{"id":5247,"date":"2012-01-04T00:00:00","date_gmt":"2012-01-04T06:00:00","guid":{"rendered":"https:\/\/institutionalinvestorsecuritiesblog.blawgcloud.com\/2012\/01\/with_confirmation_of_richard_c"},"modified":"2022-04-06T10:59:44","modified_gmt":"2022-04-06T15:59:44","slug":"with-confirmation-of-richard-c","status":"publish","type":"post","link":"https:\/\/www.investorlawyers.com\/blog\/with-confirmation-of-richard-c\/","title":{"rendered":"With Confirmation of Richard Cordray as Its Director, The Consumer Financial Protection Bureau Can Finally Get to Work"},"content":{"rendered":"<p>US President Barack Obama overrode a Republican blockade in the Senate today when he appointed Richard Cordray as director of The Consumer Financial Protection Bureau. The new agency, which was designated the key regulator and protector of the average citizen over the Wall Street wealthy when financial regulations were overhauled 18 months ago, has, until now, been crippled by its lack of leadership.  <\/p>\n<p>Consumer advocates are applauding Mr. Obama\u2019s appointment. Senate Republicans, however, expressed anger at the President\u2019s move, which they are calling an unprecedented end run that has let him circumnavigate the confirmation process. House Speaker John A. Boehner (R-Ohio) expressed concern that Obama\u2019s \u201ccavalier action\u201d could damage the Constitution\u2019s established system of checks and balances.<\/p>\n<p>However, (the Los Angeles Times reports that) not only will this appointment likely be challenged in court, but also, it could raise doubts about how much influence it will really have as a government watchdog for consumers in the financial marketplace\u2014especially if Cordray\u2019s appointment is later found to be unconstitutional.<\/p>\n<p>In the meantime, the Consumer Financial Protection Bureau can now really get to work. Among its numerous powers are the ability to act against financial firms that sell products or take part in practices that are considered deceptive, unfair, or abusive (involving instruments such as prepaid charge cards and private education loans) and the ability to create new regulations for credit cards, mortgages, and other banking products. <\/p>\n<p>Obama nominated Cordray, who was formerly Ohio attorney general and had taken aggressive action when investigating the mortgage and banking industries, in July. While 53 senators voted to confirm him, Cordray was 60 votes short of what he needed to beat a Republican filibuster. <\/p>\n<p>The US Constitution gives our nation\u2019s president the authority to fill temporary vacancies when the Senate isn\u2019t in session. This power has allowed past presidents to use temporary appointments to overcome Senate opposition to nominees. However, with recess appointments, unless they are later confirmed, appointees can only serve for two years.  <\/p>\n<p>Following his appointment today, Cordray vowed to make supervising nonbank financial institutions a primary priority. Until now, these companies have had little oversight.  In a blog post published on the bureau\u2019s Web site, Cordray spoke about the CFPB now being able to help the banking and nonbanking markets run \u201cfairly, transparently, and competitively.\u201d  He also spoke about how the lack of \u201cregular federal oversight\u201d leading up to the financial crisis resulted in community banks, credit unions, and other businesses ignoring responsibility even as consumers were harmed. <\/p>\n<p>Shepherd Smith Edwards and Kantas, LTD LLP is a <a href=\"https:\/\/www.investorlawyers.com\/\">stockbroker fraud law firm<\/a> that represents victims of securities fraud. <\/p>\n<p><a href=\"https:\/\/www.nytimes.com\/2012\/01\/05\/us\/politics\/cordrays-appointment-clears-way-for-consumer-financial-agency.html\">Appointment Clears the Way for Consumer Agency to Act<\/a>, NY Times, January 4, 2011<\/p>\n<p><a href=\"https:\/\/www.latimes.com\/business\/la-fi-cordray-consumer-bureau-20120105,0,2888288.story?page=1&amp;utm_medium=feed&amp;track=rss&amp;utm_campaign=Feed%3A%20latimes%2Fbusiness%20%28L.A.