In his first testimony before Congress, Richard Cordray let lawmakers know that the CFPB will be ensuring that non-bank lenders are held to the same regulations and penalties as traditional banks, according to a report by The Street.
The newly-appointed director alluded that the bureau will be keeping a closer eye on a wide variety of lenders including debt collectors, certain mortgage firms, payday lenders and others.
“With a director now in place, the bureau can work to level the playing field on which our nation’s financial institutions will innovate and compete,” said Cordray in his statement.
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