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Old 09-14-2013, 07:07 AM
 
Location: Great State of Texas
86,052 posts, read 84,679,211 times
Reputation: 27720

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And here we're worried about the NSA monitoring us.

And Cordray is not answering Congress' questions on which banks they are monitoring.
They will also be monitoring mortgage transactions.

The Consumer Protection Agency is data mining bank data which some members of Congress say is against Federal Laws and that Cordray has overstepped his authority.

And here we have another case of people not answering questions asked by Congress.

CFPB's data-mining on consumer credit cards challenged in heated House hearing | WashingtonExaminer.com
Consumer Financial Protection Bureau officials are seeking to monitor four out of every five U.S. consumer credit card transactions this year — up to 42 billion transactions – through a controversial data-mining program, according to documents obtained by the Washington Examiner.
..
Bachus said CFPB may also have violated the Fourth Amendment, which entitles Americans to be free from government interference or intrusion in dealing with their legal representation.
“They are challenging through their actions, one of the most basic freedoms guaranteed by our forefathers and that is the right to counsel,” he said. “It’s just nuts.”

At Wednesday’s hearing, Cordray refused to answer questions from committee members about CFPB’s relationship with the trustee program.
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Old 09-14-2013, 07:13 AM
 
4,571 posts, read 3,529,695 times
Reputation: 3261
It's like Al Capone is running the country. obama and his thug regime are the most corrupt in American history according to huffpo.
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Old 09-14-2013, 07:35 AM
bUU
 
Location: Florida
12,074 posts, read 10,737,078 times
Reputation: 8803
And now for some balance...
Quote:
Written Testimony of Director Richard Cordray
Consumer Financial Protection Bureau
Before the House Committee on Financial Services


September 12, 2013
Chairman Hensarling, Ranking Member Waters, and Members of the Committee: thank you for inviting me to testify today about the third Semi-Annual Report of the Consumer Financial Protection Bureau.

Born out of the worst financial crisis since the Great Depression, the Consumer Financial Protection Bureau is the nation’s first federal agency whose sole focus is protecting consumers in the financial marketplace. We are dedicated to improving the lives of everyday Americans and to restoring trust in consumer financial markets. The Semi-Annual Report we are discussing today embodies our work over the last six months of 2012.

The report illustrates the ways we are using the tools Congress has provided us to empower consumers and promote a fair, transparent, and competitive marketplace for consumer finance. We have taken steps to improve the workings of markets – particularly those in which consumers cannot choose their financial service providers.

One such market is debt collection. Concerned about system-wide problems that pose risks to consumers, we gained authority at the beginning of the year to supervise debt collectors. The debt collectors covered by our supervisory authority account for over 60 percent of the industry’s annual receipts in that market. Bad actors in this market are a detriment to consumers and to every debt collector that operates lawfully.

We also expanded our supervision program to include the larger credit reporting companies. Credit reports have a profound impact on people’s lives. Previously, these companies were not subject to any federal supervision, and consumers often struggled to get errors resolved. In addition to our new supervision program, we began handling consumer complaints about credit reporting issues, all of which will open a clear window into the actual operations of these companies. As a result, the Bureau can now evaluate whether federal consumer laws are being followed throughout the process, from credit origination through debt collection. By identifying problems and rooting them out early, we are working to minimize consumer harm.

Our report also encompasses the Bureau’s first enforcement actions, which were against credit card companies that deceived and misled consumers. In some cases, the companies targeted economically vulnerable consumers with low credit scores and low credit limits. We were able to secure $425 million in relief for 6 million consumers, and we also imposed penalties on the companies to deter such activity in the future. These actions will serve as a warning signal for anyone who seeks to profit by deceiving or misleading consumers.

In the second half of 2012, we also tackled issues in the market for private student loan debt, which totaled about $150 billion outstanding. Our studies detailed the struggles students and recent graduates are experiencing in that market. Together with Education Secretary Arne Duncan, we made recommendations to policymakers on common-sense reforms to ensure that the risky underwriting practices of the past are not repeated.

The work I have briefly discussed here today is merely a snapshot of our efforts on behalf of consumers. We also are addressing consumer complaints – totaling more than 130,000 as of the end of last year – on a growing number of financial products and services. We have adopted comprehensive new mortgage regulations banning irresponsible lending practices that helped bring about the recent financial crisis. Our Ability-to-Repay rule follows the simple principle that lenders should offer consumers mortgages they can afford to pay back. We have actively conducted outreach on various issues to older Americans, students, service members, and others, and what we heard from them has guided the direction of our work.

Each day, we take another step in pursuit of our vision to create a consumer financial marketplace where customers can see prices and risks up front and easily make product comparisons; in which no one can build a business model around unlawful practices; and that works well for individual consumers, responsible businesses, and the economy as a whole. We will continue to persist in this work and we appreciate your oversight. As always, I will be glad to answer your questions.

