CFPB Enforcer Vows To Curtail 'Abusive' Lending

Law360, New York (March 8, 2011, 8:19 PM EST) -- The new Consumer Financial Protection Bureau intends to stop “unfair, deceptive or abusive” practices like the reckless lending that led to the recent financial crisis, in part by modifying how lenders do business, its head of enforcement said Tuesday.

The agency hopes to change the way banks and nonbank lenders operate so that the ones doling out mortgages and loans responsibly are the ones that the succeed in the marketplace, CFPB Assistant Director of Enforcement Richard Cordray said in a speech to the National Association of...
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