%20Times%20-%20Business%29&amp;utm_source=feedburner\">Richard Cordray appointment &#8216;turns lights on&#8217; at consumer bureau<\/a>, Los Angeles Times,  January 4, 2011<\/p>\n<p><a href=\"https:\/\/www.consumerfinance.gov\/\">Consumer Financial Protection Bureau<\/a><\/p>\n<p><strong>More Blog Posts:<\/strong><br \/>\n<a href=\"https:\/\/www.investorlawyers.com\/blog\/former-us-treasury-secretary-t\/\">Former US Treasury Secretary Henry Paulson Told Hedge Funds About Fannie Mae and Freddie Mac Bailouts in Advance<\/a>, Institutional Investor Securities Blog, November 30, 2011<\/p>\n<p><a href=\"https:\/\/www.investorlawyers.com\/blog\/bonds-defeat-stocks-for-the-fi\/\">Bonds Defeat Stocks For the First Time Since Prior to the Civil War<\/a>, Institutional Investor Securities Blog, November 26, 2011<\/p>\n<p><a href=\"https:\/\/www.investorlawyers.com\/blog\/2011\/10\/long_island_rail_road_disabili\">Long Island Rail Road Disability Fraud Leads to 11 People Charged<\/a>, Stockbroker Fraud Blog, October 29, 2011\n<\/p>\n<p> <a href=\"https:\/\/www.investorlawyers.com\/blog\/with-confirmation-of-richard-c\/#more-5247\" class=\"more-link\">Continue Reading \u203a<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>US President Barack Obama overrode a Republican blockade in the Senate today when he appointed Richard Cordray as director of The Consumer Financial Protection Bureau. The new agency, which was designated the key regulator and protector of the average citizen over the Wall Street wealthy when financial regulations were overhauled 18 months ago, has, until [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"footnotes":""},"categories":[3740],"tags":[2520],"class_list":["post-5247","post","type-post","status-publish","format-standard","hentry","category-miscellaneous","tag-consumer-financial-protection-bureau"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>With Confirmation of Richard Cordray as Its Director, The Consumer Financial Protection Bureau Can Finally Get to Work &#8212; Investor Lawyers Blog &#8212; January 4, 2012<\/title>\n<meta name=\"description\" content=\"US President Barack Obama overrode a Republican blockade in the Senate today when he appointed Richard Cordray as director of The Consumer Financial &#8212; January 4, 2012\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.investorlawyers.com\/blog\/with-confirmation-of-richard-c\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"With Confirmation of Richard Cordray as Its Director, The Consumer Financial Protection Bureau Can Finally Get to Work &#8212; Investor Lawyers Blog &#8212; January 4, 2012\" \/>\n<meta name=\"twitter:description\" content=\"US President Barack Obama overrode a Republican blockade in the Senate today when he appointed Richard Cordray as director of The Consumer Financial &#8212; January 4, 2012\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Shepherd Smith Edwards &amp; Kantas, LLP\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"With Confirmation of Richard Cordray as Its Director, The Consumer Financial Protection Bureau Can Finally Get to Work &#8212; Investor Lawyers Blog &#8212; January 4, 2012","description":"US President Barack Obama overrode a Republican blockade in the Senate today when he appointed Richard Cordray as director of The Consumer Financial &#8212; January 4, 2012","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.investorlawyers.com\/blog\/with-confirmation-of-richard-c\/","twitter_card":"summary_large_image","twitter_title":"With Confirmation of Richard Cordray as Its Director, The Consumer Financial Protection Bureau Can Finally Get to Work &#8212; Investor Lawyers Blog &#8212; January 4, 2012","twitter_description":"US President Barack Obama overrode a Republican blockade in the Senate today when he appointed Richard Cordray as director of The Consumer Financial &#8212; January 4, 2012","twitter_misc":{"Written by":"Shepherd Smith Edwards &amp; Kantas, LLP","Est. reading time":"3 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/www.investorlawyers.com\/blog\/with-confirmation-of-richard-c\/#article","isPartOf":{"@id":"https:\/\/www.investorlawyers.com\/blog\/with-confirmation-of-richard-c\/"},"author":{"name":"Shepherd Smith