28 Burst results for "cfpb"
Shuling Guo on Pharmaceuticals and Cystic Fibrosis
"What is bro says. How does it affect the body Cystic fibrosis all. Cf for sure is dallas being genetic disease. It's one of the most common life threatening inherited. Diseases affecting about seventy thousand people in the world and about half a witch in the united states have has been around for a long long time even in medieval times. They are were folklorist talking about if you kiss a childhood hey saudi. That child will soon die but it was not until the nineteen thirties that this disorder was recognized. Dr dorothy anderson who was a pathologist at that time working at a hospital in new york discovered any name. This disease cystic fibrosis. Since then there has been tremendous amount of research to understand the disease. develop diagnostic tools. And of course develop treatments for this disease when dr arnesen The disease he said something like fake on sticky mucus buildup in the lungs in the pancreas and auto owners leading to life threatening breathing and digestive problems so after so many years of research I think you made quite a bit breakthroughs. For example in nineteen fifty five. A sweat has to became available so this is to really measure the salt concentration in the sweat and this till today is still one of the gold standard for cf screening and then in nineteen eighty nine. The more likely cause of cf was discovered. It was found that it's the defect in the cfpb. G thou these two. Cf
President can fire CFPB director at will, but agency can operate
"The Supreme Court has decided that the consumer financial protection bureau structure violates the separation of powers, but that the directors removal protectionist several you will recall that the the CFP was designed so that the director could not be removed by the president of the United States the supreme. Court is holding that the CFP violates the separation. Separation of powers, we go on to hold the directors removal production of several from the other statutory provisions Barron on its authority. The agency May therefore continue to operate, but it's director must be removable by the president at will due to the separation of powers that actually gives win to conservatives in a way that they wouldn't. The Consumer Financial Protection Provisions Collapses in the Way Elizabeth Warren wanted. It's structured and interestingly enough. That is John Roberts. Giving a big conservative win in theory, but has actually small ball now. How is that well? Conservatives had advanced the case on separation of powers in a unitary executive, and Roberts has conceded all of that in his decision on this. But at the end of the day it's not the wind. Conservatives wanted conservatives one of the win on the on the abortion clinic
"cfpb" Discussed on We The People
"For ruble the constitution says nothing back that we typically would assume the congress has some ability to define the terms of the constitution. It's not solely left to the president to Aggrandize all the authorities him or herself in court of course police these lines but these branches not medically sealed Officials are all created by laws. That were passed by Congress. They can be revised conformed with any time. They put conditions on the employment of executive officials including the entire Civil Service Administration which insulates most executive branch officials from being fired. Except for 'cause In the notion that department heads or heads of euros sees would have tenure A. You're not there for life there for for period of time bypass That that would be consistent. The constitution reads fairly easily. But I will say in my dog. I talked about the period of time when I was the director of the Consumer Bureau under a new administration And we were at odds on significant issues And it creates a difficult situation but the independents of these agencies was designed by Congress to allow that mission to be fulfilled filled free of influence of politics. And that's what I tried to do. As the director of the bureau is described.
Supreme Court struggles with independence of Consumer Financial Protection Bureau
"The consumer financial protection bureau was created with the aim of protecting consumers from abuses in the banking and financial services industry today at the Supreme Court the court's conservative justices voiced skepticism about the independent agency NPR legal affairs correspondent Nina Totenberg has more in the aftermath of the two thousand eight financial crisis Congress created the consumer financial protection bureau lodged in the offices of the federal reserve board the bureau has enacted new rules to safeguard the mortgage market and protect consumers from abusive and misleading practices involving everything from credit cards to debt relief the CFPB is headed by a single director with a five year term and in order to ensure that the director is independent the law bars the president from firing him for any reason except for malfeasance inefficiency or neglect of duty that independence is being challenged as unconstitutional by a firm that's being investigated for misleading practices and by the trump
Supreme Court Eyes The President's Power To Say 'You're Fired!'
