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#1645837 - 01/04/12 04:22 PM Richard Cordray appointment
MyScamper Offline
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Between here and there
As reported by the Chicago Tribune:

WASHINGTON (Reuters) - President Barack Obama plans to use a recess appointment to install Richard Cordray as head of the country's new consumer financial protection watchdog, sidestepping Republican congressional opposition to his pick.

"Today in Ohio, President Obama will announce the recess appointment of consumer watchdog Richard Cordray," White House communications director Dan Pfeiffer announced in a tweet.

The Consumer Financial Protection Bureau was created by the 2010 Dodd-Frank financial oversight law to police the market for consumer products such as credit cards and mortgages.

Republicans have charged the agency is a regulatory overreach, and last month they blocked an attempt by the Senate to confirm Cordray, a former Ohio attorney general, to be the bureau's first director.

The decision to bypass the Senate and appoint Cordray to the job will further inflame partisan tensions between Republicans and Democrats in advance of the November elections.

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#1645884 - 01/04/12 05:35 PM Re: Richard Cordray appointment MyScamper
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#1645901 - 01/04/12 05:29 PM Re: Richard Cordray appointment MyScamper
Tesla Offline
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MyScamper - just read that on the Trib too. Unbelievable!

Carl Pry is probably freaking out right now! smile
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#1645924 - 01/04/12 05:50 PM Re: Richard Cordray appointment MyScamper
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under the Lone Star
http://r20.rs6.net/tn.jsp?llr=pda5abdab&...pNNZ2PDtT_t1t3x

Top GOP Senator defends the decision to block the nomination...
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#1645927 - 01/04/12 05:52 PM Re: Richard Cordray appointment MyScamper
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under the Lone Star
http://pymnts.com/regulations/cfpb/-President-Should-Stand-Down-on-CFPB-Says-Commerce-Leader/


U.S. Chamber of Commerce leader says President should stand down on this appointment, saying the new agency is deeply flawed...
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#1646074 - 01/04/12 08:35 PM Re: Richard Cordray appointment Pale Rider
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Here's Director Cordray's first post on the CFPB blog. http://www.consumerfinance.gov/standing-up-for-consumers/
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#1646109 - 01/04/12 08:56 PM Re: Richard Cordray appointment MyScamper
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What is going to be great is watching Cordray being his run for Ohio governorship while heading this agency. Can't wait for the press conferences announcing actions against big banks, making sure he is seen as "defending the middle class".

What would stop him from hiring 50,000 employees at this agency?

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#1646270 - 01/05/12 01:57 PM Re: Richard Cordray appointment straw
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Here is Bloomberg News's take on the appointment: Obama Chooses Politics Over Principle.

Expect more of the same from BO. According to Bloomberg, he's got 181 appointments awaiting confirmation.
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#1646287 - 01/05/12 02:09 PM Re: Richard Cordray appointment Sinatra Fan
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I have to wonder why this isn't bigger news in the main stream media. Could be Iowa and the upcoming primaries overshadow?
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#1646303 - 01/05/12 02:23 PM Re: Richard Cordray appointment Sewanee, CRCM
Tesla Offline
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I think it is because people don't realize what happened. Even here at my bank -no one is freaking out about it.
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#1646308 - 01/05/12 02:25 PM Re: Richard Cordray appointment Tesla
Tater Offline
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Originally Posted By: Slave
I think it is because people don't realize what happened. Even here at my bank -no one is freaking out about it.


Even if it's just for a year, I think we all should be. In theory, based on a strict reading of the Constitutional powers of the Executive Branch, the Supreme Court COULD step in and remove all of the "recess" appointments from yesterday, both Cordray and the three to NLRB.
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#1646339 - 01/05/12 02:43 PM Re: Richard Cordray appointment MyScamper
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that is what will happen. The President does not have the power to decide when Congress, a co-equal branch of government is "really" in session. This is purely political, the administration expects the appointmentees to be removed and then they will campaign against the obstructionist congress. Post-partisanship at its finest.

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#1646534 - 01/05/12 05:02 PM Re: Richard Cordray appointment MyScamper
DeeQ Offline
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Happy New Year,

As the new Director of the Consumer Financial Protection Bureau, and as someone who has been helping to build the Bureau for about a year now, I can tell you it's an extraordinary privilege to work on behalf of American consumers.

Consumers like you. Tell your story.
https://help.consumerfinance.gov/app/tellyourstory

In our first six months, our team at the Bureau has been answering calls and reading stories from hundreds of American consumers every week. Their stories illustrate the kinds of issues people are dealing with around the country.

These things can happen to anyone. We are not talking about some impersonal abstraction, not about somebody "else." We are talking about each one of us. We're talking about our mothers and fathers, our sisters and brothers, our sons and daughters. Regular people who are trying to make the right choices for themselves and their families.

