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Related: Editorials & Other Articles, Issue Forums, Alliance Forums, Region ForumsCordray:'Real consequences for breaking law-Informants/Whistle-blowers given direct access to us'
WASHINGTON The new director of the Consumer Financial Protection Bureau on Thursday outlined a vigorous oversight and enforcement agenda, saying that companies that take unfair advantage of consumers of financial products will face real consequences.
The director, Richard Cordray, who was appointed to the post Wednesday by President Obama, encouraged consumers to contact the agency with their stories and complaints about banks, payday lenders and other financial institutions that they feel have sold deceptive products or engaged in abusive behavior.
The consumer bureau will make clear that there are real consequences to breaking the law, Mr. Cordray, who had been in charge of enforcement at the agency, said in remarks prepared for at a speech at the Brookings Institution.
We have given informants and whistle-blowers direct access to us, he said. We took over a number of investigations from other agencies in July, and we are pursuing some investigations jointly with them. We have also started our own investigations. Some may be resolved through cooperative efforts to correct problems. Others may require enforcement actions to stop illegal behavior.
http://www.nytimes.com/2012/01/06/business/consumer-finance-agency-director-sets-his-agenda.html?_r=1
dhill926
(16,337 posts)love it. Perhaps also shows the appointment was in the works for a while.....
Liberal_Dog
(11,075 posts)bvar22
(39,909 posts)The key here is whether this new agency is given the teeth to really go after the criminals.
I "HOPE" so.
Investigations don't change much of anything.
Prosecutions and Penalties do.
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