"At the Supreme Court today the trump administration is trying to make it easier for the president to replace the heads of the country's independent regulatory agencies. The administration is asking the court to restrict or reverse a decision that dates back more than eighty years. Npr legal affairs correspondent Nina Totenberg reports in two thousand eight the. Us economy was on the brink of financial disaster. A rising number of homeowners quite simply can't pay their mortgages for closures have hit a record high. The National Association of Realtors reported the worst month dropping existing home sales since they started keeping track in the late nineties. Further meltdown in the mortgage market had investors. Heading for the exits in two thousand nine. Congress sought to reestablish oversight and regulation of the financial system among the remedies enacted was a law that consolidated powers from across seven agencies into one call the consumer financial protection bureau. It was placed in the offices that the Federal Reserve and funded by the Fed. The new agency was charged with preventing a repeat of two thousand eight financial crisis. Richard Cordray was its first director for the baby. Had two roles one was to try to prevent an economic collapse of that kind ever happening again. And that was done largely to putting in place rules that safeguarded the mortgage market and ferreted out. A lot of the irresponsible and ultimately failed lending that had occurred once in place. The bureau moved aggressively to protect consumers from bad actors in banking and other financial services also in the CFP BE SITES. Were Bill Collectors. Telemarketers and others accused of misleading practices among these was the Salem Law Firm in Los Angeles investigated for charging consumers illegal. Upfront fees for debt relief services the CFP as part of its investigation demanded certain documents from the law firm. The firm refused contending that the structure of the agency is unconstitutional. Because it's director cannot be fired by the president at will instead the bureau's director like the heads of other independent federal agencies can only be fired for cause meaning malfeasance inefficiency or neglect of duty lawyer? Andy Pinkus who represents the Chamber of Commerce explains the theory of our government is that the popularly elected president will appoint officials and remove them. They're not doing what he wants. So if you take away the president's power to remove someone Then you're drastically limiting the political accountability of that individual that view however lost in the lower courts and the sale affirm appealed to the Supreme Court backed by the trump administration central today. Argument is a case dating back to nineteen thirty five. When President Franklin Delano Roosevelt tried to fire one of five commissioners on the Federal Trade Commission over his policy views. The Supreme Court ruled unanimously. That Congress created the FTC to perform quays judicial quasar legislative functions and that the president could not therefore dismiss its members the way he could members of his own administration the sale firm and the trump administration will argue that. The CFPB is different because the bureau's power was placed in the hands of a single director instead of a multi member commission again lawyer. Andy Pinkus multi member agencies the way they're structured our system have to have people from different parties. The president picks the chairman who has a lot of control about how it operates. The terms are staggered. So most presidents will have an opportunity to appoint a number of those people because the trump administration is not defending the CFP structure. The Supreme Court appointed lawyer Paul Clement to argue on behalf of the Bureau Clement notes that there are other single-member directors the government who cannot be fired by the president will among them the control of the currency and the director of the Social Security Administration. The constitution says nothing about the president's power to remove officers confirmed by the Senate pointing to that fact Clement notes. There are literally dozens of independent agencies. That control everything from monetary policy to the stock market to public health and Safety Clement says that the consequences of invalidating the CFP structure could be dire. The issue in this case is like the thread on the sweater. That if you start tugging on it and you tug on it hard enough. Potentially the whole sweater comes undone and the sweater here really is is the entirety of the whole alphabet soup of agencies that all have these four 'cause protections these agencies. He notes are often central to our economy. The Federal Reserve is a great sort of example of why Congress imposes these kinds of restrictions. Because there are certain issues in the world that we deal with the national level where it's nice to have a degree of installation for a discharging a particular duty where it's not GonNa Change with whoever's the president the trump administration however is willing to roll the dice in this case. It argues that if a single director agency cannot be distinguished from a multi member agency the court should reverse. The case decided eighty five years ago. That would throw into doubt not just the CFP B but independent agencies that comprise roughly a third of the government and not just those agencies but also potentially the rules that those agencies have laid down over the years
Michael Smith on the Paul Finebaum Show
"You're listening to the Paul Finebaum Show podcast and we're delighted to welcome all of you back. Oh one of the Tru truly great reporters On the on the college sports business seen in Michael Smith joining us now. In one of the most recent issues of the Sports Business Journal talking about The first six years of the College Football Ballpoint Michael Great to have you on we. We're always looking for ways to talk. I'd rather do it other than on the only on the air. But we're delighted to have you here and I wanna I just first of all Just have you do reflect on some of the reporting that you did in this piece as well as your own observations of the first uh for six years of the College Football playoff. Hey Paul thanks for having me So good catch up with you and You know the point of the story was to look at the College Football Playoff Championship game. We're six years into it now. The the deal it is being goes twelve years so we felt like at at this midpoint on the TV contract. It was a good time to kind of take stock of what has worked what has not worked and so we went out and hold a lot of marketing then media experts and got their opinions on on that question and so as you can imagine. Most of the feedback was positive It's better than the system we had before But it still leaves a lot of questions in terms of how do you grow the TV audience. Had He made it. It could schedule more consistent so we don't have two weeks between the semi final and final. How do we keep games off of New Year's Eve questions like that that they continue to come up and no real solution for right now you also took look with ESPN executives About the time of the game. And that's a that's that's a complaint you get all the time this year. The game ended. I think twelve fourteen no the game a couple of years ago when even later an and Michael you and I live on the East eastern time zone we forget there are people in California who are three hours behind us but That's not going to change. There's a no it's not gonNA change you know. Five of the six championship games have gone past midnight. And like you said some going well past midnight and that's where it really comes down to. How competitive the game is and with LSU pulling away at that point the viewer show probably after midnight was not as great raise. It would have been saved for the Alabama Georgia overtime game. No it's a really good point Let me ask you since you are You know all these people pool and I know you just go through spending some time and can't wait to hear more about it with Jim Delany in Nashville. Who Retired how? How does college football allow the Big Ten and the PAC twelve and more importantly the Rosebowl? Aw dictate