A big part of the Consumer Financial Protection Bureau’s potential to help consumers is its ability to supervise nonbank participants in the financial industry. This far-ranging swath of companies includes some that have been the subject of consumer complaints in the past, such as debt collectors and credit reporting agencies. Today, the …
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A Long To-Do List Awaits the CFPB and Its New Director
Now that the Consumer Financial Protection Bureau has a director (albeit one whose appointment could be challenged in court), it has quite the to-do list. At the top, according to newly installed bureau head Richard Cordray, is …
CFPB’s First Move with a Director in Place: Confront ‘Nonbanks’
One day after President Obama appointed Richard Cordray as director of the Consumer Financial Protection Bureau over the objections of Senate Republicans, the bureau announced the launch of a new “nonbank supervision program.”
Obama Expected to Appoint Consumer Financial Protection Bureau Chief
President Obama is reportedly planning to name Richard Cordray as director of the Consumer Financial Protection Bureau in a recess appointment today, which means the drawn-out Congressional standoff over Cordray’s nomination to head the watchdog agency may be drawing to a close.
Another Congressional Standoff Leaves Consumers Vulnerable
The Senate is scheduled to take a procedural vote concerning the nomination of Richard Cordray to head the Consumer Financial Protection Bureau today, and pundits are predicting failure. A group of 44 Republican Senators have …
Your Credit History Is More Revealing Than You Think
The information in your credit report has long been used to predict how likely you are to pay credit card bills on time or remain current on your mortgage. But now credit information companies say they can figure out everything …
Committee Approves Cordray for CFPB, Senate Fight Next
As expected, the Senate Banking Committee approved Richard Cordray on a party line vote today to direct the new Consumer Financial Protection Bureau. It’s a largely symbolic vote because the next step would be a vote by the entire Senate, and 44 Republican senators have said they’ll block the approval of anyone nominated to the …
Is That a Debt Collector Trying to Call Your Cell?
The debt-collection industry has launched a push to modernize the laws that govern how they do business and what they’re allowed to do, and new legislation under consideration in Congress would give them the right to do so if …
“I’m a real believer in the power of free markets. But free markets need rules. If those rules aren’t sensible or if they go unenforced, then markets don’t work well.”
Why Bankers May Regret Elizabeth Warren Isn’t Running the CFPB
Elizabeth Warren announced plans to run for Senate in Massachusetts next year, moving from one politically charged battle of wills to … another contentious tangle with the GOP.
The 3 Silliest Remarks From the Senate’s Cordray Hearing
Richard Cordray, the former Ohio attorney general picked by President Obama to lead the Consumer Financial Protection Bureau, had a hearing with the Senate Banking Committee Tuesday. The elephant in the room — no pun intended …
Even More Credit Scores: Good or Bad For Consumers?
In theory, your credit score should be simple: three digits that correspond to how big of a risk lenders take when they extend credit to you. But in practice, it’s anything but.
