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Support Current CFPB Director's Confirmation

Tuesday, March 26, 2013 - 10:14 PM
ConsumersUnion (CU), the policy & action group from Consumer Reports is
campaigning to have the confirmation of current Consumer Financial
Protection Bureau (CFPB) director Richard Cordray approved.  According
to CU a minority of Senators are holding hostage the confirmation in an
attempt to replace the director with a five-member commission.

I don't have first-hand information about Richard Cordray, but his CFPB
leadership in the past year has been a real breath of fresh air for
consumers: refunds for those deceived by large banks, new rules protecting
us us from irresponsible mortgage lending practices, responding to and
investigating consumer complaints nationwide, etc.  A number of very
favorable comments on the CFPB have appeared in this forum.  Also CU
has a long history of working on behalf of all sorts of consumer issues.

CU has a webpage where you can quickly tell your Senators to approve
this confirmation and oppose attempts to weaken the CPFB.  If you like
what the CFPB has been doing please take a few nano's and let your
Senators know
it.
5
cumuluscumulus297 posts since
Jan 16, 2010
Rep Points: 1,370
1. Wednesday, March 27, 2013 - 2:28 PM
The CPFB is a mixed bag in my opinion. For instance, they have recently come out with a myriad of rules on mortgage lending. These rules take away any flexibility a lender may have to design mortgages to meet market demand. I currently have a mortgage that has a 3% fixed interest-only rate for the first 7 years, which will no longer be allowed. I voluntarily elected to apply for this mortgage because  I wanted to lower my monthly payment by the maximum amount I could. If they get there way, lenders will only be able to offer the plain vanilla 30-year fixed rate mortgages. They also have very strict criteria for credit qualification, which doesn't take into account the unique circumstances of individual borrowers.

I want to regulate banks but I don't want to turn them into utilities, where they are unable to respond to customers individual circumstances because they have been put into a strait jacket by the govt. Also, the CU has a political agenda which I don't always agree with. They strongly support Obamacare, which I think will be a disaster for most people.
2
loulou521 posts since
Aug 3, 2010
Rep Points: 3,239
2. Tuesday, July 16, 2013 - 6:43 PM
Looks like Richard Cordray made it after all; rah, rah.
3
cumuluscumulus297 posts since
Jan 16, 2010
Rep Points: 1,370
3. Thursday, July 18, 2013 - 6:21 PM
Thanks to all who voted on this one; in case
you're curious on how your own Senators voted.
2
cumuluscumulus297 posts since
Jan 16, 2010
Rep Points: 1,370
4. Thursday, July 18, 2013 - 9:21 PM
Why don't the no's surprise me? 
3
AllyAlly777 posts since
Jan 16, 2010
Rep Points: 2,263
5. Thursday, July 18, 2013 - 10:24 PM
I can't believe this.  It was the REPUBLICANS who seemed to be the ones who voted NO!  Well I guess I know what I'll be doing tomorrow.    Thanks cumulus for sharing the link.
2
paoli2paoli21,142 posts since
Aug 10, 2011
Rep Points: 5,089
6. Thursday, July 18, 2013 - 10:50 PM
I would have voted no. The CPFB is an unaccountable agency. Its budget is not subject to Congressional oversight and the agency has unprecedented powers to impose regulations without any oversight from our elected representatives. Government bureaucrats will have almost unlimited powers to regulate the financial industry in any manner they see fit. I predict we will ultimately regret giving a govt bureaucracy this much power.

"The Constitution was, from its very origin, contemplated to be the frame of a national government, of special and enumerated powers, and not of general and unlimited powers."
—Justice Joseph Story
1
loulou521 posts since
Aug 3, 2010
Rep Points: 3,239
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