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Standing up for consumers
Consumer Financial Protection Bureau ^ | January 4th 2012 | Richard Cordray

Posted on 01/04/2012 3:20:50 PM PST by Jacquerie

Today, I was appointed by President Obama to serve as the first Director of the Consumer Financial Protection Bureau. I am honored by this opportunity to continue my work on behalf of consumers. And I am energized by the responsibilities and challenges facing the Bureau.

The importance of this day has less to do with me personally and much more to do with you – and the millions of individuals and families across the country who access consumer financial markets every day to participate in our economy and to pursue their dreams and aspirations. That’s because now, with a Director, the CFPB can exercise its full authorities – with respect to both banks and nonbanks – to help those markets operate fairly, transparently, and competitively. Consumer finance is a big part of our economy – and it plays a large role in the daily life of almost every American. Few people spend their entire lives with so much wealth available to them that they never need to borrow money. Whether it is to pay the bills and meet their everyday needs, or to finance larger investments in their futures like an education or a home, most people find it necessary to use financial products to access credit.

Financial products can help make life better, but they can also make life harder. Most of us know at least someone – a parent or sibling or friend – who has money troubles. Sometimes, those troubles are caused by a tough break or just not having enough money to go around; other times, by a poor decision. But sometimes, those consumer money troubles arise out of problems in the consumer financial markets. I have seen senior citizens lose their life savings to scams and fraud. I have seen young adults start their lives with crushing student loan debt burdens that they cannot afford. I have seen families bankrupted, and thrown out of their homes, by complex mortgages with spiraling interest costs and monthly payments that were never clearly explained.

In its first six months, the CFPB has taken significant steps to make consumer financial markets more transparent so they work better for consumers and for responsible businesses. Our Know Before You Owe campaign has worked to improve disclosures and make the costs, risks, and benefits of financial transactions easier for consumers to understand. We have also launched our bank supervision program. CFPB examiners are now on the ground at the nation’s largest financial institutions, reviewing documents and asking tough questions about how these banks are complying with consumer financial protection laws.

One difficulty we faced until now was that, without a director, we were unable to address all the problems we were created to tackle. In particular, we lacked the ability to supervise financial institutions other than big banks – like nonbank mortgage lenders and servicers, and payday lenders. Many of these institutions had no regular federal oversight in the run up to the financial crisis. They led a race to the bottom that pushed aside responsible businesses, including community banks and credit unions, and greatly harmed consumers.

I am pleased to say that, starting today, we can now exercise the full authorities granted to us under the law and begin to supervise these nonbanks. Standing up this program is a top priority for the CFPB. Over the coming weeks we’ll be announcing more information about this program and how it will help to improve the consumer financial markets.

As we move forward, please let us know what you think. My colleagues and I are determined to deliver positive results for American consumers in all of our efforts. We want people to know what we are doing and we want to hear their reactions. We are confident that, with help and input from consumers and honest businesses, we can play an important role in safeguarding consumers, consumer financial markets, and the American economy.


TOPICS: Business/Economy; Constitution/Conservatism; Government
KEYWORDS: congress; cordray; obama; senate

1 posted on 01/04/2012 3:21:01 PM PST by Jacquerie
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To: Jacquerie
Illegally appointed...
2 posted on 01/04/2012 3:23:21 PM PST by Ingtar (Newt (four more for Obama) & Mitt (Obamacare) - what wonderful choices!)
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To: Jacquerie

” Today, I was appointed by President Obama to serve as the first Director of the Consumer Financial Protection Bureau. “

Today, I was [unconstitutionally] appointed by President Obama to serve as the first Director of the Consumer Financial Protection Bureau. [Yet another redundant, superfluous, but overreaching, bureaucracy dedicated to removing any trace of liberty from our subj.... errr.. citizenry]


3 posted on 01/04/2012 3:25:53 PM PST by Uncle Ike (Rope is cheap, and there are lots of trees...)
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To: Ingtar

“consumers” know that you were UNconstitutionally appointed.


4 posted on 01/04/2012 3:25:53 PM PST by Mortrey (Impeach President Soros)
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To: Jacquerie
How about starting with THESE Clymers?

Photobucket

Photobucket

5 posted on 01/04/2012 3:27:35 PM PST by Dick Bachert (Obozo deserves another term: IN LEAVENWORTH. 25 to life sounds about right!)
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To: Jacquerie

Cordray can suck it.

I hope the Congress addresses his unconstitutional appointment with a vengeance.

Hussein, Cordray’s little tin god, is behaving like he has the right to piss on the constitutional precedent.

And the media, ever eager to fellate Hussein, would be screaming like teenage girls in a horror flick if a REPUBLICAN president did this crap....which they wouldn’t.

Folks, we are facing the end of our Republic if this Hussein wins in November.

I know there is a lot of Romney hatred on this board. And a lot of Newt hatred. And a lot of Ron Paul hatred.

I don’t care. None of those men would do this crap. My bottom line about ALL of the Republicans is this: they all love America. I don’t believe for ONE SECOND Hussein loves America. I think he HATES this country.

