Richard Cordray News
Federal regulator clamps down on payday lending industry
Federal regulator announces new restrictions on payday lending industry, a move that is likely to face resistance in Congress
OPINION: Why the CFPB is in danger of getting 'trumped'
Just beyond the Trump swelter of the hour, lawmakers have been busy concocting plans to dismantle key achievements of the Obama years. Among those accomplishments currently targeted is a concerted effort to destroy, defang, scrap (feel free to select the word) the Consumer Financial Protection
Wells Fargo Did Not Have More Consumer Complaints, Report Says
When it comes to consumer complaints about account management and credit cards, Wells Fargo doesn’t at first appear to be much worse than other big banks, despite being the subject of a scandal over the unauthorized opening of accounts. What the bank does have is a higher number of complaints by
Wells Fargo CEO John Stumpf Told to Resign by Sen. Warren
Amid tense questioning on Capitol Hill this morning, Sen. Elizabeth Warren , D-Mass., told Wells Fargo CEO John Stumpf that he should resign and face criminal charges amid a scandal over allegations that bank employees opened accounts without customers’ authorization. Warren was far from the only
How Democratic VP Pick Tim Kaine's Camp Is Already Pushing Back on Liberal Critics
Democrats in Philadelphia are unlikely to greet Tim Kaine with a unified hero’s welcome when he takes the stage at the Democratic National Convention tonight. In fact, about 165 Bernie Sanders delegates answered a survey saying they’d be interested in “nonviolently and emphatically” protesting
Consumer Financial Protection Bureau to Crack Down on Payday Loan 'Debt Traps'
A federal consumer watchdog group proposed a new rule today aimed at cracking down on the payday loan industry, saying in a press release that "consumers are being set up to fail with loan payments that they are unable to repay." Payday loans, sometimes called "cash advances" or "check loans,"
Missouri Man Paid $50,000 in Interest After Taking $2,500 in Payday Loans
Small payday loans are touted as quick, short-term access to money, but people like Elliott Clark of Kansas City, Missouri, call them "debt traps." A retired and disabled Marine, Clark still has a hard time talking about the more than 5 years in which he says he struggled to pay $50,000 in interest
Lawmakers Urge FTC to Investigate 'Dark Money' Group Attacking Consumer Watchdog Group
Some lawmakers are trying to find out who's paying so-called "dark money" for ads attacking the watchdog group Consumer Financial Protection Bureau (CFPB). Protect America's Consumers, a political lobbying group, has spent nearly $58,000 on cable TV and online ads disparaging the nearly 5-year-old
How The 4-Year-Old Government Agency You May Never Have Heard of Can Help You
I was startled to notice that the government’s Consumer Financial Protection Bureau is celebrating its four-year anniversary — the fifth if you count its unofficial start while Congress was still wrangling over it. The CFPB was established in response to the financial crisis of 2008 on the premise
Scott Walker: That Was Then, This Is Now
By MICHAEL FALCONE (@michaelpfalcone) NOTABLES HERE’S A BRIEF REVIEW OF SCOTT WALKER’S WEEKEND: “Gov. Scott Walker: ‘I don’t know’ whether Obama is a Christian” (Washington Post); “Scott Walker: ‘I Don’t Really Know’ Whether Obama Loves America” (Huffington Post); “Walker feeling the heat” ...