Insurance Journal » Consumer Financial Protection Bureau

Senate to Hold Vote on Consumer Agency Director Next Week

Thu, 16 May 2013 13:01:17 +0000

U.S. Senate Democratic leaders plan to hold a vote next week on President Barack Obama’s choice to lead the Consumer Financial Protection Bureau, a Senate Democratic aide said on Wednesday, but they are not expected to muster enough votes to …

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Mortgage Insurers Settle for $15 MIllion Over Alleged Kickbacks to Lenders

Fri, 05 Apr 2013 12:39:50 +0000

Four mortgage insurers agreed to pay about $15 million to settle claims that they paid kickbacks to mortgage lenders in exchange for business, the U.S. consumer watchdog said on Thursday. The Consumer Financial Protection Bureau said the deals took place …

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Financial Firms Tie Support for Consumer Chief Cordray to Bureau Reforms

Mon, 25 Mar 2013 13:17:56 +0000

The Financial Services Roundtable says it will support the confirmation of Richard Cordray to lead the Consumer Financial Protection Bureau (CFPB), provided Congress makes changes to CFPB’s structure. “Our members strongly believe the CFPB should operate under a more democratic …

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Senate Committee Approves SEC, Consumer Financial Bureau Chiefs

Tue, 19 Mar 2013 14:45:42 +0000

A U.S. Senate panel voted to move forward two of President Barack Obama’s choices to lead financial regulatory agencies, but his pick of Richard Cordray to head the new consumer bureau likely still faces a tough path to final confirmation. …

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Republicans to Block Obama Consumer Financial Bureau Chief

Mon, 04 Feb 2013 13:57:00 +0000

U.S. Senate Republicans on Friday pledged to block President Barack Obama’s choice to lead the consumer finance watchdog until Democrats agree to restructure it, ramping up an expected fight this year over the controversial new bureau. The group of 43 …

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President Obama to Nominate White to Head SEC, Renominate Cordray for Consumer Bureau

Thu, 24 Jan 2013 13:58:32 +0000

President Barack Obama will nominate former federal prosecutor Mary Jo White to head the Securities and Exchange Commission, the White House said on Thursday, showing a desire to have a tough cop policing Wall Street. White, the former U.S. attorney …

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Senate Debates Renewal of Federal Deposit Insurance But House May Balk

Wed, 12 Dec 2012 02:10:04 +0000

The U.S. Senate voted on Tuesday to begin debating a bill that would keep a financial crisis-era deposit insurance program in place for two more years, but it will likely face strong opposition from the Republican-controlled House of Representatives. Separately, …

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Senate Banking Committee Post Possible for Wall Street Critic Warren

Fri, 09 Nov 2012 11:31:55 +0000

The chances are good, but not guaranteed, that Elizabeth Warren will secure a highly coveted seat on the Senate Banking Committee, a move that would dramatically elevate her campaign against Wall Street excess. Senior Senate Democratic aides, speaking on condition …

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3 States Join Lawsuit Challenging Dodd-Frank Law

Mon, 24 Sep 2012 01:29:07 +0000

Three U.S. states have joined a lawsuit that challenges the constitutionality of the 2010 Dodd-Frank law that overhauled U.S. financial oversight and created the Consumer Financial Protection Bureau. The attorneys general of Michigan, Oklahoma and South Carolina are challenging a …

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Financial Firms Having to Adjust to Aggressive Consumer Protection Bureau

Thu, 13 Sep 2012 13:00:40 +0000

The new federal agency charged with enforcing consumer finance laws is emerging as an ambitious sheriff, taking on companies for deceptive fees and marketing and unmoved by protests that its tactics go too far. In the 14 months it has …

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Lawsuit Seeks to Curb Powers of New Federal Consumer Financial Board

Fri, 22 Jun 2012 09:00:54 +0000

A small bank and two conservative advocacy groups said on Thursday that they would file a lawsuit against the new Consumer Financial Protection Bureau, challenging what they call the agency’s “unlimited regulatory power.” It is unclear how much of a …

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New U.S. Consumer Agency Pledges to Avoid Rule Duplication

Tue, 24 Jan 2012 13:48:50 +0000

The new Consumer Financial Protection Bureau said on Monday it would coordinate rulemaking and enforcement with the Federal Trade Commission to avoid duplication. Richard Cordray, the recently appointed director of the CFPB, and FTC Chairman Jon Leibowitz signed a memorandum …

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Obama to Name Cordray Consumer Bureau Head in Recess Appointment

Wed, 04 Jan 2012 15:36:32 +0000

President Barack Obama plans to use a recess appointment to install Richard Cordray as head of the country’s new consumer financial protection watchdog, sidestepping Republican congressional opposition to his pick. “Today in Ohio, President Obama will announce the recess appointment …

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Washington Gridlock Continues Over Consumer Financial Protection Agency

Thu, 08 Dec 2011 15:00:15 +0000

The answer to the Final Jeopardy! question of who will be the first director of the Consumer Financial Protection Bureau will not become known today. In fact, it may be a while before there is an answer. Senate Republicans say …

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Banks Having to Defend Credit Card Insurance

Wed, 16 Nov 2011 10:30:54 +0000

When Mariya Kruseck broke her tailbone snowboarding and lost her part-time job five years ago, the then 19-year-old college student was relieved she had bought payment protection to go with her credit card. But she said the product failed to …

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