I encourage us to all vote AGAINST Hussein, even if it means voting for a Republican you don’t like. We can’t allow this kind of executive activity—working outside the boundaries of the Constitution in such a blatant manner.


6 posted on 01/04/2012 3:27:35 PM PST by Recovering_Democrat
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To: Jacquerie

Sounds like something out of Orwell or ‘Atlas Shrugged’.


7 posted on 01/04/2012 3:28:31 PM PST by Fledermaus (It's now clear the GOP establishment is incapable of governing and should resign.)
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To: Jacquerie
Of course, in this ahole's view, it is a win/lose scenario.

Consumers "win" while businesses lose.

And when businesses lose, jobs are lost.

8 posted on 01/04/2012 3:29:35 PM PST by Lazamataz (Romney is the Pale Obama. That's all.)
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To: Jacquerie

Standing up for consumers...uh huh, Cordray.

You sue companies for failing to comply with your progressive/socialist/communist/liberal/busybody regulations and get cash settlements. The very consumers you claim to advocate for will end up paying for those settlements in higher prices, decreased services or lost jobs.

And more lawsuits will follow because your appointment is illegitimate, which will be grounds to attack any dictates you seek to impose. The consumers will pay for that too through our taxes.

If only we had Republicans with the testicular fortitude to defund your toxic department and anything associated with it.


9 posted on 01/04/2012 3:30:17 PM PST by LostInBayport (When there are more people riding in the cart than there are pulling it, the cart stops moving...)
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To: Jacquerie

Dear director,

I don’t need your “protection” so just stay out of my way.


10 posted on 01/04/2012 3:33:04 PM PST by CSM (Keeper of the "Dave Ramsey Fan" ping list. FReepmail me if you want your beeber stuned.)
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To: Uncle Ike
Country-wide Chris Dodd is gone, Bawney Fwank will be gone soon, while the damage they have done will continue for at least a generation.

Near as I can tell, the CFPB will be a clearing house for whiners who made poor financial decisions and will serve to harass payday lenders and pawn shops. That of course is strictly for starters.

I'm certain the authority is in some crease of the Constitution I overlooked.

11 posted on 01/04/2012 3:33:36 PM PST by Jacquerie (No court will save us from ourselves.)
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To: Jacquerie

The Senate is not in recess and the appointment is illegitimate!


12 posted on 01/04/2012 3:33:46 PM PST by A. Morgan (Ayn Rand: "You can avoid reality, but you cannot avoid the consequences of avoiding reality.")
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To: All


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13 posted on 01/04/2012 3:34:07 PM PST by musicman (Until I see the REAL Long Form Vault BC, he's just "PRES__ENT" Obama = Without "ID")
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To: Jacquerie

another federal power not authorized to the federal government


14 posted on 01/04/2012 3:35:26 PM PST by morphing libertarian
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To: Jacquerie

Mark Levin is talking about this appoinment right now.


15 posted on 01/04/2012 3:38:18 PM PST by Biggirl ("Jesus talked to us as individuals"-Jim Vicevich/Thanks JimV!)
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To: LostInBayport

Mark Levin just said the CFPB was made part of the Federal Reserve, and was by law not subject to Congressional oversight. Huh?

Clearly unconstitutional, but so what?


16 posted on 01/04/2012 3:39:03 PM PST by Jacquerie (No court will save us from ourselves.)
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To: LostInBayport
You sue companies for failing to comply with your progressive/socialist/communist/liberal/busybody regulations and get cash settlements. The very consumers you claim to advocate for will end up paying for those settlements in higher prices, decreased services or lost jobs.

And products that do less, cumbersomely.

17 posted on 01/04/2012 3:39:47 PM PST by HiTech RedNeck (Sometimes progressives find their scripture in the penumbra of sacred bathroom stall writings (Tzar))
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To: Jacquerie

And illogical — what the heck does being the main bank of the US have to do with this? Oh I see, consolidating power over commerce, including the money. As well as a cute little political sidestep.


18 posted on 01/04/2012 3:41:23 PM PST by HiTech RedNeck (Sometimes progressives find their scripture in the penumbra of sacred bathroom stall writings (Tzar))
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To: Ingtar
Illegally appointed...

Liberals seem to feel 'good intentions' are enough... We feel the road to hell is paved with them...

19 posted on 01/04/2012 3:43:47 PM PST by GOPJ (Democrats are using immigration deliberately to change the electorate.. Freeper Williams)
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To: GOPJ

A Ratly Senate yawns.


20 posted on 01/04/2012 3:47:21 PM PST by HiTech RedNeck (Sometimes progressives find their scripture in the penumbra of sacred bathroom stall writings (Tzar))
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To: HiTech RedNeck

“No controlling legal authority”- algore


21 posted on 01/04/2012 3:47:50 PM PST by WOBBLY BOB (Congress: Looting the future to bribe the present.)
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To: HiTech RedNeck
what the heck does being the main bank of the US have to do with this? Oh I see, consolidating power over commerce, including the money. As well as a cute little political sidestep.

