New CFPB director said he would work with credit unions and community banks to better understand impact of its actions.
Panel chair says CFPB director's recess appointment "runs counter to the constitutional requirements for a recess appointment."
President Obama circumvented Senate Republicans and made a recess appointment of Richard Cordray to run the Consumer Financial Protection Bureau. In making the appointment he explained that we “shouldn’t be weakening oversight and accountability, we should be strengthening it–especially when it comes to looking out for families."
Agency said it received 5,074 complaints about credit cards during its first three months of operation.
Senate Banking Chair Tim Johnson (D-S.D.) announces rescheduling from Thursday to Sept. 6 but gives no reason.
An in-depth look at the debut of the Consumer Financial Protection Bureau is featured in the July 20 edition of Credit Union Times.