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)