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05:58 AM on 01/05/2012
Welcome Mr. Cordray! We need someone like you looking out for the consumers or say I say "us little guys!"
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05:48 AM on 01/05/2012
Mr Cordray I presume. Welcome sir. May I offer you a tip?
If you know you are going to be kicked in the head, go first and go hard.
08:26 AM on 01/05/2012
And while your opponent is busy delivering the kick, do a bit of your own gouging where he ain't lookin'.
Califishing
I work smart
05:02 AM on 01/05/2012
With all these people out of work and losing their wealth/homes going forward what are people going to have to retire with? then don't forget all the people in jails who may have never held a job or not long enough to build up credit for soc. sec..

It's going to get ugly and people are worrying about minor political stuff.. Going forward if you have money in your 401(K) how much will you be able tor retire with? Guaranteed?? It's every man and woman for themselves... Save yourselffffffffffffffff
08:27 AM on 01/05/2012
Are you kidding? The taxpayer! Us!
04:41 AM on 01/05/2012
I hope that you have a tough hide and a stand straight nature because the gop organized crime syndicate will be firing every weapon they have at you.

They have been attempting a coup d'etat and ANY power provided to the average citizen is not to be tolerated by them.

Good luck.
05:15 AM on 01/05/2012
Hear,hear.
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HUFFPOST SUPER USER
akitadave
04:33 AM on 01/05/2012
The banks and big business have the congress and the Supreme Court in their pockets and we have you. Good luck you are going to need it.
08:28 AM on 01/05/2012
You said it, dave.
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SureThang
Keeper of the Dream...
11:47 AM on 01/05/2012
akitadave, may I add big lawyers and lobbyists also.
trish333
Progressivism is the new fascism.
03:58 AM on 01/05/2012
Good grief. Another bureaucrat. We couldn't afford the ones we already had.
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stratego
06:34 AM on 01/05/2012
I know. We are already reeling under the pressure of the big government in the form of thousands of new ALEC written and GOP passed regulations against individuals and their rights, in the last two years, including voter suppression laws passed by so/ci/op/pa/t/hi/c governors. (You know - all those regulations and laws passed by the extreme right wing corporate purchased GOP who are supposed to be in favor of SMALL government.) What a joke.

Sure. The LAST thing we need is "another bureaucrat" exposing the rampant bank fraud that tanked the entire WORLD ecopnomy and dienfranchised millions of citizens in this country.

Breaking News> The GOP is against the protection of citizens from corporate and bank fraud and in favor of rampant and unchecked corruption.

Who would have ever guessed?
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HUFFPOST SUPER USER
Sadie22
Trying to have more patience
01:06 PM on 01/05/2012
right on stratego!
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diamondlotus
walk softly and carry a big stick
08:06 AM on 01/08/2012
Spot on! F & F!
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HUFFPOST SUPER USER
Robert Frank
My last name is FRANK so thats what I am..
07:23 AM on 01/05/2012
yeah who needs anyone looking out for us the citizens right? all those trickle down policies and tax cuts for people who don't need them have worked so well..that's why we have to import people from other countries to fill all those jobs that the job-creators" haven't gotten around to creating yet..maybe they need ten more years of bush-the-idiots tax cuts and then they will create them
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DawgBone5
Airborne Beagle
03:50 AM on 01/05/2012
Congrats!

Best of luck.
03:20 AM on 01/05/2012
Please reach out to all of the hard working Compliance Officers and professionals at the smaller banks and credit unions that are trying to do the right thing - but honestly - the speed at which the disclosure requirements keeps changing is proving to be exhausting. Please focus attention on the "non-regulated" lenders - Pay Day lenders, mortgage brokers and such because most of the problems start there.

The smaller institutions have almost been squeezed out of consumer lending. Most small banks dare not touch a consumer mortgage loan with a ten-foot pole because of the regulatory burden and the fact that examiners pounce on any perceived mistake. I was at a small bank two months ago when I heard the loan officer tell a customer "I'm sorry, but we cannot make mortgage loans anymore." And the reason why? It would cost the bank almost $50,000 to upgrade their documentation software to produce all of the required disclosures and then they would need to send 3 people to attend training for at least a week to learn how to operate the software and all of the new disclosure requirements. The cost would far outweigh any income the bank could make.

I honestly don't see how that situation helps consumers. In the meantime, the un-regulated lenders make all kinds of loans, with all kinds of disclosure violations, and no one is there to regulate them.
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HUFFPOST SUPER USER
be practical
Say NO to GMO
06:00 AM on 01/05/2012
Wow, my Credit union and at least 2 of our small town banks are doing great with mortgage loans and since they used common sense fiscal practices during the 90's their default rates were next to nothing over the last few years.. Actually, I think I read in the monhtly newsletter that my credit union increased their mortgage lending four fold over the last 3 years.
02:48 AM on 01/05/2012
What we really need is protection from the Obama administration.

