“Dear CFPB” wish lists urge action on mortgages, pay day loans, prepaid cards

“Dear CFPB” wish lists urge action on mortgages, pay day loans, prepaid cards

The customer Financial Protection Bureau has opened for company, its mailbox piled high with wish-lists from customer advocacy teams by what the agency that is new tackle first.

While consumer groups cheer the arrival associated with the CFPB, the banking industry along with other monetary solutions providers such as for example payday loan providers, collectors, credit rating bureaus and bank card issuers are less enthusiastic and worry that any brand new laws could possibly be high priced and burdensome. Many Republican lawmakers share those issues and also have threatened to block the Senate nomination of Richard Cordray to go the agency.

Before the CFPB includes a verified manager in position, the bureau is restricted to enforcing current customer security laws and usually cannot propose brand new guidelines. Continue reading