everything else that goes around it. The that's kind of age old question June and You know there. There's such an allegiance. There's such loyalty to to the ball. Games like especially the Rosebowl like you pointed out often and that really is one of the major factors. You know the rosebowl being locked in at that time. New Year's Day on factors I y you cannot consistently put the semifinals on New Year's Day. And then come back with the championship game a week later And there there's just It's almost hard to explain. But there there's such a sense of The the Rose Bowl has been so. Oh good to college football that you do have loyalists like Jim Laney and others the you know who the SEC. In the sugar bowl for example that They they don't want to relinquish that. And so the only way to make sure the Rose Bowl and sugar bowl maintain that status as they own new year's Day. I wonder again. I have great admiration for Delaney and the fact that I would give him the credit here. I think you can correct a For being able to do this and then what did the SEC do. As you've reported Mike's life came in and said okay. If they're going to do that we wanna own the sugarbowl Slob of the problem with the sugar. The ball slot. Mike is at the game. Doesn't start till nine o'clock right. You know that's you know that's an aspect active Of all the experts that we talked to media marketing is worth. We talked to the one criticism or the one Miss when you talk about a hitter misses that kept coming up was the inconsistency the scheduling and maybe not being able to capitalize as much on in the semifinal games as they would like you know we saw the TV audience really spiked with that first championship game between Satan Oregon Oregon and since then it's Kinda settled in lower number right around twenty five million viewers. That's a fantastic crowd in this definitely It definitely gives. ESPN the ability to own that that evening. But when you think about the Super Bowl being eighty five to ninety million million viewers compared to twenty five million for the College Football Championship. You wonder how. How is the CFPB championship game? Going to grow its viewership and And the inconsistency of this is one of the factors that a lot of people pointed to that that could limited going forward and and I wonder listen. I don't I don't want to minimize twenty five million people That's a big number and when you look at the most watched events of the year after the super bowl off the collar after the Super Bowl and the in the NFL playoffs College football biggest night is huge. But I'm just watching it this week and I realized the Kobe tragedy has has cast a pall but From here on as you know Michael you're in the sports business world the Super Bowl. Aw is as big of an event as there is in the world and college. Football just seem like it's sandwiched in between the NFL. Playoff off games on Saturday and Sunday right. So this schedule if you think about it There were three. NFL Sundays in between the semi finals. The final amazing and so that goes back to the consistency question the scheduling and being able to maximize the opportunity to college. Football has to to own certain days as and when you think about cargo owning January first and neither the finals nor the semifinals are on January. First it seems a little counterintuitive and January. I was a huge day. I mean the the audience for the Michigan Alabama Citrus Bowl was was Gargantuan and so it's not like ESPN is going broke on this. I mean they're still doing pretty well. And maybe maybe the maybe. Maybe they're better off owning the semi final day and New Year's Day. I don't know I'm just a lowly employees at ESPN. But my question to you is what happens next We're sick. We're we're six years in then every year. There's this rampant speculation that something's about to change and it never seems to. You know all these people you spend a lot of time with the college football powerbrokers our brokers Between now and when are they going to alter if assuming they are the college. Football playoff are more people are more schools getting again we. That's a great question and an access is is definitely one of the one of the questions that I post a lot of the people that work in that space and There's there seems to be a consensus that that the commissioners at least are willing to talk about. That's a good thing. That's a step forward but I don't know of anyone who thinks it's going to happen before this. This twelve year contract runs. It runs its course and so it could happen in the next contract. I I definitely think it's something that will be discussing the talk about you know not keep coming back to this loyalty to bowl games. One of the one of the arguments that I hear against the eighteen playoff is about those four teams that lose in the in the quarterfinals awesome. They don't get the bowl experience. Well if you're one of those four teams they lost in the quarterfinals. Would you rather have a shot at being in the playoff. Who would you rather be able to spend a couple of days at a theme park having your bowl experience and so those it almost sounds kind of silly but those are the kind of conversations that are taking place when they're contemplating expansion and let me ask you Michael I mean this year we had the the the the peculiarity of the lending tree bowl in mobile with all due. Respect to lending three which happens to be headquartered around the corner from where we were sitting having a bowl game on Monday night and I realized I was a Corcoran the schedule but that late in the process I mean is that experience really that meaningful. I I've been to the College Football Bowl Association. I've heard what those guys say and they work very hard but still It just seems discombobulated up to me and many others. Yeah you know I. I guess that's just to me the the the the mid to third week in December bowl and and also the ones that you're talking about leading up to the championship game and early January. I just you know. Obviously they're important. TV CONTENT FOR ESPN but also they provide an opportunity to go on. PREGAME halftime the post game to talk about the next game. And so it's all part of the build up in an intersection that way. You know one other thing. I was thinking about fall. We're talking about kind of the future of the CFP in this current contract in years. Eleven and twelve. They're still to championship game sites to be determined. And that's something that will happen in the next couple of years but That's one of the things I'm GONNA be. Watching is what two cities are able to land. There's there's last two championship games in this twelve year cycle. What I'm curious before you go? What what are the next couple of years? Look like for the CIP in terms of In terms of site well Indianapolis is in there somewhere. It it is Is going to go obviously Miami and La to the new stadium in Houston. Okay then those last two years are to be determined. But you could definitely envision like Las Vegas a while you could invade eh envision somebody like Orlando that has bid for championship games in the past. you could go to north to a minneapolis or two met met life in New Jersey New York Those are those are some of the sites that I think this year Vegas is going to get a pretty good workout with what's to the NFL draft and everything else. It's hard to imagine not being in the Niger. That's a lot of a lot of places are going Michael Michael Fascinating If it's a really incredible read and of course anytime Vince Thompson is quoted. My eiser all over it Thank you for coming coming on. Just just one of the most knowledgeable people in the industry and you must follow Michael to keep up with things in the sports business platform. Warm Michael Comeback. Soon thank you very much greg. My friend all. It's great to have you Michael Smith just an outstanding reporter and I can't wait there He spent last Last week with Jim Delany Just after his retirement and that is going to be fascinating to to read
CFPB Chief Says Education Department Is Blocking Student Loan Oversight
