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.
“No controlling legal authority”- algore
This jerkoff is going to find out the hard way that there is a limit to what the right will put up with.
“starting today, we can now exercise the full authorities granted to us under the law”
Uh, what law would that be?
A lot of Rats and RINOs need to be boiled in tea!
why, the law of make it up as you go along
“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.
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?!
In similar fashion we are mostly abused by Executive controlled agencies . . . all under Obama’s control.
It will all come crashing down very soon.
Caveat venditor.
It is also telling that Cordray’s epistle was also cross posted at Huffington Post.
“”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.
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.
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
The CPFB will be used by Obama as the consumer finance equivalent of the EPA. Rule by presidential edict.
People know fairly accurately where they are on the bell curve.
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