Richard Cordray News

Appeals Court to Rehear Constitutionality of Consumer Protection Bureau Structure

A U.S. appeals court said on Thursday it will reconsider an October ruling that the Consumer Financial Protection Bureau’s structure is unconstitutional, virtually guaranteeing the battle over an agency borne of the financial crisis will reach the Supreme Court. A …

Trump Halts Fiduciary Rule Opposed by Financial Advisors; Orders Dodd-Frank Review

President Donald Trump will order a sweeping review of the Dodd-Frank Act rules enacted in response to the 2008 financial crisis, a White House official said, signing an executive action Friday designed to significantly scale back the regulatory system put …

Consumer Bureau Wants Full Court Review of Sole Directorship

The U.S. Consumer Financial Protection Bureau late on Friday asked the entire U.S. Court of Appeals for the District of Columbia to review an October decision that its structure is unconstitutional. The review will involve all the court’s judges, a …

U.S. Consumer Rules Would End Mandatory Arbitration Clauses That Limit Class Actions

A U.S. consumer watchdog on Thursday proposed new rules to block credit card companies, banks and other companies from forcing customers to waive their rights to join class action lawsuits and only settle disputes through arbitration. The Consumer Financial Protection …

Consumer Agency Seeks to Limit Financial Firms’ Arbitration Clauses

Banks and credit card companies may not force customers to sign away their legal rights to take part in class action lawsuits, under an early-stage U.S. government proposal that is likely to draw ire from Wall Street. The Consumer Financial …

Financial Firms Want More Time to Review U.S. Consumer Complaint Proposal

The federal government is proposing a new policy that would allow consumers to publicly post their complaints about consumer financial products and services. Under the proposal by the Consumer Financial Protection Bureau (CFPB), consumers would have the option to share …

Senate to Hold Vote on Consumer Agency Director Next Week

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 …

Financial Firms Tie Support for Consumer Chief Cordray to Bureau Reforms

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 …

Senate Committee Approves SEC, Consumer Financial Bureau Chiefs

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. …

Republicans to Block Obama Consumer Financial Bureau Chief

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 …