Cordray Denies CFPB Is Ignoring Law On Mortgage Charges

Law360, New York (September 13, 2012, 3:42 PM EDT) -- Consumer Financial Protection Bureau Director Richard Cordray defended the agency Thursday against Republican accusations that it ignored Congress in determining a proposed calculation of mortgage finance charges was ineffectual and might be left out of final rules.

Sen. Richard Shelby of Alabama, the top Republican on the Senate banking committee, challenged the CFPB director over whether the bureau had the ability to grant exceptions when it created rules based on legislation passed by Congress. The fight was over the CFPB's determination that a Dodd-Frank Act requirement...
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