Even before Richard Cordray was appointed to the agency's top position, the federal organization in charge of protecting consumers' finances from questionable lending practices had a number of vociferous critics.
Among the loudest opponents of the federal Consumer Financial Protection Bureau have been top Republican lawmakers, but Cordray believes meaningful changes made by the agency in the coming months might be enough to help win over even its harshest critics, according to a report from The Street. In particular, the agency has made huge strides under Cordray in just a few months after being able to gain very little traction without a director.
"We are now able to go forward and do the job that we were set up to do," Cordray said at a recent conference, according to the site. "And my feeling is that as we do that job … we will prove ourselves not only to the public at large … but to those same people on Capitol Hill."
Consumers can protect their own finances as well by ordering a copy of their credit reports and checking it closely for unfair or mistaken entries.