President Barack Obama announces the nomination of former Ohio Attorney General Richard Cordray while the very first manager of this customer Financial Protection Bureau. Manuel Balce Ceneta/The Associated Press.The customer Financial Protection Bureau has opened for company, its mailbox piled high with wish listings from customer advocacy teams by 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 lawmakers that are republican those issues while having threatened to block the Senate nomination of Richard Cordray to go the agency. Read more