Cordray ABA Interview Highlights Supervision Program, CFPB Regulatory Priorities
In a March 23, 2012 interview with the ABA, Richard Cordray provided insight into the CFPB’s development and its priorities since his appointment. A recurring theme in the Cordray interview was the role that the supervision and examination program will play as the CFPB’s primary tool for enforcing Dodd-Frank. In response to questions concerning Dodd-Frank’s “abusive” standard, the CFPB’s fair lending authority and leveling the playing field between banks and nonbanks, Cordray reaffirmed the critical nature of the supervision and examination program to each of the three areas.
Cordray’s comments also reaffirmed the CFPB’s institutional preference for the use of its supervision program – relative to rulemaking and enforcement – describing it as “very interesting because it gives [the CFPB] an immediate tool to go in quickly wherever we wish to go.” He also alluded to the important role that consumer complaints play in informing its regulatory agenda.
Cordray also identified the Qualified Mortgage rule and the TILA/RESPA reconciliation as top priorities for the CFPB’s rulemaking unit.