Edwards &amp; Kantas, LLP","@id":"https:\/\/www.investorlawyers.com\/blog\/#\/schema\/person\/e0240e0754684b69f7d6a7de1b9f1431"},"headline":"With Confirmation of Richard Cordray as Its Director, The Consumer Financial Protection Bureau Can Finally Get to Work","datePublished":"2012-01-04T06:00:00+00:00","dateModified":"2022-04-06T15:59:44+00:00","mainEntityOfPage":{"@id":"https:\/\/www.investorlawyers.com\/blog\/with-confirmation-of-richard-c\/"},"wordCount":557,"keywords":["Consumer Financial Protection Bureau"],"articleSection":["Miscellaneous"],"inLanguage":"en-US"},{"@type":"WebPage","@id":"https:\/\/www.investorlawyers.com\/blog\/with-confirmation-of-richard-c\/","url":"https:\/\/www.investorlawyers.com\/blog\/with-confirmation-of-richard-c\/","name":"With Confirmation of Richard Cordray as Its Director, The Consumer Financial Protection Bureau Can Finally Get to Work &#8212; Investor Lawyers Blog &#8212; January 4, 2012","isPartOf":{"@id":"https:\/\/www.investorlawyers.com\/blog\/#website"},"datePublished":"2012-01-04T06:00:00+00:00","dateModified":"2022-04-06T15:59:44+00:00","author":{"@id":"https:\/\/www.investorlawyers.com\/blog\/#\/schema\/person\/e0240e0754684b69f7d6a7de1b9f1431"},"description":"US President Barack Obama overrode a Republican blockade in the Senate today when he appointed Richard Cordray as director of The Consumer Financial &#8212; January 4, 2012","breadcrumb":{"@id":"https:\/\/www.investorlawyers.com\/blog\/with-confirmation-of-richard-c\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.investorlawyers.com\/blog\/with-confirmation-of-richard-c\/"]}]},{"@type":"BreadcrumbList","@id":"https:\/\/www.investorlawyers.com\/blog\/with-confirmation-of-richard-c\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/www.investorlawyers.com\/blog\/"},{"@type":"ListItem","position":2,"name":"With Confirmation of Richard Cordray as Its Director, The Consumer Financial Protection Bureau Can Finally Get to Work"}]},{"@type":"WebSite","@id":"https:\/\/www.investorlawyers.com\/blog\/#website","url":"https:\/\/www.investorlawyers.com\/blog\/","name":"Investor Lawyers Blog","description":"Published By Investment Fraud Attorneys \u2014 Shepherd Smith Edwards &amp; Kantas, LLP","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/www.investorlawyers.com\/blog\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Person","@id":"https:\/\/www.investorlawyers.com\/blog\/#\/schema\/person\/e0240e0754684b69f7d6a7de1b9f1431","name":"Shepherd Smith Edwards &amp; Kantas, LLP","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/secure.gravatar.com\/avatar\/c7f8f04990816cd4044977eb59908da8c8d1ae487cc919cebd7027b74a0740a3?s=96&d=mm&r=g","url":"https:\/\/secure.gravatar.com\/avatar\/c7f8f04990816cd4044977eb59908da8c8d1ae487cc919cebd7027b74a0740a3?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/c7f8f04990816cd4044977eb59908da8c8d1ae487cc919cebd7027b74a0740a3?s=96&d=mm&r=g","caption":"Shepherd Smith Edwards &amp; Kantas, LLP"},"sameAs":["https:\/\/www.investorlawyers.com\/"]}]}},"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/pedX9K-1mD","_links":{"self":[{"href":"https:\/\/www.investorlawyers.com\/blog\/wp-json\/wp\/v2\/posts\/5247","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.investorlawyers.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.investorlawyers.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.investorlawyers.com\/blog\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.investorlawyers.com\/blog\/wp-json\/wp\/v2\/comments?post=5247"}],"version-history":[{"count":3,"href":"https:\/\/www.investorlawyers.com\/blog\/wp-json\/wp\/v2\/posts\/5247\/revisions"}],"predecessor-version":[{"id":26630,"href":"https:\/\/www.investorlawyers.com\/blog\/wp-json\/wp\/v2\/posts\/5247\/revisions\/26630"}],"wp:attachment":[{"href":"https:\/\/www.investorlawyers.com\/blog\/wp-json\/wp\/v2\/media?parent=5247"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.investorlawyers.com\/blog\/wp-json\/wp\/v2\/categories?post=5247"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.investorlawyers.com\/blog\/wp-json\/wp\/v2\/tags?post=5247"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}