Much of Director Cordray’s testimony in his appearance before the Senate Banking Committee yesterday consisted of his predictable defense of various CFPB positions.  While the hearing was much less contentious than last month’s hearing of the House Financial Services Committee at which Director Cordray appeared, the questions raised by Republican Senators focused on many of

Evidence of CFPB interest in small business lending continues to mount.  While it was not surprising to see federal regulators attending the American Banker’s Marketplace Lending +Investment conference in New York City two weeks ago since many marketplace lenders make consumer loans, the CFPB also had several representatives attend the American Banker’s Small Business Banking

Congresswoman Nydia Velázquez, ranking Democratic member on the House Small Business Committee, has sent a letter to Director Cordray and Mary Jo White, SEC Chair, seeking information about the roles of the CFPB and SEC in regulating online lending to small businesses.

In her letter, Ms. Velázquez raises concerns that “small business consumers and retail