November 2017 A Regulatory & Legislative Advisory for Compliance Professionals
Inside . . .
2 Otting Confirmed as
2 Arbitration Rule
Servicing Rule Fix
3 ABA Analysis of
3 Consumer Survey of
3 Beta Version of New
3 New OCC Policy on
4 New Proposal to
4 URLA to Include
5 FCC Permits
Blocking of Certain
5 Disparate Impact
Rule Conflicts with
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
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.
Notice to Our Readers
This is the final issue of the ABA Bank Compliance newsletter. Subscribers will
continue to have access to past issues.
ABA Bank Compliance magazine is unaffected and will continue on its regular,
To keep up with compliance issues, readers employed at ABA member banks can
request to receive ABA’s Daily Newsbytes, the Compliance, Anti-Money
Laundering and Risk & Cybersecurity Email Bulletins, as well as access to ABA’s
Compliance and Bank Risk Networks.
The ABA thanks Cristeena Naser for serving as editor of this publication since 1997
and wishes her well in her upcoming retirement.