What will Cordray be able to do legally?

[francoHFW]

Experts on PBS said the CFPB would specify understandable loan and mortgage forms and go after predatory Payday lenders, and THEY would go to the courts, not Pubs. Another win for Dems against bought off Pub hypocrites....

Change the channel to get some facts, dupes.

 

[Mustang]

The question here ... my question ... is what will Cordray be able to do with just a recess appointment? Will he have any legal ground to regulate the payday loan industry for instance?

Whether the Senate was legally in recess or not, the law specifically says that the director has to be confirmed by the Senate. This position carries with it some extraordinary powers, and extraordinary access to funds. Confirmation - not appointment - was required by law.

So what can Cordray legally do beyond the limited functions the agency has carried out since it officially opened last year?

Cordray and the agency will be able to do things that consumers will love. Consequently, Republicans are against it.

With a director in place, the CFPB can now, for the first time ever, monitor the activities of non-bank entities, including payday lenders, debt collectors and credit reporting agencies. Many of these entities were "the source of some of the most harmful, deceptive, unfair and predatory lending practices" that led to the financial crisis, Deputy Treasury Secretary Neal Wolin said last month.

Richard Cordray Nomination: Obama Using Recess Appointment Amid GOP Opposition

Fanny Mae and Freddie Mac are the culprits.. notice how FAR away from regulating them the demoncraps stay?





we mock you dumbasses.

I'm currently reading a book about the derivatives market meltdown (MBS, CDOs, CDSs, Repos etc) and the subsequent election of Obama and his team as the economy was in free fall.

There were plenty of people and entities who contributed to the mess. Deregulation supported by both parties in Clinton's later years contributed, for example. (The Gramm-Leach-Bliley Act of 1999, and the Commodity Futures Modernization Act of 2000)

However, there was no one more guilty than Wall Street Investment Banks.

The book is titled "Confidence Men" by Ron Suskind in case you want to read something other than what's written on partisan sites that blame the political opposition while simultaneously claiming to be guiltless.

By the way, our current political system with its revolving door of officials going back and forth between the financial sector and gov't jobs played a roll, along with the fact that campaign cash flowed from Wall Street firms to any and every Congressmen or Senators who were willing to support what the firms wanted in the form of deregulation and/or defanging regulators.

It's about 500 pages, and I'm on page 192.

 

[WillowTree]

Anyone who is appointed by a president in a recess appointment can serve until the end of the legislative session.

so when does the recess start? dew ewe know?

Willow, it's not about whether the Senate was in recess or not. It's about Dodd-Frank saying that the director has to be confirmed. Even if Obama's recess appointment is ultimately determined to be legal, Cordray still was merely appointed. Not confirmed.

the retarded horse keeps saying it was a recess appointment.. I wanna know when the recess started. do ewe mind?

 

[Quantum Windbag]

Oooooh. Ominous situation, ain't it?

Well, thats what you get when you recess appoint someone when there is no recess.

Republicans are, once again, playing games.

Scott Brown Backs Obama Recess Appointment Of Consumer Finance Watchdog Richard Cordray

To stop him from using the constitutional option of a recess appointment while the Senate was adjourned, they've [Republicans] been holding "pro forma" sessions where no business is done, but the chamber is technically working.

Oh well. You want to play, GOP, let's play. A recess appointment is what you get when you refuse to even let a nominee get an up or down vote. That's right. The Senate GOP won't even allow Cordray an up or down vote. It doesn't really matter who gets nominated. Republicans jut don't want the agency to exist. No wonder Congress is so unpopular. Nominees to agencies that were created and signed into law are left on the sidelines because one side hates the POTUS.

Did you cry when the Democrats did it to Bush?

 

[Zander]

Democrats see no problem with this obvious abuse of power by the executive branch, they know that a Republican will never be in the White House again.......ever.

 

[francoHFW]

It's an abuse of power, to obstruct, on the part of bought off Pubs which will be lawfully judged by the courts. This IS a recess, and the CFPB will be popular except for the brainwashed.

 

[Amelia]

It's an abuse of power, to obstruct, on the part of bought off Pubs which will be lawfully judged by the courts. This IS a recess, and the CFPB will be popular except for the brainwashed.

