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#1645837 - 01/04/12 04:22 PM
Richard Cordray appointment
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Gold Star
Joined: May 2006
Posts: 452
Between here and there
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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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Diamond Poster
Joined: Nov 2004
Posts: 2,308
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#1645901 - 01/04/12 05:29 PM
Re: Richard Cordray appointment
MyScamper
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Power Poster
Joined: Nov 2003
Posts: 3,726
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MyScamper - just read that on the Trib too. Unbelievable! Carl Pry is probably freaking out right now!
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#1646074 - 01/04/12 08:35 PM
Re: Richard Cordray appointment
Pale Rider
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Joined: Nov 2004
Posts: 2,308
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Opinions expressed are my own and not necessarily those of my employer. They are not legal advice.
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#1646270 - 01/05/12 01:57 PM
Re: Richard Cordray appointment
straw
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Joined: Jul 2002
Posts: 5,568
New Jersey
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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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Management is doing things right; leadership is doing the right things. Peter Drucker
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#1646287 - 01/05/12 02:09 PM
Re: Richard Cordray appointment
Sinatra Fan
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Gold Star
Joined: Dec 2006
Posts: 435
TN
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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
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Joined: Nov 2003
Posts: 3,726
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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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It's not that I take life for granted. It's only that the good won't make it. Innocence dies, while Villany Thrives.
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#1646308 - 01/05/12 02:25 PM
Re: Richard Cordray appointment
Tesla
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Platinum Poster
Joined: Jan 2006
Posts: 642
Missouri
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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. 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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#1646534 - 01/05/12 05:02 PM
Re: Richard Cordray appointment
MyScamper
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10K Club
Joined: Dec 2002
Posts: 40,766
Turnpike Exit 10
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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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#1646558 - 01/05/12 05:32 PM
Re: Richard Cordray appointment
MyScamper
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Joined: Apr 2001
Posts: 4,828
Between the lines
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Yep, got it too. I don't think he wants to hear what I really think
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#1646575 - 01/05/12 05:48 PM
Re: Richard Cordray appointment
Truffle Royale
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Gold Star
Joined: Jul 2007
Posts: 273
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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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Diamond Poster
Joined: Mar 2006
Posts: 1,323
"...Somewhere in Middle Americ...
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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
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Diamond Poster
Joined: Sep 2011
Posts: 1,648
A CU, Where Regs Don't Apply
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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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10K Club
Joined: Dec 2002
Posts: 40,766
Turnpike Exit 10
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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!
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Get your facts first, then you can distort them as you please. - Mark Twain
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#1646688 - 01/05/12 06:59 PM
Re: Richard Cordray appointment
SMQ, CRCM
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Power Poster
Joined: Nov 2002
Posts: 9,121
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Yep, got it too. I don't think he wants to hear what I really think 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
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Gold Star
Joined: Jul 2007
Posts: 273
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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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Diamond Poster
Joined: Sep 2011
Posts: 1,648
A CU, Where Regs Don't Apply
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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. 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
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Gold Star
Joined: Jul 2007
Posts: 273
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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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Power Poster
Joined: Nov 2003
Posts: 3,726
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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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It's not that I take life for granted. It's only that the good won't make it. Innocence dies, while Villany Thrives.
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