"Support for NPR and the following message come from gusto, providing payroll, benefits and HR services for small businesses, gusto serves more than sixty thousand businesses nationwide. With full service payroll HR, tools and health insurance at gusto dot com slash NPR. The director of the consumer financial protection bureau. The CF PB says the Trump administration's education department is getting in the way of efforts to police the student loan industry. This comes amid lawsuits that allege widespread wrongdoing, by student loan companies. Here's NPR's Chris Arnold, the head of the CF PB Kathy Cran anger is responding to Senator Elizabeth Warren and other Democrats who wanted to know whether the consumer protection bureau is doing its job protecting student borrowers and her answer is pretty striking. The letter obtained by NPR is carefully worded. But in essence Kranjcar is saying that the CF is trying to do its job. But she says that companies that manage student loan. Are not handing over information that the bureau needs to do supervision because they say the education department told them, not to in other words, the education department is getting in the way it's actually quite remarkable. Seth frontman heads up the nonprofit student borrower protection center, he used to be the cfpb's student loan ombudsman, but quit last summer over frustrations with the Trump administration. The head of the consumer financial protection bureau is telling the world that the secretary of education has put in place, a series of policies, that are obstructing federal law enforcement officials from standing up for the millions of Americans with student debt Americans, like, Jessica Saint Paul. She was grappling with about eighty thousand dollars in student loans. Then when she heard about a program called public service loan forgiveness. She was ecstatic, the programs designed to encourage public service. So police officers government workers teach. People who work for not prophets if they make payments for ten years, they can get the remainder of their student loan debt forgiven. Saint Paul work for a nonprofit that provides services to foster children. I oh, this is perfect, I called interested in of a service. I don't forgive me. That was nine years ago. She says over the years she called the company servicing, her loans to check in just wanna make sure you know, I'm on track. Okay. No problem conversation with quick. I mean they were so kind. But Saint Paul says she was getting bad information. She says she found out just last year at a conference. There was an information session on loan forgiveness since she was told that she was in the wrong, kind of loan and wrong payment plan, so that she couldn't qualify. And she says a lot of other people were finding out the same thing, right there at the conference support group almost turned into because you were like, no that can't be true. And people were I went on my home. We're gonna phones and that type checking your loan, what type alone they were, and we were all sitting there like just frantic like. Well, on in my in what wait, wait. Wait. Let me pull this up. Let me see bud say, Paul says it was true. If nine years ago, her loan servicer, just told her to take a few simple steps to convert to the right loan payment plan. Everything would have been okay. Instead, she says she feels like somebody's stole tens of thousands of dollars from her is it Australia? Not just cannot believe it happened to me, it's happening to a lot of people so far about ninety nine percent of people applying for this loan forgiveness program or getting rejected, and more than one million people are actively pursuing it and hoping to qualify Saint Paul's a plaintiff in one of the many lawsuits by advocacy groups, and regulators related to this program and other problems. This is why democratic lawmakers say they want to be sure that perhaps the most powerful federal watchdog for consumers is on top of all this in March. Senator Bob Menendez pressed the issue at hearing with CF director chronicler, have you examined why ninety nine percent. Of applicants have been reject. Senator. Get I I understand why you're asking question. It's important one by don't have a specific answer to your question on this topic. Now that lawmakers have chronic or answer was with Warren and four other senators call the revelations disturbing around a letters. They just fired off to student loan, servicing companies, the cfpb in a statement says it's confident that it can resolve the issues and achieve its mission of protecting borrowers. But for its part, the education department appears to be defending its stance, but loan servicers should not hand over information to the CFP be the department says in a statement that it takes privacy. Seriously, and says requests for information about student loan borrowers should be made to the education department said, Froman says the cfpb should flex its muscles, more and take loan servicers to court. If necessary to get them to comply with its oversight efforts, Chris Arnold NPR news.
Financial watchdog plans to scrap payday lending rules
"Government watchdog says it plans to roll back most of its consumer protections governing the payday lending industry. Here's NPR's Danielle low payday lenders offer small cash loans to borrowers who commit to paying it back where their next paycheck. The consumer financial protection bureau drafted a rule in two thousand sixteen to require lenders to verify that borrowers are able to afford these loans. The rule was delayed and never took effect. Now. The cfpb says it wants to roll it back to make credit more accessible their proposal is open to public comment for ninety
Trump taps Kathy Kraninger to take over consumer protection bureau
"Thera bathrooms and medical facilities according to u s representative will heard there are four hundred beds out the temporary shelter but heard says federal officials are evaluating whether to increase that number two four thousand the department of homeland security says at least two thousand children have been separated from their parents at the border since the administration zerotolerance order went into effect in april for npr news i'm carlos what alice wanna president trump's loudest critics is taking the trump administration to task over the separation of migrant children from the parents at the us mexico border president trump as democrats for the situation instead of his hero tolerance policy but democratic senator richard blumenthal of connecticut says democrats aren't the bad guys here especially on thursday we should be terrifying families in supporting not ripping children away and then nearly demagoguing blaming it on democrats or anyone else when there is no law nearly six hundred african migra rinse at the center of the debate over immigration in europe have begun arriving at the spanish port of valencia then and talion coastguard ship the first to arrive and now the charity rescue ship aquarius has docked another talion ship carrying the rest of the migrants expected to dock soon that took the convoy nearly a week to travel from the waters off sicily after the aquarius was turned away by italy and malta president trump plans to nominate kathy cranach to lead the consumer financial protection bureau impure shannon van zandt reports cranberries deputy to mick mulvaney the director of the office of management and budget he's also currently acting as the director of the cfpb pb which he regularly criticised while in congress the white house calls crandon astonished supporter of free enterprise consumer advocates expect her to continue mulvaney deregulatory agenda the white house says the bureau has been plagued by excessive spending and politicized agendas the obama administration established the cfp be to protect consumer from predatory lenders and other financial risk shannon vincent npr news washington reza macedonia have signed a deal aimed at resolving a long running dispute over macedonia's name today signing ceremony was held after greek prime minister alexis tsipras survived a no confidence vote in parliament yesterday and from washington you're listening to npr news a candlelight vigil is being planned for tonight in kansas city for the two sheriff's deputies killed while transporting inmates from a court hearing the investigation suggests that one of the.
