It's official. Richard Cordray is the director of the CFPB.
Having a permanent director in place is a positive step because it removes some uncertainty. Now that he is confirmed, it's unlikely there will be a commission put in place to lead the agency rather than the current single director structure. I'm a bit surprised that the Republicans gave in so easily. You never know what goes on in those backroom deals. And, while I've never met him, everyone I've spoken to says Cordray is highly intelligent and has made a demonstrated effort to understand credit unions.
Still, the CFPB could be a great danger to credit unions, as demonstrated with regulations concerning mortgages and other topics. Perhaps now, the CFPB will go after the unregulated entities, such as payday lenders and title-loan shops, as well.
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