Consumer Financial Protection Bureau Director Richard Cordray waved his finger this week at software vendors that have prevented lenders from meeting new mortgage-disclosure requirements -- but he stopped short of promising tough action.

Richard Andreano, a partner at Ballard Spahr, also said the CFPB may look more closely at software vendors. "Director Cordray's remarks suggest that the CFPB may be questioning whether various vendors are qualified to provide the services they offer and is preparing to use its supervisory and enforcement authority ... to take a closer look," Andreano wrote on the firm's blog Tuesday. He added that under the Dodd-Frank Act, the CFPB can examine "service providers" of the entities it supervises.

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