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Biden taps ex-consumer bureau chief to oversee student loans


Biden taps ex-consumer bureau chief to oversee student loans
Sylvan Lane
© Getty Images
Biden taps ex-consumer bureau chief to oversee student loans
Former Consumer Financial Protection Bureau (CFPB) Director Richard Cordray will serve as head of the Education Department s student loan office, Secretary Miguel Cardona announced Monday.
Cordray was appointed Monday as chief operating officer of Federal Student Aid, giving a fierce critic of the student loan industry oversight of the Education Department s $1.6 trillion loan portfolio.
Education has made all the difference in life for my family and me, and it has been the foundation of progress in this country for generations. But too many students find that access to affordable, good-quality higher education remains far out of reach, Cordray said in a statement, vowing to help create more pathways for students to graduate and get ahead, not be burdened by insurmountable debt. ....

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Richard Cordray tapped for student loan office chief by Biden administration


Richard Cordray tapped for student loan office chief by Biden administration
CNN
5/3/2021
By Liz Stark and Katie Lobosco, CNN
© SAUL LOEB/AFP/Getty Images
Director Richard Cordray of the Consumer Financial Protection Bureau testifies about the unauthorized opening of accounts by Wells Fargo during a Senate Banking, Housing and Urban Affairs Committee hearing on Capitol Hill in Washington, DC, September 20, 2016. / AFP / SAUL LOEB
The Department of Education announced Monday that Richard Cordray will be the chief operating officer of federal student aid, a high-profile position within the office responsible for managing the government s student financial assistance and loan programs.
The appointment puts Cordray, a progressive ally and former director of the Consumer Financial Protection Bureau, at the center of a heated debate over whether the federal government should cancel some student debt. ....

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CFPB Shake-Up: What Administration Changes May Mean For Auto Lenders | McGlinchey Stafford


Auto Finance Excellence - April 26 2021
Things are quickly changing at the
Consumer Financial Protection Bureau. President
Joe Biden made
Rohit Chopra for director.
The “new” CFPB has begun unwinding previous decisions and policies, and in its enforcement, examinations and rule writing is likely to pick up where former Director
Richard Cordray left off in 2017.
What has been done so far?
The CFPB rescinded its own 2020 guidance constraining its authority to cite abusive conduct. And responding to findings the
Kathy Kraninger-era CFPB reported, including that “companies across markets misreported accounts to credit bureaus and violated [Coronavirus Aid, Relief and Economic Security] Act amendments,” the CFPB promised to “take aggressive action to ensure that regulated companies follow the law and meet their obligations to assist consumers during the COVID-19 pandemic,” and to expedite enforcement investigations relating to COVID- ....

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CFPB flips on Trump-era abusive acts stance


By Aaron Nicodemus2021-03-15T20:56:00+00:00
The Consumer Financial Protection Bureau (CFPB) last week reversed a Trump administration policy on how it assesses and punishes abusive practices in the financial services industry.
“Going forward, the CFPB intends to exercise its supervisory and enforcement authority consistent with the full scope of its statutory authority under the Dodd-Frank Act as established by Congress,” the agency said in a press release Thursday.
The announcement rescinds a January 2020 policy statement on the abusiveness standard issued by former CFPB Director Kathy Kraninger. In that statement, Kraninger said “uncertainty remains as to the scope and meaning of abusiveness” as defined in Dodd-Frank, and that applying the abusiveness standard in supervisory or enforcement actions “may impede or deter the provision of otherwise lawful financial products or services that could be beneficial to consumers.” ....

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