Friday, January 6, 2012

MNpublius: The CFPB gets to work: What the GOP tried to prevent

Now THIS is the type of change we've been waiting a long time for!
By jeff-rosenberg
January 6th, 2012

The GOP was dead set against the Consumer Financial Protection Bureau ever getting off the ground. They were absolutely determined to kill it by never allowing it to have a director, and they exploded in fury when the President used a recess appointment to appoint the director they’ve obstructed for two solid years.

It’s worth taking a step back from the battle over Republican obstruction and recess appointments to ask a more basic question: What will the CFPB do, and why is the GOP so set against it?
The new director of the Consumer Financial Protection Bureau outlined a vigorous oversight and enforcement agenda on Thursday, saying that financial companies that take unfair advantage of consumers would face “real consequences.”

The director, Richard Cordray, who was appointed to the post on Wednesday by President Obama, encouraged consumers to contact the agency through its Web site with complaints about banks, payday lenders and other financial institutions that they think have sold deceptive products or engaged in abusive behavior. [New York Times, via Political Animal]
Read more (with links)...

In a related link, Richard Cordray has published his first column on The Huffington Post after being appointed as Director of the Consumer Financial Protection Bureau.