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CFPB Priorities

Monday, January 23, 2012

Maya Jackson Randall, financial reporter for the Wall Street Journal, discusses the priorities for the Consumer Financial Protection Bureau under new director Richard Cordray. 

Guests:

Maya Jackson Randall

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Comments [13]

SAY NO to Wall Street immunity. from Support Rep. Baldwin's resolution to prevent Bank Immunity

Rep. Tammy Baldwin (D-Wisconsin) has a bold resolution opposing the proposed deal to give Wall Street banks criminal and civil immunity for their wrongdoing. Dozens of her colleagues have already signed on.

Keep up the momentum by being a citizen co-signer of Rep. Baldwin's resolution, and urging your representative to be a co-sponsor too.

http://act.boldprogressives.org/sign/Baldwin_signon/

Please PASS IT ON! If you know of a suitable forum,
please REPOST or Forward this. Thank you!

Jan. 23 2012 09:37 PM
Eugenia Renskoff from Brooklyn, NY

Hi, The wrong appraisal on my home in Atlanta, Ga was just the tip of the iceberg as far as my case was concerned. There were other things that were done wrong and I lost my condo in November 2005 to foreclosure. The interest rates were too high and there was a penalty in case I was able to pay off the loan within 2 years. I believe I was steered by the loan officer into a bad loan. I struggled and did everything to pay the monthly mortgage until I had no more money. Eugenia Renskoff

Jan. 23 2012 04:03 PM

Walter,
Sorry for the typo of your name.

Jan. 23 2012 12:04 PM

Hey Water,

Could those rates be the payoff for GE's CEO acting as a shill for one of the current administration's economic advisory committees?

Jan. 23 2012 12:02 PM
Walter

Is GE Capital a regulated bank or is a non-regulated financial institution? I raise this question because I happen to have multiple Bank Credit card accounts as well as multiple High End Retail store credit card accounts, and I noticed two things.. (1) All of the retail stores use GE Capital for their credit card management (2) All of these accounts have higher interest rates than any of my "bank" credit cards... they vary from 24.99 to 28.99%... Not that long ago these rates would have been called "usury" and GE Capital would be paying hefty fines.

Finally, if GE Capital is not a bank and is in the habit of "gouging" consumers on a regular basis, why did we "bail them out" in 2008?

Jan. 23 2012 11:53 AM
Amy from Manhattan

For US gov't. websites, you need to include the "www." or you can't get through to the site.

Jan. 23 2012 11:23 AM
Mark Mazur from Irvington ny

Is it true that as much as 20% of US families use payday lenders? If so, it is staggeringly late to provide oversight here. It's also a brutally real indication of just how desperate the situation is for a significant slice of US households...including a large number of military and non- military working poor households. It is a national disgrace

Jan. 23 2012 11:22 AM
Sheldon from Brooklyn

I believe that the Federal Government has no business limiting its citizens from access to private capital. It does however, have an obligation to require lenders to disclose the terms of loans in an understandable, concise, and uniformed manner, not unlike nutrition labels.

Jan. 23 2012 11:22 AM

Another major public concern that led to the creation of
the CPCB - money being sent back to the families of illegal immigrants.
That should resonate with the electorate.

Jan. 23 2012 11:18 AM
Kevin

Isn't the establishment of this executive level agency an example of expanding presidential power, the likes of which we criticized (rightly) the Bush Administration for?

Jan. 23 2012 11:11 AM

@superf88:

"Health care" as a consumer rights issue? Bring It On!

Although I doubt whether any of our elected politicians are able to
admit to the "bait and switch" nature of the new program
that we are already paying for, even before its provisions are
scheduled to take effect.

;-)

Jan. 23 2012 11:11 AM
superf88

(In other words, cordray has too much respect for the existing system, imho... based on what i heard from elizabeth warren, on this show and elsewhere, i had the same feeling about her. this is a second chance to see some real change, and revamping the status quo, upon which many voted for obama. Would even love to see the health insurance vs. health care debate crop back up -- is this not a consumer rights issue?

Jan. 23 2012 10:19 AM
superf88

heard cordray speaking last week, he sounds overly confident that anything has changed in the last 4 or even 10 years, with regard to "leveling the playing field". He seems to think that the problem is that existing sec and other laws, if enforced, would protect consumers.

But it is easy to argue the exact opposite: today's most outrageous injustices, from overly high consumer interest rates, to the government's hand in consumer and business lending, and existing tax incentives to move us money offshore, are not just legal but cornerstones of our current economic system.

Jan. 23 2012 10:13 AM

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