Director Cordray’s prepared remarks for yesterday’s meeting of the CFPB Consumer Advisory Board contained some particularly ominous signs for student and payday lenders. In the student lending area, Mr. Cordray focused on perceived similarities between servicing problems experienced by mortgage loan borrowers and those experienced by student loan borrowers. Observing that student loan servicing has the “same problematic [financial] incentive… More >
Tag Archives: payday
Congress passes bill giving CFPB authority to enforce Military Lending Act and creating civil liability for violations
Posted in CFPB Enforcement, Payday LendingThe 2013 Defense Authorization Bill (H.R. 4310), currently awaiting signature by President Obama, makes several changes to the Military Lending Act. Last week, both the House and Senate agreed to the conference report. The MLA, as implemented by rules issued by the Department of Defense, imposes a 36% rate cap on tax refund loans and… More >
Cordray sets sights on mortgage originators and servicers, payday and student lenders
Posted in CFPB People, Hot Issues, MortgagesNow that it has a director, the CFPB will waste no time in beginning to exercise its authority to regulate mortgage originators and servicers and payday and student lenders. That’s the message Richard Corday began delivering yesterday following his appointment as CFPB Director. The Dodd-Frank Act gave the CFPB the authority to make rules for… More >
Stay Connected
Subscribe to this blog via RSS
View our Linkedin page
Follow us on Twitter
View our YouTube channel