Richard Corday On CFPB’s Relief Response

first_img Share Save In a new white paper, Richard Cordray, the former Director of the Consumer Financial Protection Bureau (CFPB), outlined the steps he alleges the CFPB needs to be taking right now in the face of an economic crisis caused by COVID-19.“[The Bureau] is relaxing various duties for financial companies and continuing to push the industry to comment on regulatory initiatives at a time when the focus needs to be placed on the grave economic hardship now confronting millions of Americans,” Cordray says in a whitepaper published on Medium. “The CFPB has the legal authority needed to take urgent steps to prevent many consumers from sliding off the financial cliff.”First, Cordray encourages the CFPB to assemble a detailed picture of what is going on in the consumer marketplace. According to Cordray, the CFPB should use its consumer complaint response system to learn from consumers what exactly is happening and make the answers publicly available.Cordray also notes that the CFPB should be doing what it can to help people avoid foreclosure and eviction. This means keeping Americans informed of the state and federal relief options available to them.“In the CARES Act, Congress has provided a much simpler mechanism for many consumers to seek and obtain relief from foreclosure if they miss mortgage payments during the crisis,” Cordray said. “The CFPB must use its supervision authority to monitor the banks and financial companies, making sure they follow through in making such relief available to consumers.”Additionally, the former Director states that the CFPB should be helping lenders and officials “fashion ways to reduce loan delinquencies and defaults,” specifying the need for simplicity.“The CFPB should be in the lead in pressing the companies to help, such as by waiving overdraft fees, NSF fees, or late fees and by providing forbearance on loan payments,” Cordray said. “These initiatives must be simple and, if not automatic, must be easy to access; complexity was the Achilles heel of many such programs a decade ago.”Editor’s note: As of press time, the CFPB has not responded to a request for comment. Richard Corday On CFPB’s Relief Response Servicers Navigate the Post-Pandemic World 2 days ago in Daily Dose, Featured, Government, News Servicers Navigate the Post-Pandemic World 2 days ago Previous: DS5: FHFA Director Discusses Forbearance Next: The Most At-Risk Housing Markets Subscribe Tagged with: CFPB Coronavirus Related Articles CFPB Coronavirus 2020-04-07 Seth Welborn April 7, 2020 1,440 Views Demand Propels Home Prices Upward 2 days ago Demand Propels Home Prices Upward 2 days agocenter_img Data Provider Black Knight to Acquire Top of Mind 2 days ago The Week Ahead: Nearing the Forbearance Exit 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Home / Daily Dose / Richard Corday On CFPB’s Relief Response Seth Welborn is a Reporter for DS News and MReport. A graduate of Harding University, he has covered numerous topics across the real estate and default servicing industries. Additionally, he has written B2B marketing copy for Dallas-based companies such as AT&T. An East Texas Native, he also works part-time as a photographer. Sign up for DS News Daily About Author: Seth Welborn The Best Markets For Residential Property Investors 2 days ago The Best Markets For Residential Property Investors 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago  Print This Postlast_img read more

Dominican Authorities Arrest Colombian Cocaine Smugglers

first_img On March 27, off the southeastern coast of the Dominican Republic, security agencies seized 1,909 kilos of cocaine on a boat abandoned by its crew when authorities arrived. Authorities managed to detain two Colombian nationals during the process. “The boat carrying the drugs was deserted on Saona Island; due to the pressure of the units participating in the operation, the crew was forced to abandon the vessel,” said Rolando Rosado Mateo, President of the National Directorate for Drug Control (DNCD). “Two crew members were arrested, both Colombian nationals,” Rosado Mateo said in a press release, in which he also informed that the authorities were pursuing two others who remained at large. One of the detainees was presented to the press as Andrés Ramírez Quiroz, while the other has not been identified, and both remain incarcerated on Saona Island, in the Dominican territory of La Romana province, 110 km east of Santo Domingo. The U.S. Coast Guard and the U.S. Drug Enforcement Administration (DEA) participated in the operation, reported Mateo. In addition to the drugs, agents confiscated an M-16 rifle with two magazines, three outboard boat motors, and 25 208-liter containers filled with gasoline. The southern coast of the Dominican Republic has the highest presence of drug trafficking organizations that use this country as a transit route to the United States and Europe. By Dialogo March 29, 2013last_img read more

Russia 2018: Enugu Gov Redeems N5m Pledge to Super Eagles

first_imgUgwuanyi congratulated the Eagles for their performance and wished them luck as they returned to their respective clubs.In a similar development, the Enugu State Government also procured a world-class ultra modern physiotherapy facility, fitness and training equipment for Rangers FC to enhance their performance and care for injured players.(NAN)Share this:FacebookRedditTwitterPrintPinterestEmailWhatsAppSkypeLinkedInTumblrPocketTelegram The Enugu State Governor, Ifeanyi Ugwuanyi, has fulfilled his N5 million pledge to the Super Eagles for their performance at the Russia 2018 World Cup.Ugwuanyi, had in May made the pledge during a fund raising ceremony at a gala night for the Super Eagles.He fulfilled his promise on Tuesday when he presented a cheque for the sum to the team through the Commissioner for Youth and Sports Joseph Udedi.last_img read more