By ABIA Outside Counsel, Chrys D. Lemon, McIntyre & Lemon, PLLC
CFPB Director Richard Cordray testified before the Senate Committee on Banking, Housing, and Urban Affairs and described the CFPB’s activities and future priorities.
Cordray said the CFPB is “pursuing further research to determine how best to define the scope of statutory provisions for small creditors that operate predominantly in ‘rural or underserved’ areas in order to promote access to credit in those areas.” Additionally, according to Cordray, the CFPB is “intensifying our focus on non-mortgage markets to address other pressing consumer financial protection issues.” For example, Cordray mentioned the rule on international money transfers, called remittances.
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Read CFPB press release.
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