The scope of the Consumer Financial Protection Bureau got a bit broader this week, as Director Richard Cordray re-enunciated his agency’s focus on regulating nonbank financial players, like payday lenders, private student lenders, and mortgage servicers. Those institutions, Cordray said, are “very much on our priority list.”
Consumer Financial Protection Bureau Director Richard Cordray says his organization is set to ramp up its regulation of nonbanks.
“There are 30 million consumers that owe debt are being chased by debt collectors,” Cordray stated after an event in New York last week, according to American Banker. “It’s one of the areas that’s very much on our priority list.”
Nonbanks — mortgage servicers, private student lenders, and payday lenders, for example — have responded by reaching out to the CFPB about how it determines which institutions are subject to rules.
Read the full story here.
