The customer Financial Protection Bureau has exposed for company, its mailbox piled high with wish-lists from customer advocacy teams as to what the brand new agency should tackle first.
The arrival of the CFPB, the banking industry and other financial services providers such as payday lenders, debt collectors, consumer credit bureaus and credit card issuers are less enthusiastic and worry that any new regulations could be costly and burdensome while consumer groups cheer. Many Republican lawmakers share those issues while having threatened to block the Senate nomination of Richard Cordray to go the agency.
The bureau is limited to enforcing existing consumer protection regulations and generally cannot propose new rules until the CFPB has a confirmed director in place. Read More ““Dear CFPB” wish lists urge action on mortgages, payday advances, prepaid cards”