring that these markets are fair, transparent, and competitive and consumers have access to sound financial products and services. Today, I want to highlight some areas where people remain vulnerable without the Consumer Bureau to stand up for them.”According to his remarks, Cordray will cover debt collection, financial performance incentives, and credit reporting—as well as the “dead ends” they pose for some consumers. He also will also delve into recent Wells Fargo litigation, which alleges the bank opened accounts in consumers’ names without their consent. “The investigation we conducted with our federal and local partners documented the widespread practice of secretly opening up unauthorized accounts,” Cordray will say. “By completing a public enforcement action with a record fine, we blew open a scandal whose far-reaching effects are being felt across financial markets to this day. We are keeping a close eye on these practices and insisting that all banks and financial companies must carefully monitor their incentive programs to avoid such problems.”It’s issues like these, Cordray’s remarks point out, that make the CFPB a necessity in today’s marketplace.“Those who talk about weakening the Consumer Bureau are missing the importance of the work we are doing to stand up for individuals and families all over this country,” Cordray’s remarks said. “Nobody should want to return to a system that failed us and produced a financial crisis that damaged so many lives.” Demand Propels Home Prices Upward 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Related Articles Cordray Stands Up for CFPB in House Hearing Previous: VA Home Loan Guarantee Program Faces Appraisal Problems Next: Director Cordray Testifies Before the Financial Services Committee Tagged with: CFPB Hearing Home / Daily Dose / Cordray Stands Up for CFPB in House Hearing Servicers Navigate the Post-Pandemic World 2 days ago About Author: Aly J. Yale The Best Markets For Residential Property Investors 2 days ago Demand Propels Home Prices Upward 2 days agocenter_img Data Provider Black Knight to Acquire Top of Mind 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago  Print This Post Governmental Measures Target Expanded Access to Affordable Housing 2 days ago The Week Ahead: Nearing the Forbearance Exit 2 days ago Aly J. Yale is a freelance writer and editor based in Fort Worth, Texas. She has worked for various newspapers, magazines, and publications across the nation, including The Dallas Morning News and Addison Magazine. She has also worked with both the Five Star Institute and REO Red Book, as well as various other mortgage industry clients on content strategy, blogging, marketing, and more. in Daily Dose, Featured, Government, News April 4, 2017 1,313 Views Share Save Data Provider Black Knight to Acquire Top of Mind 2 days ago Sign up for DS News Daily Subscribelast_img read more