CFPB chief Mick Mulvaney disbands consumer protection board
"To thirty four and the getting worse you hall problem we should they they write in the south center area this had northbound i five as you approach southcenter murray talk about the weather now and we have temperatures will be in probably hit the mid seventies no question we're already at seventy one here in seattle tomorrow a tad cooler but still dry in a chance of showers popping in late friday again seventy one in downtown seattle at komo news and important move by the head of an agency the white house reportedly wanting to abolish abc's daria albinger has the story a group of outside experts required by law to meet with the consumer financial protection bureau say the group has been dissolved by the cfp be head mick mulvaney to now former members say mulvaney told the consumer advisory board they'll be replaced and the board will be reconstituted this is required to meet twice a year but meetings have been repeatedly canceled since mulvaney came to the cfp daria albinger abc news komo news time to twentysix more if i'm sherry preston sometimes if you get mad enough you can make a difference through democracy take the case of california judge aaron persky he's.
Elizabeth Warren, Mick Mulvaney spar in Senate testimony over CFPB
"Live from npr news in washington i'm windsor johnston massachusetts senator elizabeth warren and other lawmakers got their first chance to question the trump administration's head of the consumer financial protection bureau on thursday a bureau which warren helped create as npr's chris arnold reports interim director mick mulvaney faced sharp criticism from democrats under mulvaney he's watched the consumer protection bureau was dropped a lawsuit and a separate investigation into high address socal payday lenders and whereas the bureau used to bring several enforcement actions every single month to go after companies that were cheating consumers mulvaney acknowledged he hasn't brought a single new enforcement action since he took over the agency about five months ago democrat elizabeth warren told him you are hurting real people to score cheap political points for his part will they and he said he is enforcing the law and not dismantling the bureau i have not burnt the place down but he is calling for congress to restrict its power and independence chris arnold npr news the ceo of a classifieds website that allows users to post escort ads has pleaded guilty to money laundering charges capital public radio's eddie bundle moody reports authorities are calling back page dot com and online brothel.
Elizabeth Warren, Mick Mulvaney spar in Senate testimony over CFPB
"The us orduna sheet an attack against north korea and went on to say despite public comments about his hawkish nece he believes measured response to story is i'm hawk i'm hardliner you know i i read that and there's no one as you just heard in what i described there's no one like someone who served in uniform the understand the value of diplomacy and the terror and tragedy that is war like someone who served in uniform it's the last resort it must always be so pompeo whoever also said he could foresee a situation where the us might have to move past diplomacy for example of north korean leader kim jong own were to directly threaten the us elizabeth warren and other senators got their first chance to question the trump administration's head of the consumer financial protection bureau has npr's chris arnold reports the interim director mick mulvaney faced sharp criticism from democrats under mulvaney watch the consumer protection bureau has dropped a lawsuit and a separate investigation into high interest payday lenders and whereas the bureau used to bring several enforcement actions every single month to go after companies that were cheating consumers mulvaney any acknowledged he hasn't brought a single new enforcement action since he took over the agency about five months ago democrat elizabeth warren told him you are hurting real people to score cheap political points for his part will he said he is enforcing the law and not dismantling the bureau i have not burnt the place down but he is calling for congress to restrict its power and independence chris arnold npr news renewed strength in the tech sector as well as gains for banks and industrial companies helped to send stocks higher today the dow is up two hundred ninety three points the nasdaq closed up seventy one points this is npr and you're listening to.
"cfpb" Discussed on Planet Money
"Support for this podcast and the following message come from google cloud during march madness the ncwa is using google cloud to turn data into insights and so can your business see how at g dot co slash march madness google cloud the official cloud of the nc double a today we have a story about how you can dismantle a federal agency from the inside and the agency in question is the one that protects everyday americans from big banks lenders financial institutions it's called the consumer financial protection bureau the cfp the cf pb and this agency is a sort of rohrschack test for how you view the role of government in your life democrats they love the cf pb he was created after the financial crisis and to them it is an independent watchdog that protects the little guy from bank fees and deceptive loans and high interest rates for republicans it's a little different let's hear from our them this bureau was like any other federal bureaucracy it's run by one person there's no accountability to congress it is perhaps the most unaccountable bureau or agency there is we want to run that place with a good deal of humility and prunes that's is mick mulvaney he is a former republican congressman from south carolina when he was in congress he actually sponsored a bill to destroy the cfp be completely the bill failed but the republican dream of killing the agency lived on in fact when donald trump was elected president and he got a chance to name a new director of the cfpb pb he looked around and he picked the man who probably hated the agency the most the guy we just heard from mick mulvaney of course consumer groups went crazy people were freaking out and it was just so odd that when mulvaney at a recent conference had to introduce himself he introduced himself this way despite what you might buy them way thank you for having me despite what you might read i i'm pretty sure i'm not the devil at least my wife and my.
