Consumer Agency Puts Debt, Credit Companies on Notice
The Consumer Financial Protection Bureau may not be popular with some conservatives, but the CFPB and its stealthily appointed Director Richard Cordray are here to stay, and the watchdog agency is kicking into action by making debt collectors and credit rating companies accountable for their actions.
The Consumer Financial Protection Bureau may not be popular with some conservatives, but the CFPB and its stealthily appointed Director Richard Cordray are here to stay, and the watchdog agency is kicking into action by making debt collectors and credit rating companies accountable for their actions. –KA
Rock Solid JournalismThe Washington Post:
Under its proposed rule, the CFPB would oversee the nation’s largest debt collectors, the primary credit reporting agencies such as Experian, Equifax and TransUnion, and other lesser-known consumer reporting agencies. It is the first attempt by the watchdog agency to define which businesses in the vast swath of nontraditional financial institutions will be subject to the same examination process as banks.
“This oversight would help restore confidence that the federal government is standing beside the American consumer,” CFPB Director Richard Cordray said in a statement.
In 2026, amid chaos and the nonstop flurry of headlines, Truthdig remains independent, fact-based and focused on exposing what power tries to hide.
Support Independent Journalism.
Books
In “American Carnage,” federal workers describe the chaos and pain they experienced during Elon Musk and DOGE’s unprecedented cuts to government agencies and programs.
Editorial Cartoons
Opinion
The shuttering of the Consumer Financial Protection Bureau doesn't seem like a coincidence given Trump World’s interest in selling risky financial products.
Business & Economy
Despite lawsuits, prosecutions and federal crackdown attempts, the tribal lending industry has adapted, providing exorbitant loans to financially vulnerable consumers.
Seth Frotman, in a scathing resignation letter to acting director Mick Mulvaney, says the agency “has turned its back on young people and their financial futures."
You need to be a supporter to comment.
There are currently no responses to this article.
Be the first to respond.