Consumer bureau chief gets to work

January 7, 2012 Off By administrator

Consumer bureau chief gets to work
News from Green Bay Press-Gazette:

WASHINGTON — The new head of the Consumer Financial Protection Bureau wasted little time getting to work Thursday, using the agency’s new powers to start supervising payday lenders and other firms outside the conventional banking system.

The bureau’s main goal will be ensuring that consumer loans, mortgages and other financial products are easier to understand, but the new director, Richard Cordray, warned companies that “transparency alone is not enough.”

“The consumer bureau will make clear that there are real consequences to breaking the law,” Cordray said in a speech at the Brookings Institution, a Washington think tank.

It will be a few weeks before the agency has supervisors ready to go into companies to examine their practices. But the preparations began Thursday, to the satisfaction of consumer advocates who have pushed for mortgage brokers, debt collectors and others to face the same federal oversight as banks.

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