The Consumer Financial Protection Bureau (CFPB) is now open for business. CFPB was created as a result of the financial crisis, and is charged with regulating a variety of financial transactions.
The agency got off to a slow start, as nobody knew who would run it, but President Obama appointed Richard Cordray as leader last week. MarketWatch.com reports that Cordray will get started by cracking down on "payday lenders, private student lenders and local mortgage lenders."
While the CFPB is up and running, it may still face headwinds. Some lawmakers (and industries that are likely to face stricter regulation) are unhappy with Cordray's appointment and plan to challenge his authority.
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