The Consumer Financial Protection Bureau has launched a new tool called Ask CFPB to help answer financial questions consumers might have. Right now more than 350 entries are available on topics like credit cards and mortgages. As this tool takes off, the Bureau hopes to expand the list of topics to cover student loans, auto loans, checking and savings accounts. You want it, they have it.
The total amount of student loan debt totals nearly a trillion dollars… In this milieu of despair, the Department of Education is ramping up collection efforts. But sadly and I think incorrectly, they have teamed up with private debt collectors who earn up to a 16% commission for collecting student loan repayments.
Valuable to many and a safety net to millions more, predatory loans are around to stay. But good news: Our new friends at the Consumer Financial Protection Bureau–for the first time–will be taking a good hard look at what is legalized “loan sharking” and put a national enforcement strategy together for policing these practices.
Could there be a clearer rallying cry for regulation of Wall Street bonuses? Heck, John Dillinger only robbed banks of a few hundred thousand dollars over the course of his “career,” and they created the FBI to catch him.
Richard Cordray is wasting no time at the Consumer Financial Protection Bureau. Forget Senate confirmation, Director Cordray has consumers to protect. With Director Cordray at the helm, the CFPB finalized its amendment to the rules governing remittances from the United States.
The CFPB has been crippled without a head. It is a centerpiece of the much-needed Dodd-Frank legislation. Appointing Mr. Cordray will allow the CFPB to begin the work of regulating a fast moving and dynamic sector that to date has remained one step ahead of regulators.
A party wins the election and they must be allowed to govern. If they fail to do so, vote them out of office in two years or four years, but allow them to fulfill the mandate of the electorate… We need to give Dodd-Frank and Richard Cordray a chance to govern.
Is this former 5-time “Jeopardy!” champion ready to follow rock star Elizabeth Warren as the first director of the Consumer Financial Protection Bureau? Consumers can only wait and hope for the best.