Sea change at CFPB casts shadow over 'underbanked'

consumer loan
By Sasha Padbidri
31 Jan 2018

A change in the direction of the Consumer Financial Protection Bureau (CFPB) announced this month was singled out by participants on a Wednesday panel hosted by LendIt as a worrying development for consumers not served by traditional financial services.

Earlier this month, acting director Mick Mulvaney announced a wave of changes for the agency, long touted as a consumer watchdog under the leadership of former director Richard Cordray. Part of Mulvaney’s suggested overhaul includes providing lenders and financial services companies with “more formal rulemaking” and “less ...

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