Summary
Help now is on the way if you think your payday loan is too expensive, if your school lender is ripping you off, if your mortgage is at risk of cancellation or if a debt collector is giving you a hard time. Just go to www.consumerfinance.gov or call 855-411- CFPB (2372) and ask for assistance from the Consumer Financial Protection Bureau.
President Obama enabled the bureau to police these nonbank businesses by making a recess appointment of Richard Cordray as director. By law, the bureau had to wait to act until it had a director. Mr. Cordray already was regulating banking institutions as chief of enforcement at the agency while awaiting Senate action on his confirmation as director. Senate Republicans were holding it up as a lever to force structural changes in the bureau, which the White House said would weaken it and Republicans said would add accountability.See the full content of this document
Extract
A New Friend in Washington
Mr. Cordray started off regulation of nonbanks with a blog post inviting consumers to call him "Rich" and "tell us your stories today." ...
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