page contents Mortgage News Digest: CFPB's Cordray: "If you stay away from pretty outrageous practices, you should be safe."

Thursday, January 26, 2012

CFPB's Cordray: "If you stay away from pretty outrageous practices, you should be safe."


Only 48 Examinations Planned for this Year


"I don't think there is a lot of uncertainty here. I think it's very clear in the statute for something to be an abusive practice it would have to be a pretty outrageous practice," Cordray said. "If you stay away from pretty outrageous practices, you should be safe." 

This was Cordray's testimony on Capital Hill as he worked to justify the build up of the regulatory agency's staff from 800 to an expected 1500 employees.  The $500 Million dollar budget was written into law as part of Dodd-Frank.  

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