"cfpb" Discussed on Biden's Briefing
"Instead the agency that she proposed would serve as an equalizer putting some haft on the side of consumers who couldn't be expected to outsmart a system designed to thwart them to do that experts would stand in as proxies for consumers it wasn't just that the cfpb framers doubted individuals ability to parse financial offerings given that the institutions the cfpb would limit were politically powerful it's creators also doubted that cfpb could survive a political fight even if voters were sufficiently motivated and clued end to fight an attempt to weaken the agency the thinking went it would be yet another unfair fight they be rolled by money donors who have captured congress and the presidency the only way to protect the agency and by extension the consumer's was to insulate the cfpb from interference by keeping those two political actors as far from the agency as possible as a result the democratcontrolled congress yes made it an independent agency like the federal reserve board or the federal election commission while its director is appointed by the president and confirmed by the senate he or she serves a set term and probably couldn't be fired by the president additionally the cfpb is funded not by congress which could decide to close its wallet and starve the agency but by the federal reserve there are two predominance separate objections to the cfpb among conservatives one is that it serves an unnecessary purpose that regulation is generally a bad thing but the cfpb will stifle financial institutions and that individuals ought to be left to make their own choices trump for example tweeted quote the consumer financial protection bureau or cfpb has been a total disaster as run by the previous administrations pick financial institutions have been devastated and unable to properly serve the public and quote as jr.
"cfpb" Discussed on BizTalk Radio
"To made it there's going to be less the bank skyrocketed simple as that on top of that he talked about them volcker rule getting rid of it it prevents these banks to whatever to trade for their own account bank skyrocketed today when banks skyrocket you can have a big day in the market simple as that added that the administration is taking away the cfpb from the democrats and let me be clear that is a democratic organisation five hundred ninety three gifts the democrats want to republicans it was an a a liberal progressive financial oversight that nobody had oversight on something needed to be done you add all this together with the potential to tax reform and you at a very good day in the market by the way tonight on cnn at nine p m they're having a debate on tax reform the democrats are being represented by bernie sanders now you know what i'm talking about now you know where i'm coming from they're not democrats this socialists and we've got to keep these people out of power until the democrats get some real moderates leading the parade there but i don't think it's going to happen i don't think it's going to happen we cannot have socialism in this country more than we already have socialism that's all it's all going to blow up if we did and i got new sphere thank god hillary clinton did not win that woman with our money so oh oh that would have been hell on earth that said let's do today's market rap mm mm and it's brought to you by investment the ash models dot com that's jim moore back one of the great market timers no grey areas with the menu either in or out of the market was proprietary indicators go check it out investment dash models dot com.
"cfpb" Discussed on WAFS Biz 1190
"Services that we need now the smaller banks have no cash flow to do it because they spend all their money trying to keep up and comply with regulators keep their doors open that's the problem with the cfpb so mick mulvaney sees this problem the same as i do doddfrank for what it is is a big mess east now the director of the very organisation that he can't stand well so leandra english who was the deputy director typical liberal government obama term appointed bureaucrat will but wait a minute i'm supposed to get that job i'm the next in line i'm the entitled one on the liberal anointed one right so she doesn't get the job mulvaney does because it's trump's way or the highway now not obama and they've gotten accustomed everything they wanted in government expansion and bureaucracy was just the order of things now trump send a drain the swamp and you're part of the swap my dear so what did she do she files a lawsuit instantly files a lawsuit it gets quickly to a federal court she's saying that there's a succession plan in the cfpb created by doddfrank that allows heard that commands that she legal early as the next director annoyed jude entitled as all liberals are right and mulvaney can't the trump says wait a minute there's a suggestion plan wong standing in the in the books that the president the ceo has the unilateral authority to appoint whomever to whatever he wishes and certain positions required air confirmation of the senate right so the the certain more more technical more important higher level deeply rooted position joe attorney general director of the budget office these these big cabinet positions you can't just have one dictator one president with unfettered.
"cfpb" Discussed on WAFS Biz 1190
"Treasury secretary or the attorney general eccentric while the cfpb director stepped down and then the budget director very talented mick mulvaney of south carolina and the not that he doesn't have enough to do already steps in and trump up points mulvaney the acting an interim cfpb director now mulvaney was a very controversial pick because mulvaney has long talked about ending closing down shuddering the cfpb it's a big big big time critic of this and the reason let me give you the backstory then i'll tell you what's happened the reason that mulvaney he's a big critic of it is this is the type of organization that has a lot of power almost unfettered power in its principle i like this organization i like what it stands for this is the organization that basically hill wells fargo accountable for opening two million illegal accounts costing tens of millions of dollars and then forced wells fargo to get rid of fire and ill limit a golden parachutes for the people presiding over this let's call it what it is fraud so in that a space in that circumstances cfpb was very proconsumer i like that there's an agency that's actually going after the bad behaviour of big financial institutions of which we have numerous shoes the problem however is that the cfpb also treats middle and smaller level institutions as yet though they are bank of america war wells fargo or or such as that and i don't think that that's healthy because you and i would like to go to the small local banker where the banker knows your name and they get to know your profile and it's easier to get alone and they're more liberal and use that word and often but there are more liberal with their lending standards because they kind of know your package as a person first is when you go to wells fargo or a bank of that size they have to comply with standards because nobody knows any when you're just the.
