CFPB PROPOSES PROCEDURAL RULE ON SUPERVISING NONBANKS THAT POSE RISKS TO CONSUMERS

Yesterday, the Consumer Financial Protection Bureau (CFPB) issued the following press release: CFPB PROPOSES PROCEDURAL RULE ON SUPERVISING NONBANKS THAT POSE RISKS TO CONSUMERS WASHINGTON, D.C. — The Consumer Financial Protection Bureau (CFPB) today is proposing a rule that would set up procedures to supervise nonbanks that may have engaged in activities that pose risks to consumers. … Continue reading CFPB PROPOSES PROCEDURAL RULE ON SUPERVISING NONBANKS THAT POSE RISKS TO CONSUMERS

Sen. Paul to Challenge Cordray Recess Appointment

Politico (2/1, Kim) reports that Sen. Rand Paul (R-KY) "is joining a legal challenge to President Barack Obama's recess appointments to the National Labor Relations Board." Paul "appears to be the first sitting senator to legally object to the Jan. 4 appointments that drew fire from congressional Republicans, who say the president overstepped constitutional boundaries by … Continue reading Sen. Paul to Challenge Cordray Recess Appointment

CFPB DIRECTOR RICHARD CORDRAY TO SPEAK IN BIRMINGHAM, ALABAMA – PAYDAY LENDING

The hearing will take place on Thursday, January 19, 2012, at 12:00 P.M. CST (UPDATED LOCATION:  at the Birmingham-Jefferson Convention Complex).  Alabama is a state with one of the highest number of payday lenders per capita in the country.  The CFPB is the first federal agency with the authority to oversee payday lenders of all … Continue reading CFPB DIRECTOR RICHARD CORDRAY TO SPEAK IN BIRMINGHAM, ALABAMA – PAYDAY LENDING

WISH LIST FOR CFPB’S DIRECTOR CORDRAY

But even a small percentage of errors can affect millions. The CFPB should assure that reports are accurate and errors easily fixed. Credit bureaus now generally have 30 days to investigate a complaint. They also must forward "all relevant information" to the creditor that furnished the disputed material. But the National Consumer Law Center in … Continue reading WISH LIST FOR CFPB’S DIRECTOR CORDRAY

RICHARD CORDRAY DIDN’T WASTE TIME TRYING TO CONNECT WITH CONSUMERS

Richard Cordray, the new director of the Consumer Financial Protection Bureau (CFPB), didn't waste any time trying to connect with consumers about how the CFPB can help them in 2012.  Here's the email being sent to consumers across the US: Happy New Year, As the new Director of the Consumer Financial Protection Bureau, and as … Continue reading RICHARD CORDRAY DIDN’T WASTE TIME TRYING TO CONNECT WITH CONSUMERS

CORDRAY APPOINTED – PRESIDENT SUPPORTS CONSUMER PROTECTION DESPITE REPUBLICAN OPPOSITION

The long-delayed start of a new consumer protection bureau took a major step forward Wednesday when the White House defied Congressional Republicans who had been holding out for changes that consumer advocates say would have substantially weakened the agency. President Barack Obama announced a recess appointment to name Richard Cordray as the nation's chief consumer … Continue reading CORDRAY APPOINTED – PRESIDENT SUPPORTS CONSUMER PROTECTION DESPITE REPUBLICAN OPPOSITION