January 24, 2013 |
WASHINGTON - In nominating former federal prosecutor Mary Jo White to head the Securities and Exchange Commission, President Obama aimed a strong message at potential Wall Street miscreants: Watch out. Obama amplified that decision Thursday by renominating Richard Cordray, a former state attorney general, as director of the Consumer Financial Protection Bureau. Cordray's controversial recess appointment to the 2-year-old agency expires at the end of the year. Obama said that White and Cordray were key to implementing the 2010 overhaul of financial regulations and protecting consumers and the financial system from the "kinds of abuse that nearly brought the economy to its knees.
March 13, 2013 |
WASHINGTON - Senators questioned two of President Obama's nominees for key financial regulatory positions, and Democrats and Republicans appeared to like both of them. But only one of those candidates is expected to be confirmed. Mary Jo White, a former federal prosecutor, was on track to be confirmed as chairwoman of the Securities and Exchange Commission after Tuesday's hearing by the Senate Banking committee. However, the path for Richard Cordray, the director of the Consumer Financial Protection Bureau who has been renominated by Obama, was still blocked by Republicans who want changes to the agency.
March 12, 2013 |
WASHINGTON -- A top House lawmaker is questioning the validity of the Consumer Financial Protection Bureau's funding, arguing that a recent court decision invalidating some of President Obama's recess appointments could make it unlawful for the agency's director to seek money to pay for its operations. The move is the latest in a long battle by many Republicans against the bureau, which was created in 2010 by the Dodd-Frank financial reform law. Republicans say the bureau is too powerful and not accountable enough to Congress.
February 4, 2013 |
WASHINGTON -- Nearly all Senate Republicans have pledged to block the confirmation of Richard Cordray to head the Consumer Financial Protection Bureau, adding to the uncertainty about the agency's leadership after a recent court ruling threatening his recess appointment to the position. "Far too much power is vested in the sole CFPB director without any meaningful checks and balances," the senators wrote to President Obama on Friday. The letter was signed by Minority Leader Mitch McConnell (R-Ky.)
July 18, 2012 |
WASHINGTON - What's in your wallet? For about 2.5 million Capital One credit card customers, the answer will be refunds ordered by federal regulators who accused the bank of deceptive marketing tactics. In the first major enforcement action involving the Consumer Financial Protection Bureau, Capital One agreed to refund $150 million to customers and pay $60 million in civil penalties to the government. The McLean, Va., bank was accused primarily of duping customers into signing up for payment protection plans and other add-on services.
April 11, 2012 |
When it comes to mortgages, banks say, "Trust us. " Federal regulators are now saying, "Some new rules may be in order. " Richard Cordray, the head of the Consumer Financial Protection Bureau, says the agency will look at new requirements intended to make loan statements easier to understand. "It's time to put the service back in mortgage servicing," he says. Specifically, banks could be required to make monthly statements simpler for customers to decipher, and to provide borrowers with warnings before their interest rates adjust.