Skip to main content

Study: CFPB Has Not Taken Enforcement Actions Since Cordray Left

Phil Hall
Apr 10, 2018
The Consumer Financial Protection Bureau has announced that it has taken measures to make it easier for consumers with urgent financial needs to obtain access to mortgage credit more quickly in the middle of the COVID-19 pandemic

When Richard Cordray was director of the Consumer Financial Protection Bureau (CFPB), the agency averaged two to four enforcement actions per month. But since Cordray left the agency in late November, the CFPB has not taken any enforcement actions against the financial services industry.
 
According to an Associated Press analysis of CFPB records obtained through a Freedom of Information request, the CFPB’s enforcement actions came to a halt when Mick Mulvaney took over as acting director. Mulvaney had been critical of a perceived regulation-through-enforcement policy that occurred under Cordray, which resulted in $3.97 billion via fines and penalties to financial services companies.
 
Mulvaney is scheduled to appear before Congress on Wednesday and Thursday to update the agency’s activities. "I made it clear that the Bureau will continue to execute the law, but will no longer go beyond its statutory mandate," Mulvaney said in his recently issued semi-annual report to Congress.

 
Published
Apr 10, 2018
Mortgage Forbearance Changes Create Challenges for Servicers

65% Of All Plans Would Expire By The End of 2021

Regulation and Compliance
Aug 02, 2021
CFPB Reports Trends In Financial Assistance

The latest developments from this study reveal that most consumers have exited the payment assistance they received at the start of the pandemic.

Analysis and Data
Jul 14, 2021
CFPB Orders GreenSky To Refund $9M In Unauthorized Loans

The consent order requires GreenSky to refund or cancel up to $9 million in loans for the customers harmed by this illegal conduct.

Regulation and Compliance
Jul 13, 2021
CFPB Warns Landlords And Consumer Reporting Agencies To Report Accurate Rental Information

Inaccurate rental or eviction information can unfairly block families and individuals from safe, affordable housing.

Regulation and Compliance
Jul 01, 2021
FHFA Mandates Quarterly Fair Lending Reports

FHFA issued orders for all enterprises to submit quarterly Fair Lending Reports with data and information to improve the FHFA’s capabilities. 

Regulation and Compliance
Jul 01, 2021
FHFA Follows CFPB To Protect Borrowers Once COVID-19 Foreclosure And Eviction Moratoriums End

The Federal Housing Finance Agency made it clear that Fannie Mae and Freddie Mac servicers are not permitted to make first notice or filing for foreclosure that would be prohibited by the CFPB protections for borrowers affected by COVID-19.

Regulation and Compliance
Jun 30, 2021