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32 Democratic senators call for strong payday lending rules

A group of 32 Democratic U.S. senators sent a letter to Director Cordray last week regarding the CFPB’s efforts to address payday lending in which they urged him “to issue the strongest possible rules to end the damaging...more

CFPB Director Cordray Issues Warning to Bankers

Director Cordray’s remarks to the Clearing House Thursday should unsettle bankers and payday lenders alike. In his talk, Director Cordray challenged bankers to bow to the inevitable. He suggested that sooner, rather than...more

Much to do about nothing? CFPB guidelines, servicemembers and payday lending

Amid fanfare about its commitment to the protection of the military, the CFPB has released new guidelines to assist its examiners regarding payday and title loans to military servicemembers and their dependents. “Protecting...more

Pew payday loan study: what’s new?

As previously reported, the Pew Charitable Trusts (“Pew”) released a payday lending report last month (the “Report”), the same day that CFPB Director Cordray made some harsh remarks about payday loan “debt traps” in a speech...more

3/5/2013  /  CFPB , Payday Loans , Richard Cordray

A bad month for payday lenders

February was not a good month for payday lenders. As previously reported, on February 20, CFPB Director Cordray expressed pointed concerns about payday and short-term loan “debt traps” in a speech to the Consumer Advisory...more

Shoot first, question later?

In his recent post, Alan Kaplinsky rightly warned that recent remarks by Director Cordray strongly imply that payday and other short-term loan products may be in “the CFPB’s line of fire.” What bothers me is that, to my...more

3/1/2013  /  Loans , Payday Loans , Richard Cordray

D.C. Circuit NLRB Decision Casts Doubt on Validity of Cordray Appointment

The validity of President Obama’s January 2012 recess appointment of Richard Cordray as Director of the Consumer Financial Protection Bureau is now under a dark cloud as a result of the decision by the U.S. Court of Appeals...more

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