CFPB to Target Payday Lenders

Cordray said the agency is focusing on four red flags:

  • deceptive practices
  • debt traps
  • structural roadblocks such as inaccurate credit reporting
  • discrimination

The CFPB was  founded, in 2011, as a result of the Dodd–Frank Wall Street Reform and Consumer Protection Act.  It is a knee jerk reaction to the recession created by the housing bubble.  Do we need another government agency?      The following states are suing the CFPB because they believe the organization is unconstitutional.  They are:  Texas, Alabama, Georgia, Kansas, Montana, Nebraska, Ohio, and West Virginia. Oklahoma, South Carolina, and Michigan.

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