Cordray Says CFPB Won't Overstep Dodd-Frank's Scope

Law360, New York (March 29, 2012, 3:08 PM EDT) -- Consumer Financial Protection Bureau Director Richard Cordray on Thursday fended off Republican concerns that the agency would use its enforcement powers too broadly, assuring a House committee that the CFPB would operate under the constraints of the Wall Street Reform law that created it.

The bureau "will not hesitate to use enforcement actions to right a wrong," but intends to impose its authority on clear violations of consumer protection standards before tackling the gray areas, Cordray said in response to repeated concerns over the way the...
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