Consumer bureau chief announces resignation

[pipeguy]

Richard Cordray, the director of the Consumer Financial Protection Bureau (CFPB), has told his agency's employees he is resigning.

http://thehill.com/policy/finance/360488-consumer-bureau-chief-announces-resignation

[RobertEG]

The appointment of a new director of the CFPB is likely to have far-reaching implications for consumers.

The Trump administration has been very critical of the CFPB, and in particular, their perceived "over-restriction" of the credit industry.

Many of the ongoing efforts to provide further controls, such as the long-pending proposed rulemaking that would place additional restrictions on the debt collection agencies, are likely to die .........

[trusty]

Worse yet, this article: Two Acting Directors, has the government fighting over who should be the interim director.

Should we promote the deputy next in line, that is likely to continue the standard set by the predecessor, in diligently working for consumer financial protections; or, should we just appoint a renegade, who specifically and verbally indicates that they do not even agree with the premise of the existence of said agency. - Hmm... tough call.

I can personally attest to the effectiveness of the CFPB. - I've only had to use it once, and within a month, the issue had been resolved. An issue that had dragged on for over a year, until I tapped the CFPB to look into it.

The fact is, consumers need these protections... because otherwise, we end up with the wild west; and I'm sorry to break the news, but financial organizations are not inherently magnanimous. - Who knew?

If we once again have to go back to the good old days, when there was no limit to the schemes and abuses that could be heaped on consumers... than, we are in for some rocky financial times!

[Anonymous]

Indeed. I'm rushing to officially (in a legal, court-admissible documentation sense of the word) start a process that leans heavily on dodd-frank & the CFPB for its success before yet another "former" rival & critic of a federal agency is elected to lead it. Strange times indeed.

[pipeguy]

I have purposely not weighed in on the politics of the CFPB, there are real accountability concerns as to being accountable to no one (or agency) as an extension of the Executive branch - no matter who is in office - and answering to the Federal Reserve, who doesn't even offer an accounting of its books to the public is a concern. 

I should also say that I'm a fan of the concept of the CFPB, but I believe that some "reforms" are needed especially where the "regulations" and fines levied are deposited (they don't go to the US Treasury, and less than 50% are returned to so-called harmed parties). 

In my opinion, an agency like the CFPB should exist, but should not be governed by the political winds of each administration. I have no interest in debating the pro or con of the politics of the day, I'm just saying the conceptionally the CFPB would be a better agency if accountability and reforms were permitted (which they currently are not).  

[trusty]

I agree that fines should be handled more transparently. Although, I think the fact that bad actors have been getting their comeuppance is the overarching principle. Rather, the CFPB has been getting large organizations to actually play ball with regular citizens, and in many cases, causing companies to address and attempt to resolve underlying issues. This cannot be overstated.

But, I couldn't imagine the CFPB being anything but independent, particularly in light of recent developments indicative of outside influences wanting to steer it towards their own ends.

Nevertheless, by any statistical measure, the CFPB has been doing a great job. It will be an enormous step backwards if these types of consumer protection enforcement agencies are dissolved, or worse yet, sabotaged, and handicapped to no longer work for consumers.

[CreditInspired]

---

@trusty wrote:

Worse yet, this article: Two Acting Directors, has the government fighting over who should be the interim director.

Should we promote the deputy next in line, that is likely to continue the standard set by the predecessor, in diligently working for consumer financial protections; or, should we just appoint a renegade, who specifically and verbally indicates that they do not even agree with the premise of the existence of said agency. - Hmm... tough call.

I can personally attest to the effectiveness of the CFPB. - I've only had to use it once, and within a month, the issue had been resolved. An issue that had dragged on for over a year, until I tapped the CFPB to look into it.

The fact is, consumers need these protections... because otherwise, we end up with the wild west; and I'm sorry to break the news, but financial organizations are not inherently magnanimous. - Who knew?

If we once again have to go back to the good old days, when there was no limit to the schemes and abuses that could be heaped on consumers... than, we are in for some rocky financial times!

---

Here, here. I back this statement 1000% because I was forced to file a complaint with the CFPB when EQ and TU would not remove a federal tax lien from my credit reports that I disputed with them. Literally, within 48 hrs of filing the complaint with CFPB, the lien was removed from both CRs. EX had already deleted the lien. 

I can only thank the gods that this was taken care of before this castastrophe of dismantling the CFPB. It's really a shame and especially for the little man -- like all of us here.

[Anonymous]

---

@CreditInspired wrote:

---

@trusty wrote:

Worse yet, this article: Two Acting Directors, has the government fighting over who should be the interim director.

Should we promote the deputy next in line, that is likely to continue the standard set by the predecessor, in diligently working for consumer financial protections; or, should we just appoint a renegade, who specifically and verbally indicates that they do not even agree with the premise of the existence of said agency. - Hmm... tough call.

I can personally attest to the effectiveness of the CFPB. - I've only had to use it once, and within a month, the issue had been resolved. An issue that had dragged on for over a year, until I tapped the CFPB to look into it.

The fact is, consumers need these protections... because otherwise, we end up with the wild west; and I'm sorry to break the news, but financial organizations are not inherently magnanimous. - Who knew?

If we once again have to go back to the good old days, when there was no limit to the schemes and abuses that could be heaped on consumers... than, we are in for some rocky financial times!

---

Here, here. I back this statement 1000% because I was forced to file a complaint with the CFPB when EQ and TU would not remove a federal tax lien from my credit reports that I disputed with them. Literally, within 48 hrs of filing the complaint with CFPB, the lien was removed from both CRs. EX had already deleted the lien. 

I can only thank the gods that this was taken care of before this castastrophe of dismantling the CFPB. It's really a shame and especially for the little man -- like all of us here.

I agree. The little guy needs the CFPB to be our voice against the big guys. They have helped me tremendously and I thank them for what they've done for me.

---