Housing Wire: Consumers send the CFPB hunting for deceptive payday lenders
December 16, 2013
For years, mortgage lenders have been in the hot seat over allegations of shoddy originations and loan securitization practices that occurred several years ago.
But it seems in these trying financial times, the Consumer Financial Protection Bureau is finding more potential acts of fraud and deception among nonbank payday and online lenders.
Sitting in front of CFPB Director Richard Cordray last week during an agency field hearing in Dallas made it clear the regulator takes what consumers on the ground have to say about their lenders seriously. Read more here.