CFPB Director Richard Cordray and Chicago Mayor Rahm Emanuel yesterday announced an information-sharing agreement to help protect the city’s consumers from scams related to payday lending, small-dollar loans, student loans, reverse mortgages and home repairs.
Chicago will be the first city to directly report financial activity and fraud to the CFPB, and the bureau is encouraging other large municipalities to follow suit. The agreement is intended to enable the CFPB to detect early patterns of fraud and take appropriate enforcement actions.
Read Cordray’s remarks.
Read Emanuel’s press release.