Two years after his nomination by President Obama, Richard Cordray was confirmed last week as director of the Consumer Financial Protection Bureau (CFPB). This will allow the agency to build on its existing accomplishments, including a crackdown on abusive credit card tactics, and boost other projects, such as the regulation of credit reporting agencies and debt collectors. A New York Times editorial suggests that the CFPB target payday lenders and stop abuses in that industry by banning deceptive advertising, balloon payments, and lending without regard for a borrower's ability to repay. The regulator also may work to develop rules for overdraft fees, to make sure that banks do not use this protection as a profit center. The editorial board also suggests that recent rules governing lenders’ treatment of troubled borrowers need to be strengthened. Additional rules should require that any borrower who qualifies for a loan modification be offered one and that “dual tracking,” which involves the pursuit of foreclosure while evaluating a borrower for new loan terms, be abolished. According to the Times, the CFPB also should work to ban mandatory arbitration clauses in finance agreements, which would free consumers to sue over unfair or unlawful practices.