Cordray Gets Started, Schapiro’s Regret, BOE: Compliance

The U.S. Consumer Financial Protection Bureau will begin supervision of mortgage servicers, payday lenders and student-loan companies in an immediate expansion of its authority under the Dodd-Frank Act, agency Director Richard Cordray said in a Washington speech.

The agency will begin dealing face-to-face with nonbank firms “that often compete with banks but have largely escaped meaningful federal oversight,” Cordray said yesterday at the Brookings Institution in Washington during his first speech since President Barack Obama used a recess appointment to give him the bureau’s top job.