Thank you.
Anyone who believes everything is just like some right-wing opinion-laden website projects it to be is deceiving themselves. The reality, as always is, and as it should be, someplace between the well-prepared, written testimony and the vapid mud-slinging of a "watchdog" with a plethora of anti-consumer protection opinion-pieces-presented-as-news articles under his byline.
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Old 09-14-2013, 09:56 AM
 
Location: Great State of Texas
86,052 posts, read 84,679,211 times
Reputation: 27720
Quote:
Originally Posted by bUU View Post
And now for some balance...

Anyone who believes everything is just like some right-wing opinion-laden website projects it to be is deceiving themselves. The reality, as always is, and as it should be, someplace between the well-prepared, written testimony and the vapid mud-slinging of a "watchdog" with a plethora of anti-consumer protection opinion-pieces-presented-as-news articles under his byline.
The article I posted has direct quotes from Congress critters.
I highly doubt authors of articles make up direct quotes.

But you go right ahead and blame the right because all the troubles in America are solely the fault of the Republicans.
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Old 09-14-2013, 01:11 PM
 
Location: Fredericktown,Ohio
7,168 posts, read 5,379,852 times
Reputation: 2922
Quote:
Originally Posted by bUU View Post
And now for some balance...

Anyone who believes everything is just like some right-wing opinion-laden website projects it to be is deceiving themselves. The reality, as always is, and as it should be, someplace between the well-prepared, written testimony and the vapid mud-slinging of a "watchdog" with a plethora of anti-consumer protection opinion-pieces-presented-as-news articles under his byline.
Well prepared written testimony? that was his opening statement you are not concerned you can not eat a lunch and use your card with out the gvt knowing? Wonder how long it will be before we have our own drones following us and giving us jay walking tickets?
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Old 09-14-2013, 01:25 PM
 
8,483 posts, read 6,951,524 times
Reputation: 1119
Quote:
Originally Posted by HappyTexan View Post
And here we're worried about the NSA monitoring us.

And Cordray is not answering Congress' questions on which banks they are monitoring.
They will also be monitoring mortgage transactions.

The Consumer Protection Agency is data mining bank data which some members of Congress say is against Federal Laws and that Cordray has overstepped his authority.

And here we have another case of people not answering questions asked by Congress.

CFPB's data-mining on consumer credit cards challenged in heated House hearing | WashingtonExaminer.com
Consumer Financial Protection Bureau officials are seeking to monitor four out of every five U.S. consumer credit card transactions this year — up to 42 billion transactions – through a controversial data-mining program, according to documents obtained by the Washington Examiner.
..
Bachus said CFPB may also have violated the Fourth Amendment, which entitles Americans to be free from government interference or intrusion in dealing with their legal representation.
“They are challenging through their actions, one of the most basic freedoms guaranteed by our forefathers and that is the right to counsel,” he said. “It’s just nuts.”

At Wednesday’s hearing, Cordray refused to answer questions from committee members about CFPB’s relationship with the trustee program.
Remember, despite overwhelming support for auditing the FED, instead it was stonewalled by a few and we got Dodd-Frank, which gave more consolidated power, not less.
https://en.wikipedia.org/wiki/Audit_the_Fed

However, HR1207 push did also lead to this information.
Breakdown of the $26 Trillion the Federal Reserve Handed Out ...
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Old 09-14-2013, 02:10 PM
 
9,470 posts, read 6,988,188 times
Reputation: 2178
Quote:
Originally Posted by bUU View Post
And now for some balance...

Anyone who believes everything is just like some right-wing opinion-laden website projects it to be is deceiving themselves. The reality, as always is, and as it should be, someplace between the well-prepared, written testimony and the vapid mud-slinging of a "watchdog" with a plethora of anti-consumer protection opinion-pieces-presented-as-news articles under his byline.
There is no corruption, misbehavior, or government abuse so egregious, that you won't immeidately rush in and defend it.

Is there some reason you value corruption, abuse, tyranny, and government abuse?
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Old 09-14-2013, 02:20 PM
 
Location: Lost in Texas
9,827 posts, read 6,953,689 times
Reputation: 3416
I quit using credit a number of years ago... If I don't have the cash, I don't buy it.. Doesn't matter what it is..
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Old 09-14-2013, 02:49 PM
 
48,502 posts, read 97,051,418 times
Reputation: 18310
One has to realize what consumer protections really are. In reality its government regulation blocking the consumer in many instances from making decisions. It blocks that based on damage and risk to the overall consumers being effected. Its much lkie another credit agency in blocking ability of consumers in transactions. But it actually block both parties .But for those with good credit it in reality makes you one of those well qualified thus preferred consumers in the car commercials you watch on TV for low or no interest rate loans.
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Old 09-14-2013, 10:07 PM
 
6,073 posts, read 4,776,958 times
Reputation: 2639
isn't this lil lizzy's brainchild? like anyone takes that chick seriously. that broad is nuts.
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