Consumer Financial Protection Agency

9 Stories

Federal Agency Has Dueling Directors, and One's Suing

Monday is likely to be a chaotic day at the Consumer Financial Protection Bureau

(Newser) - Monday is likely to be a chaotic day at the Consumer Financial Protection Bureau: The federal agency now has two dueling directors , and they both say the law is clearly on their side. Leandra English, who was set to become acting director after the early departure of Richard Cordray , filed... More »

Courts Could Nix Obama Recess Appointments

Courts may not want to say what constitutes a Senate session

(Newser) - Legal experts doubt President Obama's controversial "recess appointment" of Richard Cordray will hold up in court—including some experts who've sided with him in the past, the Hill reports. "It's untested ground," says one Harvard constitutional law expert. "If I were a judge,... More »

Elizabeth Warren Inches Closer to Senate Run

She launches exploratory committee, website

(Newser) - Elizabeth Warren has taken one big step closer to a much-buzzed about run for Senate in Massachusetts. Yesterday the consumer advocate and Harvard professor filed paperwork to create an exploratory committee, a source tells the AP . She also put up a website— —where supporters can donate... More »

Obama May Sneak Warren in as 'Interim' Consumer Chief

...for an indefinite period of time

(Newser) - President Obama is considering making Elizabeth Warren the quote-unquote interim director of the Consumer Financial Protection Bureau, as a way of avoiding a Republican filibuster, a White House source tells the Huffington Post. Appointing Warren on an interim basis would allow her to begin setting up the agency she invented... More »

Banks Will Say 'Up Is Down' to Make a Buck

In fighting consumer agency, they prove they're hypocrites

(Newser) - The American Bankers Association is lobbying hard to kill the consumer protection agency, arguing that separating consumer protection from "safety and soundness" regulations would destabilize banks. Which might be a more credible argument, had they not made the opposite one in a 2006 memo, notes TARP oversight chair Elizabeth... More »

Obama Ready to Compromise on Finance Reform

Would sacrifice standalone consumer agency to pass bill

(Newser) - The Obama administration says it’s willing to scrap elements of its financial regulatory reform effort—particularly a standalone consumer protection agency—if it’ll help the bill sprint through Congress. Republicans have complained that a standalone agency would be a new bureaucracy, so team Obama says it’s open... More »

Banks' Lobbying Blitz a Betrayal of Public Trust

After toppling economy, Wall St. now opposes consumer protections?

(Newser) - “Banking is based on trust,” Elizabeth Warren argues in the Wall Street Journal , yet lately banks have “thrown away customer trust like so much worthless trash.” After ripping off the public for years with deceptive mortgages and credit card tricks, they’re now lobbying furiously against... More »

Dems May Cave on Consumer Agency

Proving they serve banks, not families, says Elizabeth Warren

(Newser) - Senate Democrats are signaling that they're willing to drop the independent Consumer Financial Protection Agency to get financial reform passed, but they'll have to go through bailout watchdog Elizabeth Warren to kill it. The fight over the independent agency is a showdown between the banks' interests and those of American... More »

Choose, America: Big Banks or Middle Class

Bank shenanigans are destroying the building block of America

(Newser) - The inevitable consequence of letting big banks run wild is nothing less than the extinction of the American middle class. "Unthinkable,” Elizabeth Warren writes—but a real and dire possibility. Warren, chair of the Congressional Oversight Panel on the bailouts, has seen the numbers, and they aren't pretty.... More »

9 Stories