Cordray Admits CFPB Can Only Enforce Federal Law

“A bruise is a lesson…and each lesson makes us better.”
― George R.R. MartinA Game of Thrones

Ironically, after years of worrying about the CFPB, it was the New York Department of Financial Services that drew first blood.  In a WSJ article titled CFPB Head: Limited Control Over Online Lending Richard Cordray states “State authorities enforce state law, we enforce federal law”.

Does this mean that the CFPB will not come after online lenders?  Of course not.  There are plenty of vague federal laws out there.  If someone looks hard enough, they’ll find one.

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