richard cordray

CFPB Unveils New Federal Rules to Curb Risky Mortgages

The Consumer Financial Protection Bureau is laying out the nation's first rules aimed at ensuring that mortgage borrowers can afford the loans they take out. Among the new regulations are bans on the risky "interest-only" and "no documentation" loans that helped inflate the housing bubble.

CFPB Complaint Site Takes on Credit Report Issues, Too

The Consumer Financial Protection Bureau's complaint website already gave Americans a way to seek redress over problems with credit cards, mortgages, bank accounts, auto or personal loans, even student loans. Now, it's also ready to help us deal with credit reporting agencies.

Stay-at-Home Spouses Will Once Again Get the Credit They Deserve

The consumer-friendly CARD Act is saving credit card holders hundreds of millions of dollars and almost as many headaches, but it has some flaws. For example, it made life more difficult for roughly 5 million stay-at-home spouses by making it hard for them to get credit. That's going to change soon.

Dealing With Your Credit Report Just Got a Lot Easier

It has never been more important to have good credit, but it's no easy task to go against the ratings agencies when your credit report is wrong. Now though, you have an ally in your corner: The Consumer Financial Protection Bureau.

How You Can Benefit From the Capital One Settlement

The Capital One Financial settlement with U.S. regulators over deceptive marketing of credit card "add-on products" means a lot to all consumers, not just Capital One customers, according to consumer advocates.

Capital One to Refund Customers $150 Million to End Card Probe

Capital One Bank will pay $210 million to settle charges that it pressured credit card customers to buy costly add-on services like payment protection and credit monitoring. About $150 million of that fine will go directly to 2.5 million of its customers.

Consumer Bureau to Supervise Credit Reporting Agencies

Credit reporting agencies will soon be subject to federal oversight for the first time. The Consumer Financial Protection Bureau announced Monday that it will begin supervising the nation's biggest consumer reporting agencies this fall.

Consumer Watchdog Weighs Limits to Mortgage Fees

Regulators might ban origination fees that vary with the size of the loan, known as "origination points." They also might limit the use of "discount points" that are supposed to result in lower interest rates.

Consumer Agency Softens Credit Card Fee Limit

The Obama administration's consumer financial watchdog agency is backing off a plan to limit big upfront fees on credit cards. The Consumer Financial Protection Bureau acknowledged Thursday that its proposal would increase costs for cardholders and allow banks to charge more in fees.

CFPB Boosting Budget, Oversight Duties

The Consumer Financial Protection Bureau is pumping up its budget for 2013, in part because it will start regulating large debt collectors and credit reporting companies, two sectors of that have heretofore had little federal oversight.

State of the Ecomony: 3 Things Obama Will Focus On

In tonight's State of the Union, President Obama faces a tough crowd: Millions of Americans unsure about whether he should keep his job. He'll be aiming to win hearts and minds, and at least part of that will be an appeal to our wallets. With that in mind, here are three key points that he is likely to hammer home tonight:

Obama Bucks GOP, OKs Consumer Watchdog

In a defiant display of executive power, President Barack Obama on Wednesday will buck GOP opposition and name Richard Cordray as the nation's chief consumer watchdog even though the Senate contends the move is inappropriate, senior administration officials told The Associated Press.

What New Consumer Agency Will Do for You

On Thursday, the Consumer Financial Protection Bureau officially opens for business. Even as the political fight continues over just how potent the agency will be, at root, its mission is to make clear the prices and risks of financial products and services. Here's where it will focus its early efforts:

Legal Briefing: AIG to Pay $725 Million Fraud Settlement, Eventually

In the settlement of a lawsuit that predates the financial meltdown, AIG has agreed to pay shareholders $725 million for years of fraudulent practices that led to investors loosing money on the stock. But they only get $175 million up front. The rest, they may wind up getting in shares of AIG.