Aggressive policies are needed to protect consumers, said Cordray, pointing to mortgage market fraud that helped to propel the recession as a poster child.
Share to twitterEx-CFPB Director Richard Cordray attacked the Trump Administration today for a lack of commitment to consumer financial protection and warned the rise of fintech quick credit could harm some families. Photo credit: ASSOCIATED PRESS
Cordray contended when Congress enacted the most sweeping overhaul of financial regulation since the Depression with the Dodd-Frank Act, it didn’t want to put all consumer financial protection in the federal basket. He explained the CFPB took a cautious approach to fintech when he headed the agency because “you don’t want to suddenly bless something and then realize you missed something significant.”
He said many families have not recovered from the recession which led to the creation of the legislation. However, they are weakening the agency with a lot of rule making focused on reversing consumer protection, undermining its office of fair lending and other measures, she said.
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