"The Richard Cordray rollout begins"

[WilliamPitt]

Mitt Romney is denouncing Obama’s recess appointment of Richard Cordray as top consumer cop as “Chicago style politics at its worst.” Rick Santorum is calling on the Senate to sue to stop the appointment. Republicans in Congress are threatening all sorts of actions to block it. The U.S. Chamber of Commerce may head to court with its own lawyers.

The White House’s response? It has quickly rolled out Cordray to tell the American people what he actually intends to do on behalf of consumers in his new role.

Cordray just delivered a speech at the Brookings Institution, where he detailed his agenda for the Consumer Financial Protection Bureau. The game plan: While Republicans debate process, Cordray is trying to tell the American people what GOP opposition to his appointment would take away from them in the way of consumer protection.

Cordray’s speech at Brookings outlined what the Times calls a “vigorous oversight and enforcement agenda,”putting purveyors of financial products on notice that they will face “real consequences to breaking the law.” He added that his agency would be particularly aggressive in monitoring the types of financial companies that have previously gone mostly unregulated.

The rest: http://www.washingtonpost.com/blogs/plum-line/post/the-richard-cordray-rollout-begins/2012/01/05/gIQAQf1zcP_blog.html

[kentuck]

1. There's battle lines being drawn...

Nobody's right if everybody's wrong...

Stand your ground Democrats!

[malaise]

2. ReTHUGS are in

JEOPARDY of looking like the obstructionist assholes they personify.

GObama!! Go Cordray!!

[JustAnotherGen]

3. Mitt Romney

Really did walk right into a trap - didn't he? If he's the Nominee - he'll have to eat those words next fall.

[southernyankeebelle]

4. Go ahead Obama tell the republicans "To Make Your Day" and if you cross that line the public

will know you are obstructing.

[Old and In the Way]

5. I guess there are no consumers that need protecting in the Republican Party.

Their only constituent apparently is the industry that needs protection from consumer protection.

Sure, go ahead, make this a centerpiece of your campaign. "We need to protect the financial industry who are siphoning billions off the consumers of this country". Should play well.

[bigtree]

6. it's on

By the Numbers: 400 Percent
Today, the Consumer Financial Protection Bureau launched the nation’s first program for supervising “non-bank” financial services, an extension of their bank supervision program that began last July.

Under this new program, non-banks like payday lenders, as well as private mortgage companies and private education lenders, will be regulated and subject to federal oversight to ensure they play by the rules and don’t take advantage of consumers. CFPB will be able to establish regulations that require payday lenders to disclose borrowers’ obligations and responsibilities in clear, easy to understand terms, so that people know what they are agreeing to when taking out a payday loan.
http://www.whitehouse.gov/blog/2012/01/05/numbers-400-percent

Cordray warns financial industry: "Play fair or else"
http://t.co/iyFgGaKW

Looking Out for You
Watch new WH video to see all the ways the fully-empowered CFPB will now be able to protect American families.
http://www.barackobama.com/news/entry/looking-out-for-you

[snot]

7. F.w.i.w., it says Cordray's going after mortgage brokers,

who are among the smallest fry in the food chain. I'm not clear whether this is designed to put Repubs on the spot, or reassure Obama's funders.

Just sayin'.

[JDPriestly]

8. I strongly support government regulation of financial products

including mortgages and credit cards and even payday lending offices.