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Wednesday, September 10, 2014

CFPB Director Outlines Priorities to Senate Committee

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.

Read full article.

Read CFPB press release.

If you would like to learn more about ABIA's work with CFPB to educate them about the bank-insurance industry or join our CFPB Task Force, please contact us and visit our website.