What will Cordray be able to do legally?

[Mr. Shaman]

The Dodd-Frank law says the director must be confirmed by the senate in order to wield his special powers against non-banks.

What will Cordray be able to do without senate confirmation?

How long will the courts be tied up contesting whether or not his actions were legal since he was not confirmed in accordance with the law?

Will the CFPB be helpful while under this shadow?

"In his first speech as head of the Consumer Financial Protection Bureau, Richard Cordray said his agency will immediately begin overseeing lenders outside the banking industry, and will take a tough stance against any financial players that break the law.

"The consumer bureau will make clear that there are real consequences to breaking the law," Cordray said in remarks prepared for delivery on Thursday at the Brookings Institution, a Washington think-tank.

Cordray is a former Ohio attorney general who was not afraid to file legal challenges against banks, including Bank of America Corp.

Democrats have heralded the bureau, which opened its doors in July, as a way to protect consumers from abusive lending practices like the type of home loans that were made in the years leading into the 2007-2009 financial crisis.

Republicans, who demanded structural changes to the agency before they would help confirm a permanent director, have charged the agency is a virtually unchecked government body that will hurt lending and put small banks out of business."

Consumer Agency To Target Shadow Banks​

Whew!!!

Are Republicans THAT big of fans o' loan-sharking??!!!

 

[Baruch Menachem]

Obama is setting the tone for his second term

If Congress will not do anything, he will move forward without them. If Congressional Republicans want to take it to the courts......go ahead

Obama will take it to the people as yet another example of an obstructionist congress

In the long run, let's see who wins

He can try it. This kind of plan worked so well for Nicholas II, Charles I and Louis XVI.

 

[Mr. Shaman]

Oh, dear, it looks like some people don't understand what a recess is. The Senate officially voted on going into recess from December 17 until January 23. Tha mean they are currently in recess. That a few senators come in every few days and wander around playing pro-forma does not mean that the recess has ended.

The Senate is in recess. The appointment will stand.

This thread is not about whether the Senate was in recess.

It is about the portion of the Dodd-Frank law which says that the director must be confirmed by the Senate in order to have the special powers Dodd-Frank intended for the CFPB.

Supposing that Obama has legitimately appointed him, he can sit in the director's chair, but what can he legally do there? Can he make legal regulations for mortgage brokers, payday lenders, etc. to follow?

He'll go with his strengths!!!!!​

"So what’s the problem with Cordray?

He doesn’t just go after Wall Street Institutions. He goes after individual executives as well."

The NEW Sheriff Of
WALL $TREET​

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[rightwinger]

Obama is setting the tone for his second term

If Congress will not do anything, he will move forward without them. If Congressional Republicans want to take it to the courts......go ahead

Obama will take it to the people as yet another example of an obstructionist congress

In the long run, let's see who wins

He can try it. This kind of plan worked so well for Nicholas II, Charles I and Louis XVI.

Drama.....oh such drama

 

[Mustang]

Obama is setting the tone for his second term

If Congress will not do anything, he will move forward without them. If Congressional Republicans want to take it to the courts......go ahead

Obama will take it to the people as yet another example of an obstructionist congress

In the long run, let's see who wins

He can try it. This kind of plan worked so well for Nicholas II, Charles I and Louis XVI.

Drama.....oh such drama

The sky is flailing! The sky is flailing!

 

[Quantum Windbag]

Oh, dear, it looks like some people don't understand what a recess is. The Senate officially voted on going into recess from December 17 until January 23. Tha mean they are currently in recess. That a few senators come in every few days and wander around playing pro-forma does not mean that the recess has ended.

The Senate is in recess. The appointment will stand.

You are certainly right, some people do not understand, you just demonstrated you are one of them. Regardless, the law that created the CFPB requires that the director be approved by the Senate. In other words, Obama cannot recess appoint anyone because the law, not the Constitution, rules here.

 

[Quantum Windbag]

The question is....Cordray is now in charge

What are Republicans going to do about it other than whimper and whine?

Well, any action taken can be challenged in court because he lacks the authority under the act to perform his duties. The act requires confirmation, there is no recess, as the Democrats won't permit one, so he has no more authority to act than you do. And anything he tries to do will be so tangled up in lawsuits so very quickly he probably won't push it.

Something needed to be done, the Repugs are only blocking the appointment under bullshit grounds because major companies in the financial industry pay these politicians off to block any measures at regulation and to support all measures of deregulation. Lack of regulation and oversight is what caused the financial crisis in the first place.

I bet you believe that Kennedy planned the 9/11 attacks and that he was assasinated to hide the plot.

 

[Amelia]

Well, any action taken can be challenged in court because he lacks the authority under the act to perform his duties. The act requires confirmation, there is no recess, as the Democrats won't permit one, so he has no more authority to act than you do. And anything he tries to do will be so tangled up in lawsuits so very quickly he probably won't push it.

Something needed to be done, the Repugs are only blocking the appointment under bullshit grounds because major companies in the financial industry pay these politicians off to block any measures at regulation and to support all measures of deregulation. Lack of regulation and oversight is what caused the financial crisis in the first place.

I bet you believe that Kennedy planned the 9/11 attacks and that he was assasinated to hide the plot.

Scott Walker planned the 9/11 attacks. Kennedy overheard him making some incriminating phone calls. So Walker had to have him eliminated.

 

[Trinnity]

Again, the question has come up: what can Cordray do? Well he's positioned. That's for starters. That means the Congress has to dismantle the agency. An agency that already has approx 700 employees.

That's 700 employees collecting paychecks and bennies. How's your wallet?

I can't find an article to cite yet, but the ACLU has just filed a lawsuit against the Obama admin over this.

 

[Quantum Windbag]

Again, the question has come up: what can Cordray do? Well he's positioned. That's for starters. That means the Congress has to dismantle the agency. An agency that already has approx 700 employees.

That's 700 employees collecting paychecks and bennies. How's your wallet?

I can't find an article to cite yet, but the ACLU has just filed a lawsuit against the Obama admin over this.

Why would they have to dismantle it? Until he is confirmed all the power in the agency rests with someone else, so anything it does is going to be tossed out by the courts.

 

[Trinnity]

Again, the question has come up: what can Cordray do? Well he's positioned. That's for starters. That means the Congress has to dismantle the agency. An agency that already has approx 700 employees.

That's 700 employees collecting paychecks and bennies. How's your wallet?

I can't find an article to cite yet, but the ACLU has just filed a lawsuit against the Obama admin over this.

Why would they have to dismantle it? Until he is confirmed all the power in the agency rests with someone else, so anything it does is going to be tossed out by the courts.

First of all, all those people are prepping regs, so they're up to something and it's prolly not anything I want them to be doing. Meddling, no doubt. AND they're collecting paychecks and bennies at our expense.