Cordray Says New Mortgage Rules Will Take Effect On Time

Law360, New York (September 12, 2013, 2:47 PM EDT) -- Consumer Financial Protection Bureau Director Richard Cordray told the House Financial Services Committee on Thursday new mortgage rules should go into effect on time and fairly smoothly, and he defended how the bureau collects consumers’ financial data in the course of its work.

Cordray said he expects that the bulk of U.S. banks will comply with the new rules by the Jan. 10 deadline and that the CFPB doesn’t track individual consumer behavior patterns as it encounters their data through its market monitoring and bank oversight....
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