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BUSINESS
August 22, 2012 | By Andrew Tangel
Even Wall Street has doubts about how the stock market is structured, according to a recent financial industry survey. The survey found that 26% of respondents from brokerages, hedge funds, vendors and other firms had "very weak" confidence in Wall Street's market structure, up from 3% in 2010. The survey -- by the TABB Group, a Wall Street research and consulting firm -- was conducted in early August following Knight Capital Group's trading debacle, in which a software glitch sent a flood of errant trades into the stock market and saddled the brokerage with a nearly fatal $440-million loss.
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BUSINESS
November 29, 2012 | By Jim Puzzanghera
WASHINGTON -- People need to monitor more than just the three largest credit reporting companies, and some specialty firms that track rent payments, employment history and insurance claims aren't providing a free annual report as required by law, a federal regulator Thursday. The Consumer Financial Protection Bureau sent a bulletin to those smaller companies reminding them that they have to make it easy for consumers to obtain those free reports, including providing a toll-free number for requests.
BUSINESS
January 27, 2013 | By Scott J. Wilson
If you have a problem with a product you've purchased - it's damaged or defective, or is never delivered - you have extra legal protection if you bought the item with a credit card. Federal law gives consumers the right to withhold payment on credit card purchases in certain situations. Key things to know: •First, try to resolve the dispute directly with the seller. If you call the seller or visit in person and don't get resolution, also send a letter so that the issue is documented.
BUSINESS
September 18, 2010 | By Jim Puzzanghera, Los Angeles Times
Harvard law professor Elizabeth Warren, appointed Friday to launch the new Consumer Financial Protection Bureau, likely won't be the agency's first official director, but she will have a major say in who gets the powerful job. Warren also will have a broader portfolio of duties, advising President Obama on "policies and programs that are designed to protect the financial interests of middle-class families," the White House said. Obama on Friday described Warren as "a janitor's daughter who's become one of the country's fiercest advocates for the middle class" and said she would have direct access to him from her senior White House position.
BUSINESS
July 16, 2013 | By Jim Puzzanghera
WASHINGTON -- The Senate on Tuesday cleared the way for Richard Cordray to be confirmed as director of the Consumer Financial Protection Bureau after Democrats and Republicans struck a tentative agreement to avoid a confrontation over the use of filibusters on presidential nominees. Senators voted 71-29 to halt debate on the nomination of Cordray, who already is serving as the bureau's director after a controversial recess appointment. The key procedural move, which required 60 votes, paves the way for Cordray to be confirmed as early as Tuesday with just a simple majority.
BUSINESS
September 9, 2011 | David Lazarus
You can almost understand Republican lawmakers standing firm on matters of economic stimulus and debt reduction. Whether or not you agree with their positions, at least it can be argued that they're guided by good-old-fashioned conservative ideology. But when it comes to consumer protection, the Republicans are merely pandering to their deep-pocketed corporate cronies and opposing anything President Obama supports, no matter how reasonable or meritorious it may be. This week's confirmation hearing for Richard Cordray as head of the Consumer Financial Protection Bureau made clear that the GOP won't help beleaguered consumers until it's ensured that the new watchdog agency is more bark than bite.
BUSINESS
April 19, 2012 | By Jim Puzzanghera
WASHINGTON -- The head of the Consumer Financial Protection Bureau acknowledged there is a slim chance his controversial recess appointment could be overturned, according to an email obtained by a government watchdog group. "There is a chance (a minor chance in my view, though everyone is entitled to his or her own opinion) that the appointment would be invalidated by a court," Richard Cordray wrote to the agency's staff in a Feb. 6 email titled "Weekly Message. " The email came a little more than a month after President Obama installed Cordray as director with a recess appointment.
BUSINESS
July 22, 2010 | By Jim Puzzanghera, Los Angeles Times
President Obama reversed decades of lax oversight of the financial industry Wednesday by signing a landmark overhaul of regulations, but he still faces a major task — appointing a director for the powerful new agency charged with protecting consumers from unscrupulous deals. The law dramatically toughens oversight of the industry, from Wall Street's executive suites to the Main Street storefronts of mortgage brokers and payday lenders. But it is the Consumer Financial Protection Bureau that will have the most direct effect on average Americans by creating rules to help ensure that bankers and other financial firms treat their customers fairly.
BUSINESS
October 26, 2010 | By Jim Puzzanghera, Los Angeles Times
On the fifth floor of an office building near the White House, consumer advocate Elizabeth Warren has begun shaping the centerpiece of the recently enacted Wall Street reform law ? the Consumer Financial Protection Bureau. Both Warren and the new agency are controversial. Most Republicans and much of the financial industry opposed creation of the agency, which will have broad authority to write and enforce rules covering mortgages, credit cards and other consumer lending products.
BUSINESS
September 7, 2011 | By Jim Puzzanghera, Los Angeles Times
President Obama's nominee to head the new Consumer Financial Protection Bureau vowed to be accountable to Congress, but his confirmation was stalled by Republicans who worried more about the power of the position than who fills it. At a Senate Banking Committee hearing Tuesday, GOP members cordially greeted former Ohio Atty. Gen. Richard Cordray but cautioned that there was little he could do to overcome the nearly unanimous opposition by Senate Republicans to filling a job they believed was far too powerful.
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