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Thursday, March 29, 2012

Cordray Says Focus is Costs and Risks of Financial Products

CFPB Director Richard Cordray testified this morning in the House Financial Services Committee. He commented that the CFPB is focusing in on disclosing the risks of financial products to consumers and making sure that there is a fair and open marketplace through "evenhanded oversight." Cordray also spoke about enforcement:
The Consumer Bureau will also make clear that violating the law has consequences. Through our field examiners, our direct contact with consumers and businesses, and our highly skilled researchers, we have multiple channels to know the facts about what is happening in the marketplace. We plan to use all of the tools available to us to ensure that everyone respects and follows the rules of the road. Where we can cooperate with financial institutions to do that, we will; when necessary, however, we will not hesitate to use enforcement actions to right a wrong.
There has been some concern that there is too big of a focus on enforcement so far.

See the hearing materials and testimony.

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