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Nonbank Student Loan Servicers Now Subject to Consumer Financial Protection Bureau Oversight

The Consumer Financial Protection Bureau (CFPB) has issued a rule that allows it to supervise certain nonbank student loan servicers for the first time. The rule brings new oversight to the nation’s second largest consumer debt market – student loans – which have seen a rise in borrower...

#2 in Financial Fraud Law: He Was Confirmed, and He Has Confirmed an Aggressive Approach for 2014

Let’s get this out right at the beginning: #2 in Financial Fraud Law for the year, according to the Financial Fraud Law Blog , is: #2: Richard Cordray, Director of the Consumer Financial Protection Bureau. The Consumer Financial Protection Bureau (“CFPB”) was a key part of the...

CFPB Proposes to Oversee Larger Nonbank International Money Transfer Providers

The Consumer Financial Protection Bureau (CFPB) has proposed a rule that would allow it to supervise certain nonbank international money transfer providers for the first time. The CFPB said that its proposed rule would bring new oversight to larger nonbank international money transfer providers, to make...

This US Official Is Appearing Tonight on Jeopardy! Who is ….?

He is the former Attorney General of Ohio and he now serves as director of the Consumer Financial Protection Bureau. He tamed Jeopardy! nearly three decades ago as a five time winner, and is back on the show this evening as part of the “Battle of the Decades.” Who is he? And please remember...

Western Union Acknowledges Federal Financial Fraud Investigation

Western Union acknowledges in the annual Form 10-K that it has just filed that, on November 25, 2013, it was served with a federal grand jury subpoena issued by the U.S. Attorney’s Office for the Middle District of Pennsylvania (“USAO-MDPA”) seeking documents relating to complaints...

Lawyer and Two Others Named to Senior Positions at the Consumer Financial Protection Bureau

The Consumer Financial Protection Bureau (CFPB) has filled three positions: the Assistant Director for the Office of Installment and Liquidity Lending Markets; the Assistant Director for the Office of Research; and the Assistant Director for the Office of Financial Empowerment. “I’m pleased...