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.
Wells Fargo and JPMorgan Chase receive order to pay $35.7M in penalties for illegal mortgage kickbacks.
Lower overdraft fees and expanded opt-in are possible provisions of a new overdraft rule, expected from the CFPB mid-year.
Texas Congressman says CFPB should choose a less costly alternative such as selling the building to the highest bidder.
The CFPB releases a report critical of current DoD lending protections with its MLA comment letter.