The Consumer Financial Protection Bureau’s (CFPB) plans to re-evaluate its final rule regulating payday lenders and related businesses is not sitting well with former CFPB director Richard Cordray.
Cordray took to Twitter after the bureau announced its intent to consider altering its rulemaking on the matter, condemning the agency in a series of posts on the social media platform and calling for feedback from others who believe in the rule’s merit.
Read on to learn what he believes the announcement means for the future of the rule.