Richard Cordray, in his first speech as head of the Consumer Financial Protection Bureau (CFPB), said his agency will immediately begin overseeing lenders outside the banking  industry.  He also said the agency has already taken over some enforcement investigations from other agencies and has started some of its own - "some may be resolved through cooperative efforts to correct problems," while "others may require enforcement actions to stop illegal behavior." With Cordray now officially and permanently in place as Director, the CFPB will continue to supervise banks, and can now begin to regulate the "shadow banking" industry - e.g., payday lenders, mortgage servicers and private student lenders.  These responsibilities began today, leading Director Corday to say, "We must establish clear standards of conduct so that all financial providers [play by the rules."    [Reuters, 1/4/12]

[See the related WHO story to learn how President Obama sidestepped Republican opposition and installed Mr. Cordray into the Director's Seat.]