Richard Cordray, President Barack Obama’s nominee to head the new Consumer Financial Protection Bureau, has said he wants to use his new role to do “on a 50-state basis the things [he] cared most about as a state attorney general — with a more robust and comprehensive authority.”Such a statement is scary indeed given Cordray’s track record as Ohio’s attorney general. Read More
Elizabeth Warren, described in this morning's Politico Morning Money as the Consumer Financial Protection Bureau czar (she can't be called its director because she hasn't been nominated), will be giving a speech later today with this included in her remarks: Read More
Citing the broad new powers of the Conumser Financial Protection Bureau, Rep. Randy Neugebauer, R-Texas, is proposing that the Consumer Financial Protection Bureau (CFPB) be moved into the Treasury to improve accountability and transparency. From a statement: Read More
Still without a proper director, the Consumer Financial Protection Bureau (CFPB) has just unveiled its site which prominently features Professor Elizabeth Warren. Read More
Allan Meltzer, author of a new exhaustive history of the Federal Reserve, slammed Congress's recently passed financial reform law for creating an "abomination" in the Consumer Financial Protection Bureau. During a panel discussion at the American Enterprise Institute with former Fed chairman Paul Volcker, Meltzer, who has been critical of federal intervention during the financial crisis, said that the Consumer Financial Protection Bureau was "absolutely not the way to go." Read More
In a conference call with reporters following GOP Leader John Boehner’s, R-Ohio, remarks at the National Republican Campaign Committee victory celebration , Rep. Darrell Issa, R-Calif., laid out his agenda for when he assumes the chairmanship of the House Oversight and Government Reform Committee, including reforming earmarks and investigating President Obama’s reliance on unconfirmed “czars” to run important functions of government. Read More
Authority over the Consumer Financial Protection Bureau is vested in a director not just by presidential appointment, but also by Senate confirmation, but nobody told that to Elizabeth Warren who is working with the Federal Reserve to establish new mortgage disclosure rules on behalf of the Consumer Financial Protection Bureau. The problem? She’s not really supposed to be doing that. Read More
