Tom target forex insiders to navigation Jump to search “CFPB” redirects here. United States government responsible for consumer protection in the financial sector.
According to former Director Richard Cordray, the Bureau’s priorities are mortgages, credit cards and student loans. The CFPB writes and enforces rules for financial institutions, examines both bank and non-bank financial institutions, monitors and reports on markets, as well as collects and tracks consumer complaints. On September 17, 2010, President Obama announced the appointment of Sen. Warren as Assistant to the President and Special Advisor to the Secretary of the Treasury on the Consumer Financial Protection Bureau to set up the new agency. The CFPB formally began operation on July 21, 2011, shortly after President Obama announced that Sen.
Warren would be passed over as Director in favor of Richard Cordray, who prior to the nomination had been hired as chief of enforcement for the agency. Elizabeth Warren, who proposed and established the CFPB, was removed from consideration as the bureau’s first formal director after Obama administration officials became convinced Warren could not overcome strong Republican opposition. However, Cordray’s nomination was immediately in jeopardy due to 44 Senate Republicans vowing to derail any nominee in order to encourage a decentralized structure of the organization. Senate Republicans had also shown a pattern of refusing to consider regulatory agency nominees. Since the CFPB database was established in 2011, more than 730,000 complaints have been published. CFPB supporters include the Consumers Union claim that it is a “vital tool that can help consumers make informed decisions”.
On January 4, 2012, Barack Obama issued a recess appointment to install Cordray as director through the end of 2013. This was a highly controversial move as the Senate was still holding pro forma sessions, and the possibility existed that the appointment could be challenged in court. Frank Wall Street Reform and Consumer Protection Act, passed the House on June 8, 2017. Testimony in US Congressional hearings of 2017 have elicited concerns that the wholesale publication of consumer complaints is both misleading and injurious to the consumer market. Is the purpose of the database just to name and shame companies?