Full Steam Ahead At The CFPB
Richard Cordray was recently appointed as Director of the Consumer Financial Protection Bureau (CFPB). His appointment, finally granted as a recess appointment because Senate Republicans refused to confirm anyone to the position, allowed the CFPB to begin taking actions required by statute. And you can see why Senate Republicans wanted to stop the confirmation, because Cordray would do things like protecting people sending remittances home to their families abroad:
Remittance senders have not always been able to get full information about their transactions, including how much money will be received on the other end. If an error was made, there was uncertainty for consumers about how the error would be resolved, if at all. There have been limited federal consumer protections for remittance senders.
With direction from Congress through the Dodd-Frank Act, the CFPB has now changed that. We have adopted new rules that will go into effect in February 2013. These rules will make the costs of remittances clear and hold remittance transfer providers and their agents accountable for errors.
Wow, I’m sure glad Senate Republicans held that up for a year.Click here for reuse options!
Copyright 2012 Liberaland