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Tag Archives: Richard Cordray

Legal Perspective: Untangling What Having Two Acting Directors of CFPB Means

This controversy of who will lead the CFPB in the interim of a new director being confirmed by the Senate will eventually be resolved, but given the novel legal issues it presents and the strong interests on both sides, it could take time to wind through the courts. And the fact that we are faced with this uncertainty has serious consequences, because any actions undertaken by an unauthorized Acting Director could be void.

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CFPB Gets a Win in Ocwen Case

Ocwen Financial Corporation sued the Consumer Financial Protection Bureau in late April claiming Ocwen had failed borrowers in every stage of the mortgage servicing process. Though the two went back and forth about getting the ruling on the CFPB’s constitutionality expedited, ultimately the request was denied. Ocwen's bid to test the constitutionality of the CFPB has now been delayed.

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Industry Group Takes Step Toward Diversity

Thanks to one of REO’s biggest professional groups, the mortgage industry has taken a significant step in diversity and inclusion. The Federation of REO Certified Experts announced the launch of its Diversity Council on Wednesday, a group that aims to “advance conversations on diversity and inclusion.” The group is made up of six committees, including ones for Latino, African American, women, LGBT, veteran, and Asian REO professionals.

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Reverse Mortgage Complaints Common for Older Americans

The latest CFPB Monthly Complaint Report shows older Americans face a unique set of financial difficulties compared to their younger counterparts. The group regularly cites reverse mortgage concerns—specifically servicing issues and difficult changing loan terms—when lodging complaints with the CFPB. Older Americans also cite financial scams, confusion around deferred- and zero-interest credit cards, and being charged unauthorized add-on products as frequent financial complaints.

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