Alert May 15, 2012

CFPB’s Regulatory Focus on Nonbanks

In a speech to the 2012 Simon New York City Conference, Director Richard Cordray signaled that the CFPB’s most pressing issue is nonbank reform. Director Cordray noted that the CFPB is not seeking to stymie new financial products, but rather to provide a stronger regulatory framework, especially for nonbanks, such as mortgage lenders, originators, payday lenders and those who provide private student loans. Click here for Mr. Cordray’s prepared remarks.