"cfpb" Discussed on WCTC
"Court judge ruled in favour of mick mulvaney saying he can stay in the job atop the consumer financial protection bureau for the time being loose thinks that the trump administration though cfpb would be the same as an obama administration trump club cfpb simply be naive elections have consequences every agency and that includes the cfpb you're listening to the laura ingraham show eight five five forty laura uh this is kind of a feels like a wonky like a wonky topic but trump won yesterday at the in federal court the uh lorry golez sure a lecture i don't know what her gleason what's the the english the deputy all my deputy obama deputy consumer financial protection board bureau a she was put in place by rich cord ray who's who resigned he fancies himself the next governor of whereas gone ohio illinois where he wants to me a governor and cord ray resigns he puts his gal is number two trump says aha drops all mulvaney over there from all nba and says no we're going to stick uh mick mulvaney n and it go to court an accord ray thinks they're going to win in court and the judge says on route right now we're not we're not putting a stay on the trump pick to head the consumer financial protection board it is executive branch and he had the executive authority to do this an independent agency but noone empowered rich cord ray to appoint his own head of the bureau that's not how it works and that's not even getting to what happened to this board that was was set up under the doddfrank monstrosity bakken well back several years ago now that the republicans clearly think is hindering growth hindering lending hurting smaller financial institutions joining us now in them delighted he's with us ron rubin the dc base lawyer and writer former enforcement attorney at the cfp be and chief adviser on regulatory policy at the.
"cfpb" Discussed on Yahoo Finance Presents
"Queen chuck schumer and bernie sanders on the left uh she does have the ability to rally people to this causes like this because she does speak on behalf of ordinary people and to some extent a unlike trump i would say who's populace message was general and vague um elizabeth warren she she's been immersed in the details of this and she knows that she knows a lot about specific ways to help people so um if she runs for president that will certainly be part of a rally over i hear the debates i i don't i think she lacks the charisma to be a compelling candidate at the presidential level uh and she also is not young she will be she i think she's inner late '60s right now so she will be seventy or older by the time of the presidential elections in 2020 stop hillary clinton uh and look what how it went for hillary clinton daily noted all right so if guys were too bad on this ethan does the cfpb remain throughout the trump administration we know what's going on going to change but does it remained as it survive um i think that probably a nurse rebel win uh over anything else uh and that a trump appointee will be leading the agency for the next five years um there's there's a lot of there's a lot of noise that you hear from uh trade organisations in the financial services industry pushing for a commission structure it's possible they'll get their act together to make that happen uh the republicans in congress but um it's hard to think that a whole lot of legislation like that is going to go for fright that's i think that's way too complicated for congress on its obviously uh i think they're gonna pass tax cuts and go but back to bed for the next three years yet uh at my bed is that the cfpb survives as a shell organization it doesn't do much uh in one thing that would mean is that the structure i think will remain in place uh if a democrat wins in 2012 2020 or even a republican who wants to revive um a shelled out uh cfpb and give some more teeth um so i think it'll be there and 2024 whoever the next president is if it's not donald trump to do uh.
"cfpb" Discussed on Yahoo Finance Presents
"Uh given that you know trump trump appointee would do probably very little and she said uh that she did not want a commission because conditions have not a store khalid done enough in her view of the sec did very very little um uh before the financial crisis the ftc in the fcc you know i think in all these other agencies often slide into doing less and maybe not being uh especially nimble when it comes to financial products for consumers things change very very fast in kind of in her view in sort of the democratic talking points on that you'll hear is them saying that you need a an independent director who can be completely insulated from congress in congress money um except in in only be installed every five years by the by the president um to ensure that it really is insulated from politics and whether you think that works or not um kind of depends on where you're coming from politically and it it's the it seems like it's not always clear fisher the the irony of trying to set up an agency like that where you say it is completely insulated from politics is that it actually becomes more vulnerable to politics when there's a power shift which is what just happened with the trump election uh so because it see it did seem unaccountable um in honestly i hate the the cfpb is not literally unaccountable um i mean they actually do i think you're right they do they do a thorough job probably much better than other agencies of pop up the pudding i've of creating these public databases and saying what they've done um and stuff like that and for the most part i think that's all very good and you know another thing that the cfpb does is it it sort of targets low level abusers who prey on the most vulnerable uh and there are other agencies are meant to do this there are also state attorneys general who are meant to do this but this is a powerful backstop when those those sorts of agencies fail and payday lenders are ripping people off even more than you know that can.
