Obama Sets Up for Showdown With GOP Over Consumer Protection Chief Cordray
JEFFREY BROWN: Even as the presidential campaign heats up, President Obama and congressional Republicans are at odds once again. This time, it's part of a long-running battle over the president's nominees who've been blocked from confirmation.
President Obama chose the Cleveland suburb of Shaker Heights, Ohio, to name the state's former attorney general, Richard Cordray, as director of the new Consumer Financial Protection Bureau.
PRESIDENT BARACK OBAMA: His job will be to protect families like yours from the abuses of the financial industry.
(CHEERING AND APPLAUSE)
BARACK OBAMA: His job will be to make sure that you have got all the information you need to make important financial decisions.
JEFFREY BROWN: But the move set off what could be a constitutional showdown between the executive and legislative branches. White House aides said the president acted under his authority to make recess appointments when Congress is not in session.
Republicans said the Senate remains in so-called pro forma sessions over the holidays, open for business even if no business is scheduled to take place. In a statement, Senate Minority Leader Mitch McConnell said, "President Obama, in an unprecedented move, has arrogantly circumvented the American people."
The president had nominated Cordray in July to run the new agency created under the Dodd-Frank financial reform law. Consumer advocates initially hoped that Elizabeth Warren, the bureau's chief architect, would oversee it, but the Harvard professor and the agency itself ran into strong opposition from Republicans.
Alabama Sen. Richard Shelby.
SEN. RICHARD SHELBY, R-Ala.: This massive new bureaucracy was designed by the drafters of Dodd-Frank to be virtually unaccountable to the American people. Before we spend hundreds of millions of dollars on a new federal government agency, I believe we should ensure that it can be held accountable for its actions.
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But spurred on by military people seeking greater consumer protection, Petraeus has spoken out on their biggest consumer concerns including aggressive marketing by for-profit colleges, abuses by payday lenders and Internet-based loan sharks and product
It can enforce existing regulations on the largest banks, but it cannot enforce anything over non-bank financial companies -- that's payday lenders, student lenders, debt collectors. A whole range of companies that interact with consumers,
Payday loans always have been a mixed bag: They offer emergency cash to people in need, but whose poor credit histories otherwise would force them to rack up late fees, bounce checks or turn to illegitimate lenders, maybe even loan sharks.
The disclosure statement says that holders of the $l78.7 million in senior unsecured notes should recover 11.3 percent, while general unsecured creditors with $120 million in claims are in line for a 6.1 percent payday. TerreStar Networks, based in
The $2.5 billion-asset Cardinal Financial in McLean, Va., is one of those benefitting. It has hired roughly 50 mortgage loan officers over the past year and the company's chairman and CEO, Bernard Clineburg, says most are big-bank refugees who got fed
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