If this consumer protection is anything like Obama health care then this is really about income redistribution.
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GeneEUss
r'U.Think'n.What.I'm.Think'n?
03:35 AM on 01/05/2012
y'all folks get stuck on a word or a phrase... like ' INCOME REDISTRIBUTION '
and then THINK.... that it applies to everything.....

Like PPACA......or CONSUMER PROTECTION ?

The use of those phrases may make Teabaggers like yourself salivate like a Pavlovian Dog....
however..... we read your comment.....and think.... ' Oh.... Bless His Heart '

Are you aware... than since REAGAN and his Trickle Down Economics ( supply-side )... that there has been a tremendous amount of INCOME DISTRIBUTION......

But it has been Upward ...... and No they didn't work harder for it....
They set the rules up so that they Can't Lose... and their Greed Has No Bounds....

Ruff Ruff Ruff !
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annieaburgess
A procrastinator's work is never done
04:55 AM on 01/05/2012
Spot on Gene...f&f!
06:01 AM on 01/05/2012
Great post!
trish333
Progressivism is the new fascism.
03:55 AM on 01/05/2012
Fanned.
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02:31 AM on 01/05/2012
Push US Congress to re-introduce the Glass-Stegall Act and eliminate Gramm-Leach-Biley Act. The goal is that strong regulations and laws along with strong enforcement can be put in place so that CFPB can cease to exit after serving its purpose. But again, as long as the financial industry keeps ripping off the consumers by their short sighted on profit at any costs then their rip what their sow - CFPB is here to stay for a long time.
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maslin
At 6 bn km, it's mostly small stuff.
02:21 AM on 01/05/2012
Congratulations on your appointment, sir.
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cadawa
01:57 AM on 01/05/2012
Call us when you have the first Wall Street CEO in jail, then we'll talk.
The problem with Cordray is that he's not Elizabeth Warren. http://www.salon.com/2011/12/08/richard_cordray_is_no_elizabeth_warren/
"What made Elizabeth Warren a fine choice for the job were the very qualities that got her tossed under the bus by Obama. She actually became a better choice as the opposition to her mounted and she stood her ground."
He a very 'nice person' who may or may not believe that banks need to be regulated.
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GeneEUss
r'U.Think'n.What.I'm.Think'n?
03:39 AM on 01/05/2012
That's nonsense....

If Obama had appointed her as the Director as a recess appointment....
She would already be Out of the Job.... because recess appointments expire at the end of a Legislative Session........

And I personally think she is Needed in the Mass. Senate Race.... to get Ted Kennedy's Set Back
09:24 AM on 01/05/2012
Well they will certainly toss Cordray out at the end of the session just the same?! Yes the GOP was much more staunchly opposed to Warren but, all in all......they don't want ANYONE filling that seat so as to keep the power of the CFPB limited. Without a seated director they are not able to perform or utilize their budget completely! Not to mention that they are already arguing that technically they weren't in a recess for 3 full days (which is the set standard before appointments can be made during a recess). They will try to have this whole appointment made invalid on grounds of the method and time out of session before he made the appointment and then just continue to block him when he tries to legitimately fill the seat. But in the meantime it's like slop for a hog to the GOP media outlets who are making him look like the only president to ever even consider such a horrendous thing as recess appointments to go around their authority! They are having a heyday and just fanning the flames of the already irate Repub Congress........hornets nest!!
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diamondlotus
walk softly and carry a big stick
08:11 AM on 01/08/2012
He didn't "toss her under the bus", instead he freed her up to become an even more powerful force, I hope to see her as a Presidential candidate in 2016!
01:29 AM on 01/05/2012
I feel so much safer now.
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MrUniteUs
01:17 AM on 01/05/2012
Hooray Cordray

Your appointment by President Obama will benefit consumers and legitimate
business owners.

In addition to fair lending practices, I believe reinstating the consumer loan interest tax deduction
would benefit millions of borrowers. who are paying off car loans and credit card balances.
02:54 AM on 01/05/2012
Let me see .... you want to encourage borrowing by making the interest deductible?Doesn't that mean that someone who doesn't borrow will have to pay higher taxes to make up for the taxes that aren't being paid by the borrower?

What Washington needs is someone to protect taxpayers. They are the one getting screwed by convoluted tax legislature with hidden, undisclosed taxes.
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MrUniteUs
10:20 AM on 01/05/2012
No. more demand, more jobs, more people paying taxes
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With Your Consent
Speak Truth to Power
03:02 AM on 01/05/2012
but, that's a bank subsidy.

Instead of that, cap the interest rate.
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Sock Monkey
Deceive. Inveigle. Obfuscate. The DC mantra.
01:13 AM on 01/05/2012
Great. How about you protect all consumers in the US by getting rid of all the Wall St. Big Corp corrupting influence out of the WH ?

That would be a start AND a refreshing change.