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July 20, 2012


online payday loans

Well, at first I would say that it’s good that there’s such an agency in the US, which main challenge is to protect the consumers. Financial protection is a thing that’s necessary for all the consumers, that’s why I found this agency very useful. Lots of people is the US lack financial literacy and make wrong financial decisions and financial protection of the consumers can help to reduce that at least a little. Anyway, I think that CFPB is doing a good job and do it efficiently.

Afbob Blairjr

It is, of course, true that CFPB has begun to be effective in consumer financial protection in its one year. I would have chosen to first correct the abusive use of the current method of expressing the annual percentage rate, the antiquated simple-interest method used in a U. S. Supreme Court case in 1837, Story v. Livingston (on the Internet). That method in the Truth in Lending Act (TILA) is called the nominal annual percentage rate. Black’s Law Dictionary and Webster’s Dictionary define “nominal” and “not real or actual”. That APR calculation is the rate for a unit-period multiplied by the number of unit-periods in a year. The mathematically-true APR is the rate for a unit-period compounded for the number of unit-periods in a year. On a typical payday loan for $100 by giving a check for $115 to be cashed in 14 days, the nominal, simple-interest, nominal APR (SIAPR) is 391.07%, calculated (using Excel mathematical symbols) as (15/100)*(365/14). The mathematically-true compound APR (CAPR) is 3723.66%, calculated as ((1+(15/100))^(365/14)-1)*100. The compound method should be used. A F Bob Blair Jr


It has been a remarkable year for any agency to accomplish anything except spending its budget.

The fact that CFPB is still functional, and despite threats from Congress, carrying out its mandate, is all the proof needed to show that Mr. Cordray is a great Director.

In this election year much is being said about the interests of business vs the consumer and business vs the Country, the second matter being kept to an undercurrent. That said, if anyone was of the understanding that CFPB COULD be a Regulator and not an Enforcer, their view became moot: both a Regulator and Enforcer is what CFPB has become, to complement with one if its peers, the OCC.

The settlement with Capital One and the after-action comments by the Bank, illustrate how effective CFPB is at dealing with Unfair and Deceptive practices by the banking enterprises which constantly use "the small print" or no print to hook consumers as customers, often being charged excessive fees that were never agreed to by the card holder.

HAPPY BIRTHDAY CFPB and Good Luck Mr. Cordray

Richard Isacoff

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