I didn’t expect to be thanking the #CFPB today. After all, it is the day that various new mortgage regulations are effective, and they haven’t been easy to comply with. However, CFPB Director Richard Cordray appeared on The DailyShow with Jon Stewart. I’m a big fan of The Daily Show (see previous blog post.) So, I wanted to share Cordray’s interview with you in case you haven’t seen it. You can access Part 1 here and Part 2 here.
In the interview, Director Cordray compliments credit unions and community banks, indicating the rules are “taking mortgage lending back to what community banks and credit unions have done for decades.” Telling credit unions face-to-face that he recognizes they didn’t cause the crisis and that they are responsible lenders makes us feel good, but saying it on The Daily Show takes it to a whole new level for me. Thank you, Director Cordray.