President Barack Obama has recently appointed Richard Cordray as the leader in Consumer Financial Protection. As chief, he will be enforcing rules and laws aimed at the abusive mortgage servicers, student lenders and payday-loan companies. The agency will pursuer areas of consumer finance, such as debt collection and cred reporting. The idea and the whole aspect of having this agency is to prevent financial companies from exploiting consumers. These companies are responsible for some of the worst consumer abuses because they are not subjective to any regulations. By aiming at them the economy can benefit from less of these abuses.
Condrary plans to examine non bank financial firms which is an area that haven’t been touched since now. Aside room mortgage and student loan companies, the consumer protection bureau can only supervise non bank companies. Many companies have been sought out by the public and their response and dispute is heard from the White House. Once these disputes are heard, and approved, there will be inspectors in search of these financial companies.