Cordray Resigns from the CFPB, Now What?

Treasury Secretary Steven Mnuchin

Washington, DC – 15 November 2017 – Richard Cordray, the Director of the Consumer Financial Protection Bureau (“CFPB”), announced Wednesday that he plans to step down from that post by the end of the month. Cordray’s term was otherwise set to expire in July of 2018.

So, what does this mean for the collections and repossession world?

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John Stumpf – From Repo Man to the Corner Office at Wells Fargo

stumpfOctober 13, 2016 – By now, we’re all familiar with the Wells Fargo Banking scandals, but what many may not know, is the humble beginnings of the now despised and displaced CEO John Stumpf had taken on his way to the top of one of the largest Banks in the world.

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Appeals Court Rules CFPB Structure Unconstitutional

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Federal three-judge panel rules CFPB’s structure is unconstitutional but rejects idea of shutting down agency

A federal appeals court delivered a strong rebuke to the government’s new consumer-finance watchdog, declaring the agency’s unusual independence to be unconstitutional, and ordering its powers be curbed.

The Tuesday ruling was the latest legal setback to the Obama administration’s post-crisis financial-regulatory regime.

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Warren and CFPB Cracking Down on Predatory Lenders

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‘If anyone tries to block or delay the CFPB payday rules, it’s time to fight back hard,’ says Senator Elizabeth Warren

Newly proposed rules aimed at reining in predatory payday lending are “a good first step,” economic justice groups said on Thursday, but “worrisome loopholes” must be closed in order to fully protect low-income Americans from financial devastation wrought by the high-interest, low-dollar loans.

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