We've heard from people like Rebecca from North Carolina. She told us she missed a mortgage payment nine months after her husband lost his job. In the two years since then, her mortgage servicer has increased her payments even though she entered a trial modification in an effort to lower her monthly payments. The servicer has charged her monthly fees for inspections and appraisals that she never asked for and she believes have never occurred, all while repeatedly threatening her with foreclosure unless she shells out more money in unexplained fees. Rebecca has frantically complied with all of these demands because she is afraid of foreclosure and so is doing whatever she can to stay in her home.

Tell us your story at https://help.consumerfinance.gov/app/tellyourstory

With the stakes so high, consumers need to be able to fully understand the costs and risks of borrowing on credit, and they need to be able to comparison shop for the best deal. Consumers deserve to have someone who will stand on their side, who will protect them against fraud, and who will ensure they are treated fairly. The new Consumer Bureau was created to make sure that these things are achieved for all Americans. The good news is that we have already gotten started.

Over time, we will judge the success of our efforts by considering whether consumers are treated more fairly and with more clarity and candor in the financial marketplace. We deeply believe that we must hear from Americans about their experiences.

Can you share your experience?
https://help.consumerfinance.gov/app/tellyourstory

Think about your own family members. Like all of us, they want to be able to use consumer credit to make their lives better, not worse. That is our goal as well. The financial marketplace can be a potent arena that helps people find and seize opportunity, not condemn them to bewildering failure. By working every day to protect consumers, we will help to fashion a more resilient economy and a stronger country. Join us; work with us; help us make it so.

Thank you,
Richard Cordray
Director
The Consumer Financial Protection Bureau


I honestly don't think I shoulr reply to his email! LOL
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#1646547 - 01/05/12 05:12 PM Re: Richard Cordray appointment MyScamper
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You were a minute quicker than I. smile
I dumped the other post.

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#1646558 - 01/05/12 05:32 PM Re: Richard Cordray appointment MyScamper
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Between the lines
Yep, got it too.

I don't think he wants to hear what I really think smirk
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#1646559 - 01/05/12 05:32 PM Re: Richard Cordray appointment MyScamper
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So...Cordray is in and rifles through all kinds of stuff in the say, six months, before the Supreme Court dumps him. Does what he does stand? Or does it get dumped with him? BO must really be feeling the one term pressure if he's down to pulling stunts like this.

and Slave, Carl's reaction was the first thing that popped into my mind when I heard this too.

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#1646575 - 01/05/12 05:48 PM Re: Richard Cordray appointment Truffle Royale
EmilyAnn Offline
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I have an avalanche of emails from the CFPB in my inbox today. Clearly they are coming out of the gates quickly. I can only imagine what the next year will look like with CFPB issuances...

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#1646615 - 01/05/12 06:10 PM Re: Richard Cordray appointment EmilyAnn
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"...Somewhere in Middle Americ...
Any ideas on what I can do to get on the e-mail list? I've entered my info into the website...nothing stuck in the filter....am I missing some place where bankers can sign up?

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#1646637 - 01/05/12 06:20 PM Re: Richard Cordray appointment MyScamper
Matt_B Offline
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Press conference coming up in about 20 mins, I'm going to tune in, mostly out of curiosity. May be interesting, probably just going to make me sad.
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#1646652 - 01/05/12 06:32 PM Re: Richard Cordray appointment Cornfed Turtle
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Originally Posted By: Cornfed Turtle
Any ideas on what I can do to get on the e-mail list? I've entered my info into the website...nothing stuck in the filter....am I missing some place where bankers can sign up?


Aha! That's it, the site knows you are a banker and not a consumer and won't let you in! laugh
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#1646688 - 01/05/12 06:59 PM Re: Richard Cordray appointment SMQ, CRCM
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Originally Posted By: SoccerMomQueen
Yep, got it too.

I don't think he wants to hear what I really think smirk


I told him I look forward to watching his Ohio gubernatorial campaign begin from the CFPB.

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#1646689 - 01/05/12 06:59 PM Re: Richard Cordray appointment Cornfed Turtle
EmilyAnn Offline
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I signed up on the CFPB website. I'm not sure why it isn't sticking for you. Aside from checking your junk email filter, I guess you'll have to keep trying...

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#1646695 - 01/05/12 07:02 PM Re: Richard Cordray appointment Matt_B
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Originally Posted By: Matt_B
Press conference coming up in about 20 mins, I'm going to tune in, mostly out of curiosity. May be interesting, probably just going to make me sad.


Well, it seemed like it was talking 11:00 PST, which would have been 20 mins ago as far as I'm aware...

Tuned in and all I got was footage from 2000 with Gore, and Fat Boy Slim music playing...I'm thinking somebody lied to me!
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#1646730 - 01/05/12 07:33 PM Re: Richard Cordray appointment straw
EmilyAnn Offline
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Re: the gubernatorial campaign

Reading his blog posts and other messages, he sure sounds like he is campaigning. He might as well be photographed kissing a baby right after he talks about Rebecca from North Carolina...

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#1646738 - 01/05/12 07:44 PM Re: Richard Cordray appointment Truffle Royale
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I don't think the Supreme Court can or will do anything about it. I don't mean to sound super negative, but the President's appointments to the Supreme Court will turn a blind eye, I believe, plus when would something like this get on their docket?
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