Did You Miss It? Obama’s Fiery CFPB Retort in Jobs Speech

September 12, 2011

President Obama’s speech last week presented his overall plan for job recovery, but he managed to slip in as well a warning to Republicans to back off their protest of the new Consumer Financial Protection Bureau, according to credit.com.

The site points to this portion of the President’s presentation:


“But what we can’t do—what I will not do—is let this economic crisis be used as an excuse to wipe out the basic protections that Americans have counted on for decades. I reject the idea that we need to ask people to choose between their jobs and their safety.  I reject the argument that says for the economy to grow, we have to roll back protections that ban hidden fees by credit card companies, or rules that keep our kids from being exposed to mercury, or laws that prevent the health insurance industry from shortchanging patients.”


The enforcement of the CARD Act, which addresses hidden credit card fees, will be overseen by the CFPB. Forty-four GOP lawmakers have sworn not to approve a director for the agency until changes to its leadership structure and regulatory powers are made.

“Until a director is installed, the CFPB will not be able to regulate non-bank entities like payday lenders, which also pose a risk to real consumers struggling to make ends meet,” credit.com reports.

Former Ohio AG Richard Corday, President Obama’s nominee to lead the agency, faced his first Senate hearing last week. Joshua D. Wright (Professor of Law, George Mason University) shared his thoughts on Condray’s testimony with PYMNTS.com. (Read more)

Related Content


CFPB Nominee Vows to “Streamline” Regulations in First Senate Hearing

Opening Statement of Nominee for Director of the CFPB Richard Cordray Before the Senate Committee on Banking, Housing, and Urban Affairs

Cordray to Fall “Victim to a Republican Mugging,” Says Rep. Barney Frank

VIDEO: Cordray Nominated, But CFPB Debate Far From Over

Obama, Cordray “Sing” CFPB Parody


Exclusive PYMNTS Study: 

The Future Of Unattended Retail Report: Vending As The New Contextual Commerce, a PYMNTS and USA Technologies collaboration, details the findings from a survey of 2,325 U.S. consumers about their experiences with shopping via unattended retail channels and their interest in using them going forward.

Click to comment