• Recent CFPB Speaking Engagements
  • September 22, 2014 | Authors: Peter L. Cockrell; Brett M. Kitt; J. Scott Sheehan
  • Law Firms: Greenberg Traurig, LLP - McLean Office ; Greenberg Traurig, LLP - Washington Office ; Greenberg Traurig, LLP - McLean Office ; Greenberg Traurig, LLP - Houston Office
  • On September 8th, CFPB Deputy Director Steven Antonakes spoke at the American Mortgage Conference. Antonakes emphasized the importance of complying with the CFPB’s new mortgage rules. Calling the rules a “return to traditional mortgage lending,” Antonakes stated that consumers “deserve to be treated fairly during that process—not to be given the runaround or face constant surprises about their loan.”

    On September 9th, CFPB Director Richard Cordray spoke before the Senate Committee on Banking, Housing and Urban Affairs, providing the Committee with an overview of the CFPB’s recent activities and future priorities. While the CFPB is continuing to research how best to define the scope of existent statutory provisions applicable to small creditors that operate predominantly in “rural or underserved” areas, Cordray noted that the CFPB is increasing its focus on non-mortgage markets such as international money transfers. Cordray also emphasized the CFPB’s focus on monitoring nonbank companies and stated that the CFPB is “well into the process of developing proposed rules in several other areas, including prepaid cards, debt collection, and payday lending.” Finally, Cordray described the CFPB’s system for allocating its enforcement resources as a “system of risk-based prioritization” and further stated that through its enforcement and supervision activities, the CFPB is seeking to “drive a cultural change within financial institutions that places more emphasis on compliance with the law and treating customers fairly.”

    On September 10th, Director Cordray spoke at the National Association of Federal Credit Unions conference, providing an update on implementation of the CFPB’s new mortgage origination rules. Cordray emphasized shared perspectives of credit unions and the CFPB: “In the end, we believe that credit unions see the world the same way we do: consumers who understand their options, weigh choices appropriately, and make sound decisions are good for responsible businesses and for the economy as a whole.”

    Finally, on September 11th, Director Cordray spoke at the CFPB’s Consumer Advisory Board meeting in Washington, D.C. Cordray’s comments focused on mobile banking and payments, an emerging area of consumer finance law that the CFPB is very actively studying: “We want to know more about how emerging technologies are affecting the opportunities and challenges that consumers are facing.” Cordray emphasized that the CFPB intends to make sure that regulations keep up the technological developments in mobile banking and online payments: “In short, at the Consumer Bureau, we are not content just to watch technology unfold before considering and taking appropriate action as it affects consumers in the financial marketplace. We intend to move forward alongside industry, keeping an eye out to protect consumers as these new technologies develop, not simply after-the-fact.”