Hitting the Ground Running

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.

Comments

Mr Cordray has had ample time to produce the Obama Plan for 2012,
His small entries, legal or otherwise, will have marginal affect.
We all understand the local NON banking systems operate on the fringes of the Laundry Money cycle.
No local NON bank will pay on iota of attention to a failed dynasty last gasp effort. The local cafes of NON bankers are laughing thier heads off.
Semper FI

The government is wasting our time and money going after anything less than the "too big to fail" banks that crashed our economy. Yet the government seem more disposed to pay them "protection money" than to protect us from them. Instead, this bureau is selling us a bunch of malarkey about regulating auto loans, payday lenders and gift cards. With so many people facing debt collections and the level of trickery and abuse that occurs when debt collectors behave badly - I am looking forward to new developments and how the CFPB addresses this very real concern.
http://islandloans.co.uk/

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