Consumer Protection Bureau in Political Limbo
Katherine Reynolds Lewis (The Fiscal Times)
September 6, 2011

“Until the Senate confirms a director, the new Consumer Financial Protection Bureau cannot impose rules on some of the worst actors in the 2008 financial crisis: payday lenders and non-bank mortgage brokers. … But Lisa Donner, executive director of Americans for Financial Reform, pointed out that those existing enforcement powers failed to protect Americans from fraud and abuse to the tune of billions of dollars every year. ‘Reckless and deceptive behavior by irresponsible parties that included banks and non-banks, including mortgage companies, were fundamental causes of the financial crisis,’ Donner said…. Cordray, an attorney currently serving as the CFPB’s enforcement chief, previously held positions as Ohio’s attorney general and state treasurer. ‘It’s striking how loud and how widespread the support for Rich Cordray has been, especially in Ohio from the folks who know him the best,’ she said. ‘He’s got a record of standing up for consumers and of being fair and effective.’” Click here for more.