Richard Cordray

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AmEx to Cough Up $75M Over Deceptive Practices

335K consumers will get refunds for credit card add-on programs

(Newser) - American Express has agreed to pony up $75.7 million over what the Consumer Financial Protection Bureau is calling "deceptive marketing to sell credit card add-on products," reports the LA Times . Some $59.5 million of that will go toward refunds to the 335,000-plus consumers who were... More »

Filibuster Lives: Senate Skirts 'Nuclear Option'

Most Obama picks will go through

(Newser) - The Senate's little version of the Bay of Pigs is over, and this one won't end with nukes, either. After much hemming and hawing and stern pronouncements, both sides reached a deal to avoid a showdown over filibuster rules , meaning Harry Reid won't use the so-called "... More »

Senate GOP Is Neutering Our Consumer Watchdog

GOP wants to kill watchdog aimed at preventing another 2008: Krugman

(Newser) - Four-plus years after Wall Street's meltdown "brought the world economy to its knees," at least we have a Consumer Financial Protection Bureau to prevent us from ever toppling over that cliff again. Or do we? Not if Senate Republicans, who are "going all out in an... More »

Court: Obama's Recess Appointments Are Invalid

Justice Department is expected to appeal to Supreme Court

(Newser) - A federal appeals court ruled today that President Obama violated the Constitution in making recess appointments last year, a decision could severely curtail the president's ability to bypass the Senate to fill administration vacancies. The three-judge panel of the US Court of Appeals in DC said Obama did not... More »

Obama to Pick Prosecutor to Head SEC: Report

Mary Jo White to head SEC, Richard Cordray to head CFPB

(Newser) - Is the SEC about to get tougher? President Obama intends to nominate former US Attorney Mary Jo White to head the organization, sources tell the AP . White spent nearly a decade prosecuting white collar criminals in Manhattan, and has a reputation as a particularly dogged prosecutor of financial fraud cases... 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 »

Obama Will Appoint Cordray Watchdog

Bucks GOP with recess appointment

(Newser) - President Obama is thumbing his nose at Republican opposition and will today name a new US chief consumer watchdog: Richard Cordray. Yep, the same Cordray who Senate Republicans blocked early last month. Obama's decision to make a recess appointment is certain to cause an uproar—he's essentially declaring... More »

Senate GOP Blocks Obama CFPB Nominee

Richard Cordray won't head consumer protection bureau

(Newser) - As expected, Senate Republicans today blocked President Obama's choice to head the Consumer Financial Protection Bureau he created. Few questioned Richard Cordray's credentials for the job, notes the AP , which reports that the former Ohio attorney general fell victim to a "particularly nasty partisan fight." Only... More »

Obama Taps Ex-Ohio AG for Consumer Bureau

Elizabeth Warren passed over in hopes of avoiding Senate brawl

(Newser) - Elizabeth Warren is officially out at the Consumer Financial Protection Bureau: President Obama will tomorrow instead nominate former Ohio AG Richard Cordray to lead the agency, reports the Columbus Dispatch. Cordray is currently the bureau's enforcement director, and Obama will likely dodge the Senate dogfight that would have... More »

9 Stories