CFPB Director Cordray talks HMDA exemptions and more

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Related to that, both Cordray and his staff regularly seem surprised that proposals meant to save citizens from big banks or nonbanks are hard on community banks. With proposed home mortgage disclosure Act (HMDA) requirements, “If I have to add people for data collection, the consumer will bear that cost,” says Vallandingham.

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This week, 19 members of the US House of Representatives sent a letter to CFPB director Richard Cordray, requesting that his agency provide analysis on the effects of applying higher exemption thresholds for HMDA reporting. The letter suggested that higher exemption thresholds would help alleviate the potential adverse impacts of the new final rule.

By April 2018, more than four months after taking charge of the CFPB, Mulvaney had not undertaken a single enforcement action against finance companies; the previous CFPB director, Richard Cordray, averaged two to four enforcement actions per month. Mulvaney accepted nearly $63,000 in donations by payday lenders while he was a congressman.

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WASHINGTON (12/18/15)–Nineteen members of the U.S. Congress–all members of the House Financial Services Committee–wrote to Consumer Financial Protection Bureau (CFPB) Director Richard Cordray this week expressing numerous concerns about the impact on consumers of recently finalized requirements under the Home mortgage disclosure act (HMDA).

 · Rod Alba from the ABA joins me again and talks about what we should expect in the days and months going forward with new acting CFPB director Mick Mulvaney. Mick is a staunch conservative with disdain for the Bureau, questioning not only the Constitutional nature of its structure but also it’s "absurd rules".

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 · Consumer bureau rolls back expected HMDA regulations for 2018. by Rincey Abraham January 8, 2018. Mortgage lenders who were concerned about increased regulation and compliance in 2018 with the Home Mortgage Disclosure Act no longer need to worry.

The CFPB announced on October 9, 2013 that they entered into consent orders with two financial institutions that allegedly misreported HMDA data. The CFPB also issued Bulletin 2013-11,

With the future of the Consumer Financial Protection Bureau up in the air now that Director Richard Cordray will. amount represents more than 20% of the industry, and this rate of loss has only.

The CFPB’s focus on small business lending is garnering policymaker’s attention in recent weeks. Representative Emanuel Cleaver (D-MO) has written to Director Cordray, voicing concerns and used his time with the Director in last week’s hearing to focus on the issue. Mr.