Consumer lending experts urged a Senate panel on Oct. 4 to confirm a director of
the Consumer Financial Protection Bureau before the end of the week. The Senate
Banking Committee's subcommittee on financial institutions and consumer
protection convened the hearing mere days before the entire panel is slated to
vote on the nomination of Richard Cordray as the bureau's first director.
Although the witnesses spoke about the wealth gap and discriminatory lending
practices, the subtext of the hearing and the matter on everyone's mind was the
CFPB. In particular, they complained that the bureau's authority is limited
until a director is in place. "There are abuses going on that need to be
curtailed," said Douglas Fecher, president and CEO of Fairborn, Ohio-based
Wright-Patterson Federal Credit Union. "We have a branch near a pawn shop and a
payday lender, and the only one that is regulated is us. The CFPB needs to
address that fact."
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