Much attention has been devoted to the issuance very soon of the CFPB’s small-dollar lending rule.  I thought that once that rule was issued, Richard Cordray would soon thereafter resign as Director to return to Ohio to run for Governor.  However, based on a very reliable source, I now believe that Director Cordray will

Tomorrow, the CFPB will publish in the Federal Register a “Request for Information Regarding the Use of Mobile Financial Services by Consumers and Its Potential for Improving the Financial Lives of Economically Vulnerable Consumers.” The CFPB is looking for information on how consumers use mobile financial services to access products and services, particularly for economically

Whatever hope President Obama may have had that his nomination of Richard Cordray to serve a five-year term as Director of the CFPB vanished today when 43 Republican Senators joined in a letter to the President saying that they will oppose Mr. Cordray or any other nominee until major structural changes are made to the

Last week, a coalition of 26 consumer groups, civil rights advocates, and community organizations submitted comments to the CFPB urging it to issue regulations banning overdraft fees and short-term, small-dollar loan features on prepaid cards. Among those groups submitting comments were the National Consumer Law Center, the Consumer Federation of America, and the Center for

TransparencyRecall that when the CFPB launched the Consumer Complaint Database, its expressed hope that “the marketplace of ideas” – i.e., the public – would study and analyze the information disclosed in the database in order to “determine what the data show[s].” 77 FR 37559. The CFPB also stated that the purpose of the database

Today, the Consumer Financial Protection Bureau launched its Consumer Complaint Database, which allows the public to view consumer complaints filed against credit card issuers. The Bureau also announced that it is submitting a request to the Federal Register seeking comments on extending the database to include other financial products in addition to credit cards

Two notices with requests for comments recently published by the CFPB present prime opportunities for banks and other regulated institutions to engage with the CFPB not only to positively impact the CFPB’s processes and procedures, but also to demonstrate that banks seek to develop a relationship of cooperation and collaboration with the CFPB.

On October