November 2017 A Regulatory & Legislative Advisory for Compliance Professionals
Inside . . .
CFPB News
2 Otting Confirmed as
Comptroller
2 Arbitration Rule
Repealed
2 Further
Clarifications on
Servicing Rule Fix
3 ABA Analysis of
Small-Dollar Lending
3 Consumer Survey of
Overdraft Disclosures
3 Beta Version of New
HMDA Platform
Consumer News
3 New OCC Policy on
CRA
4 New Proposal to
Combat Appraiser
Shortage
4 URLA to Include
Language Preference
Question
5 FCC Permits
Blocking of Certain
Calls
5 Disparate Impact
Rule Conflicts with
SCOTUS Precedent
5 Caution on Using
Guidance as Policy

CORDRAY TO STEP DOWN FROM CFPB BY END OF MONTH

In a long-anticipated move, Richard Cordray will resign as director of the Consumer Financial Protection Bureau by the end of the month, he said in a November 15 email to CFPB staff. Cordray’s five-year term as director was set to expire in July 2018. His email did not mention future plans, but many analysts have expected him to run for governor of Ohio, where he previously served as attorney general.

“While we haven’t always agreed with Director Corday on issues, we have always shared his goal of wanting to help consumers and appreciated his willingness to engage with us,” said ABA’s Rob Nichols. “Consumers are our customers, and nothing is more important to America’s banks than maintaining their trust and confidence. We will continue to work with the CFPB under its new leadership to ensure consumers have access to the increasing variety of credit and financial tools they demand, with the full protections they deserve.” President Trump will name an acting director to serve until a new CFPB director is confirmed. “The administration will announce an acting director and the president’s choice to replace Mr. Cordray at the appropriate time,” said a White House spokesman.

Nichols reiterated ABA’s longstanding support for having the bureau led by a five-member bipartisan commission, which he said would “increase accountability . . . provide continuity across administrations and broaden the CFPB’s perspective on regulation that must carefully balance consumer protection against access to credit.

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