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Related: Editorials & Other Articles, Issue Forums, Alliance Forums, Region Forums"The Richard Cordray rollout begins"
Mitt Romney is denouncing Obamas recess appointment of Richard Cordray as top consumer cop as Chicago style politics at its worst. Rick Santorum is calling on the Senate to sue to stop the appointment. Republicans in Congress are threatening all sorts of actions to block it. The U.S. Chamber of Commerce may head to court with its own lawyers.
The White Houses response? It has quickly rolled out Cordray to tell the American people what he actually intends to do on behalf of consumers in his new role.
Cordray just delivered a speech at the Brookings Institution, where he detailed his agenda for the Consumer Financial Protection Bureau. The game plan: While Republicans debate process, Cordray is trying to tell the American people what GOP opposition to his appointment would take away from them in the way of consumer protection.
Cordrays speech at Brookings outlined what the Times calls a vigorous oversight and enforcement agenda,putting purveyors of financial products on notice that they will face real consequences to breaking the law. He added that his agency would be particularly aggressive in monitoring the types of financial companies that have previously gone mostly unregulated.
The rest: http://www.washingtonpost.com/blogs/plum-line/post/the-richard-cordray-rollout-begins/2012/01/05/gIQAQf1zcP_blog.html
kentuck
(111,094 posts)Nobody's right if everybody's wrong...
Stand your ground Democrats!
malaise
(268,997 posts)GObama!! Go Cordray!!
JustAnotherGen
(31,823 posts)Really did walk right into a trap - didn't he? If he's the Nominee - he'll have to eat those words next fall.
southernyankeebelle
(11,304 posts)will know you are obstructing.
Old and In the Way
(37,540 posts)Their only constituent apparently is the industry that needs protection from consumer protection.
Sure, go ahead, make this a centerpiece of your campaign. "We need to protect the financial industry who are siphoning billions off the consumers of this country". Should play well.
bigtree
(85,996 posts)Today, the Consumer Financial Protection Bureau launched the nations first program for supervising non-bank financial services, an extension of their bank supervision program that began last July.
Under this new program, non-banks like payday lenders, as well as private mortgage companies and private education lenders, will be regulated and subject to federal oversight to ensure they play by the rules and dont take advantage of consumers. CFPB will be able to establish regulations that require payday lenders to disclose borrowers obligations and responsibilities in clear, easy to understand terms, so that people know what they are agreeing to when taking out a payday loan.
http://www.whitehouse.gov/blog/2012/01/05/numbers-400-percent
Cordray warns financial industry: "Play fair or else"
http://t.co/iyFgGaKW
Looking Out for You
Watch new WH video to see all the ways the fully-empowered CFPB will now be able to protect American families.
http://www.barackobama.com/news/entry/looking-out-for-you
snot
(10,524 posts)who are among the smallest fry in the food chain. I'm not clear whether this is designed to put Repubs on the spot, or reassure Obama's funders.
Just sayin'.
JDPriestly
(57,936 posts)including mortgages and credit cards and even payday lending offices.