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You may have read a few of my blog posts in the past few months updating you on the ongoing work of the Consumer Financial Protection Bureau (CFPB). A very big, recent update has been the appointment of a director for the CFPB. On Wednesday, January 4th, President Obama used a recess appointment to appoint Richard Cordray as the first director of the CFPB.
With a director now in place, the agency can now move forward on its list of responsibilities given to it by the Dodd-Frank Act. According to Cordray, now that the CFPB has a director in place, one of its first areas of business will be the supervision of nonbank financial entities such as mortgage servicers, payday lenders and student loan firms. Please see Director Cordray’s blog post issued on the CFPB’s blog page, upon his appointment, for further information about the CFPB’s direction going forward.
If you are interested on hearing more about the CFPB and its future plans, I would encourage you to tune into a free webinar that NCUA will be hosting on February 8th, that will include information presented by Director Cordray.
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