Well put. And to make it even more unnerving, this is probably a test run. If Obama gets this done without sufficient backlash (Mitch and John, that means more than bleating at a microphone at a press conference), imagine what else he might try to accomplish through the Federal Reserve.
22 posted on 01/04/2012 3:50:40 PM PST by LostInBayport (When there are more people riding in the cart than there are pulling it, the cart stops moving...)
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To: Jacquerie
The apparatchiks always think they can keep grabbing without consequences.

This jerkoff is going to find out the hard way that there is a limit to what the right will put up with.

23 posted on 01/04/2012 3:50:53 PM PST by Rome2000 (OBAMA IS A COMMUNIST CRYPTO-MUSLIM)
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To: Jacquerie

“starting today, we can now exercise the full authorities granted to us under the law”

Uh, what law would that be?


24 posted on 01/04/2012 3:55:12 PM PST by silverleaf (Common sense is not so common- Voltaire)
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FURC
25 posted on 01/04/2012 3:56:35 PM PST by zzeeman ("We can evade reality, but we cannot evade the consequences of evading reality.")
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To: LostInBayport

A lot of Rats and RINOs need to be boiled in tea!


26 posted on 01/04/2012 3:59:05 PM PST by HiTech RedNeck (Sometimes progressives find their scripture in the penumbra of sacred bathroom stall writings (Tzar))
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To: silverleaf

why, the law of make it up as you go along


27 posted on 01/04/2012 4:00:18 PM PST by HiTech RedNeck (Sometimes progressives find their scripture in the penumbra of sacred bathroom stall writings (Tzar))
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To: Jacquerie

“Country-wide Chris Dodd is gone, Bawney Fwank will be gone soon, while the damage they have done will continue for at least a generation.”

Country-wide Chris Dodd is gone, Bawney Fwank will be gone soon, while the damage they have done will continue for at least a generations. There fixed. Frank and Dodd should be in jail for what they have done.


28 posted on 01/04/2012 4:00:50 PM PST by steveab (When was the last time someone tried to sell you a CO2 induced climate control system for your home?)
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To: Jacquerie

I don’t want to hurt your feelings Dick, but I don’t want any effeminate, commie Obamanoid “standing up” for me for anything. I’m NOT HONORED that my taxes are being wasted to form another Nazi nanny state government agency full of freeloading, bigoted government bureaucrats. Take a hike Skippy! Why don’t you get a REAL job?!


29 posted on 01/04/2012 4:01:05 PM PST by FlingWingFlyer (Stop BIG Government Greed!!!!!)
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To: Rome2000
I happened to review last night the twenty-seven charges our Founders made against King George in our Declaration. They were against the King and not Parliament for the simple reason that none of the listed outrages could have happened without his consent.

In similar fashion we are mostly abused by Executive controlled agencies . . . all under Obama’s control.

It will all come crashing down very soon.

30 posted on 01/04/2012 4:04:35 PM PST by Jacquerie (No court will save us from ourselves.)
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To: Jacquerie

Caveat venditor.


31 posted on 01/04/2012 4:10:33 PM PST by matt1234 (Bring back the HUAC.)
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To: matt1234

It is also telling that Cordray’s epistle was also cross posted at Huffington Post.


32 posted on 01/04/2012 4:50:42 PM PST by Presbyterian Reporter
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To: Jacquerie

“”As we move forward, please let us know what you think””

First off, I’d like to tell him that there must be hundreds of thousands if not millions of people in this country right now who do not qualify for a credit card. Therefore, I think his first order of business should be to make sure banks issue credit cards to those least deserving among us! That oughta’ do it! What do we care if they can’t pay them off? That wouldn’t even be expected in obozo’s world, would it?

Let’s all make sure we keep tabs on that website so we can follow all the “good” they will be doing to protect consumers in the financial market. Can hardly wait.


33 posted on 01/04/2012 4:53:27 PM PST by Thank You Rush
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To: Thank You Rush
“”As we move forward, please let us know what you think””

Yeah, that caught my eye too. It strikes me as an invitation for assorted miscreants, OWS and community rabble-rousers to pile on their assault of American business.

And yesterday the EEOC floated regs to oversee businesses that require High School diplomas of their job applicants.

We used to be a republic.

34 posted on 01/04/2012 5:03:44 PM PST by Jacquerie (No court will save us from ourselves.)
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To: Jacquerie

Maybe the first thing the CFPB will do is put the heat on the FHA, lenders and consumers to stop the 3% FHA backed home loans /s


35 posted on 01/04/2012 5:43:29 PM PST by EVO X
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To: Jacquerie

The CPFB will be used by Obama as the consumer finance equivalent of the EPA. Rule by presidential edict.


36 posted on 01/04/2012 6:36:55 PM PST by Avid Coug
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To: Jacquerie
Consumers = left
Producers = right

People know fairly accurately where they are on the bell curve.

37 posted on 01/04/2012 6:42:06 PM PST by Reeses (TV gives men a window into what women want, and it isn't pretty.)
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