The bureau's order targets National Collective Group, which allegedly made deceptive threats to consumers.
The bureau's initial proposal is based on NCUA payday lending reg.
Bureau also seeks input on how to highlight positive consumer experiences.
Comments from the public will assist the CFPB with a report to Congress.
WASHINGTON - Rep. Brad Sherman (D-Calif.) says those who criticize payday lending don't understand poverty.
In a congressional hearing, Cordray says he does not tell consumers what to do.
The CFPB still looking for input on overdraft fees.
During a town hall webinar with NCUA Chairman Debbie Matz, Cordray cautions the CFPB is still undecided on any new overdraft restrictions.
Rule would expand the definition of small creditor and increase loan origination limits.
Expect the CFPB to scrutinize overdrafts, payday lending, prepaid cards, auto loans and mortgage lending.