Richard Cordray's appointment might strengthen some laws against abusive debt collectors...
"Cordray’s pro-consumer, anti-Wall Street background seems well in line with the CFPB’s own mandate. Funded and located inside the Federal Reserve, the CFPB will consolidate oversight of consumer financial products and services that had previously been scattered across seven different agencies. Under Dodd-Frank, the CFPB has the mandate to review all the new rules that are part of Wall Street reform within five years of their implementation. The agency’s purpose is to “address unfair, deceptive, and abusive practices by payday lenders, private student loan providers, debt collectors, and other nonbank lenders, including certain mortgage originators and servicers,” according to Deputy Treasury Secretary Neil Wolin. And it has the responsibility of overseeing all banks with deposits over $10 billion in line with such a mandate."
This might be good news for people like us.
"Cordray’s pro-consumer, anti-Wall Street background seems well in line with the CFPB’s own mandate. Funded and located inside the Federal Reserve, the CFPB will consolidate oversight of consumer financial products and services that had previously been scattered across seven different agencies. Under Dodd-Frank, the CFPB has the mandate to review all the new rules that are part of Wall Street reform within five years of their implementation. The agency’s purpose is to “address unfair, deceptive, and abusive practices by payday lenders, private student loan providers, debt collectors, and other nonbank lenders, including certain mortgage originators and servicers,” according to Deputy Treasury Secretary Neil Wolin. And it has the responsibility of overseeing all banks with deposits over $10 billion in line with such a mandate."
This might be good news for people like us.
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