Republicans are still huffing and puffing about President Barack Obama’s recess appointment of Richard Cordray to head the Consumer Financial Protection Bureau, but that hasn’t stopped the new director from getting right to work.
Cordray announced Thursday the launch of a nonbank supervision program to supplement the agency’s monitoring of banks. In layman’s terms, a "nonbank" is a business that doesn’t accept deposits but provides financial services that include pay day loans, credit ratings, debt collection and some mortgage lending.
Until now, most of these nonbanks have operated without federal regulation. The new supervision program will be equipped to investigate them and enforce rules.
After months of cooling his heels while Republicans blocked his nomination, Cordray can finally address some of the predatory lending and usury that led in part to the financial crisis.
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