Cordray Says CFPB Enforcement Not End Run On Rule-Making
By Evan Weinberger (March 16, 2016, 3:27 PM EDT) -- Consumer Financial Protection Bureau Director Richard Cordray defended his agency's enforcement policies Wednesday, saying they were not being used as a substitute for regulation but instead were being deployed as a deterrent to practices that could harm consumers.
The bureau has come under fire for what critics say is its use of enforcement actions as a sort of regulatory tool that does not come with the notice and comment that the rule-making process requires and that extends the agency's reach into areas like indirect auto lending, where it may not have the authority to regulate.
But Cordray, in his semi-annual appearance...
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