It doesn't matter whether this is the recess or not -- well, it DOES matter -- but that's not the issue here. Dodd-Frank said the director had to be confirmed.

If the director is not confirmed, then he doesn't have all the extra authority which Dodd-Frank planned for the CFPB.

Cordray is merely appointed.

Obama just gave us another legal can of worms. Another cloud of uncertainty. Another legal morass to cast a pall over growth and innovation.

 

[WillowTree]

It's an abuse of power, to obstruct, on the part of bought off Pubs which will be lawfully judged by the courts. This IS a recess, and the CFPB will be popular except for the brainwashed.

when did the recess start?

 

[francoHFW]

When it always has started, when they go home for the holidays. They should make a recess a recess, and a filibuster a real filibuster again. This is crappe, Raygunist/Rushbo/Newt Pubcrappe.

 

[Zander]

There is no recess - thanks to Harry Reid. This appointment will be challenged in court and the new "appointee" will be hamstrung until the court rules. No biggee, it's just Obama doing what he does best, screwing things up!

 

[Stephanie]

There is no recess - thanks to Harry Reid. This appointment will be challenged in court and the new "appointee" will be hamstrung until the court rules. No biggee, it's just Obama doing what he does best, screwing things up!

he knows this will be challenged..He's just doing what he does best....being a thug and appealing to his rabid dog base.

 

[Zander]

There is no recess - thanks to Harry Reid. This appointment will be challenged in court and the new "appointee" will be hamstrung until the court rules. No biggee, it's just Obama doing what he does best, screwing things up!

he knows this will be challenged..He's just doing what he does best....being a thug and appealing to his rabid dog base.

Look!! Over there!!!! Look!!!
¡¡Mire!! ¡¡Ahí!!!! ¡¡Mire!!!

He'll do anything to take the focus off of his broken promises.

 

[rightwinger]

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

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

 

[Stephanie]

There is no recess - thanks to Harry Reid. This appointment will be challenged in court and the new "appointee" will be hamstrung until the court rules. No biggee, it's just Obama doing what he does best, screwing things up!

he knows this will be challenged..He's just doing what he does best....being a thug and appealing to his rabid dog base.

Look!! Over there!!!! Look!!!
¡¡Mire!! ¡¡Ahí!!!! ¡¡Mire!!!

He'll do anything to take the focus off of his broken promises.

He does seem to know his base pretty well though..almost comical to watch them eat it up..

 

[Stephanie]

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

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

it will be taken to court..then we will watch you Democrats-liberals-lefties whine and stomp your feet about how they are doing this because the Obama..............IS BLACK

 

[rightwinger]

Republicans wanted to play politics with the nomination so now Obama is playing politics

The ball is now in the Republicans court.....why don't they take it to the people andexplain why the appointment should be invalid?

With the popularity of Congressional bickering, I'm sure the people will want to hear

 

[rightwinger]

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

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

it will be taken to court..then we will watch you Democrats-liberals-lefties whine and stomp your feet about how they are doing this because the Obama..............IS BLACK

Go ahead...take it to court

You are playing into Obamas hands. Let Obama highlight the Congressional pettiness while Republicans whine "That's not fair"

The American people will eat it up.....especially in an election year

 

[Stephanie]

Republicans wanted to play politics with the nomination so now Obama is playing politics

The ball is now in the Republicans court.....why don't they take it to the people andexplain why the appointment should be invalid?

With the popularity of Congressional bickering, I'm sure the people will want to hear

lol, Republicans have said something about it...now we'll see if it goes to the courts.
which it looks like it might.

 

[Trinnity]

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?

He can do whatever he wants - but it will have no authority.

Guess he'll get paid for doing nothing. Good grief.
More govt waste ^

 

[Amelia]

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?

He can do whatever he wants - but it will have no authority.

Guess he'll get paid for doing nothing. Good grief.
More govt waste ^

Profound waste.

Don't forget the court costs. And the costs of starting to implement new regulations and then waiting and waiting and waiting while the courts decide whether the regulations stand or not.