"cfpb" Discussed on Yahoo Finance Presents
"Because congress uh the federal reserve it's funded by the federal out of out of the federal reserve's account which it which gives congress no oversight i mean they can call the uh they can call the director of the sage and see up to testify but they can't with hole they can't change the budgeting uh in the way that they normally do and whether you think that is appropriate or not that's actually the way our government set up under the constitution congress has the power of the purse and i think democrats stretched way too far when they created this agency which has made it vulnerable now uh if they had not gone so far when they created it in this operated more like a normal agency uh that would have blunted lot of the criticism by republicans that this agency has no accountability uh well if it were like the ftc would by definition have accountability because it would have to go the congress to explain what it's doing in order to get its next uh budget authorization cfp cfpb doesn't have to do that and that has made it a giant target for people uh concerned about government overreach and as we no there are a lot of those people in some of now in the government could the trump administration change the inner workings of it so that it is accountable to haunted owners they certainly could change some things in terms of the way they run the agency but connery it takes congress to change this agency and i think a good congress dismantle sure yes they could if they could get the votes uh it's likely it's a good question um lighten your shit you're saying now i probably not a minute stuff is tied up in the doddfrank act and i don't really see i mean if taxes are this hard to do right now nazi doddfrank of being discussed at this time but uh i think one thing to uh thing to think about his what the rational on the other side is um i'm not sure i particularly necessarily by all of it um but you know we had elizabeth warren laporte don't you buy riddled with warren in night uh on our final round show and she uh kind of in response to the question may be a commission is better uh.
"cfpb" Discussed on KGO 810
"The gray area noone uh uh or to appoint a new head to the cfpb the question is whether the cfpb it gives that power to the director in any way trump ability under the vacancies law to also appoint an interim thing that the problem and that's not something that you and i can deal with at this point much more importantly is what happens to the cfpb earth in the interval that's right so david lazarus's remy consumer confidential la times we're talking about this cfpb conundrum with two bosses right now and and actually this is work so there is the part that i disagreed with you on this is the part where he agrees the cfe these actually really important to protect consumers it's it's it has made the abusers of the individual consumer give back it's short lifetime twelve billion dollars of illgotten money by big banks we need the cfpb to do its job and by the way who on the right had they actually pointed to anything they and if they throw invective around about the cfpb have they given you a specific specific example of where the cfpb is abusing its power and as one of the things that here is the criticism from the right about the cfpb is it a rogue agency unaccountable to congress and unaccountable the american people what would that that deliberate basically the pbs funded by the federal reserve and not congress specifically to prevent congress from being lobbied to either cut funding or rear or whatever to to dictate terms that the fp this was all very deliberate but republican lawmakers claimed that what this does is it make sure it makes it cfpb and beholden to them which again is deliberate but they use that as a cultural to beat the agency with they also claim that core drei was a loose cannon serving only his own name political ambitions when in reality he did not paying out of the ordinary in no way and at no time did core gray advance any sort of personal political agenda the right can't point to anything.
"cfpb" Discussed on WNYC 93.9 FM
"To get as always to have your long everybody mick mulvaney reported for work today as the acting director of the consumer financial protection bureau leandra english the person put in that very same job by outgoing director richard cord rate over the thanksgiving break when up to capitol hill today to meet with senator elizabeth warren and chuck schumer so mulvaney was the one who got to address the cfpb troops as it were in front of the cameras we are going to leave the legal fight over who is eventually gonna wind up in that job to others and staying in our lane here play the next thing mulvaney said today after he said he's not going to burn the place down i am a member of the executive branch of government we intend to to execute the laws he i'd states including the provision of doddfrank that governor cfpb that being said the way we go about it the way we interpret it the way we enforce it will be dramatically different uh under the current administration that was under the last anybody who thinks that a trump administration of cfpb would be the same as an obama administration trump cfpb simply being naive elections have consequences at every agency and that includes the cfpb so bearing in mind that president trump has called the cfpb a disaster that's a quote and mr mulvaney has called it a sick said joke also will quote 'what does they're kind of consumer protection look like marketplace's tracy samuelson gets us going to people key very different takes on the cfpb actually the'more to describe it incredibly effective extremely effective first step rachel weintraub with the consumer federation of america first sample poet had pained twelve billion dollars and refunds to almost thirty million americans who were harmed by a.
"cfpb" Discussed on KCRW
"To could as always to have your long everybody mick mulvaney reported for work today as the acting director of the consumer financial protection bureau leandra english the personal put in that very same job by outgoing director richard cord ray over the thanksgiving break went up to capitol hill today to meet with senator elizabeth warren and chuck schumer so mulled vein was the one who got to address the cfpb troops as it were in front of the cameras we are going to leave the legal fight over who was eventually gonna wind up in that job to others and staying in our lanier play the next thing mulvaney said today after he said he's not going to burn the place down i am a member of the executive branch of government to execute the laws the united states including the provision of doddfrank that a govern the cfpb that being said the way we go about it the way we interpret it the way we enforce it will be dramatically different uh under the current administration that was under the last anybody who thinks that a trump administration of cfpb would be the same as an obama administration trump cfpb simply be either elections have consequences at every agency and that includes the cfpb so bearing in mind that president trump has called the cfpb a disaster that's a quote and mr mulvaney has called it a sick said joke also a quote 'what does their kind of consumer protection look like marketplace's tracy samuelson gets us go to people two very different takes on the cfpb actually more to describe it incredibly effective dream impacted first up rachel weintrob with the consumer federation of america perc sample it has obtained twelve billion dollars and refunds to almost thirty million americans who were harmed by a large financial institutions second take less positive some dan cats with the heritage foundation they have promulgated a great many worlds many of which have made good financial products and services more costly and harder to obtain trump has been vocal about his dislike for the cfpb but he can't quite wish it away it was created by congress and so can't just be shuttered the open question is how much he could hollow it out such that a later administration clinton just change anything back again andrew metric.
"cfpb" Discussed on KOMO
"The cfpb this is a cause some into the most looking to feel like the cfpb it's gone too far but they're basically saying that there are watchdog for the average person so we know as you said of the longterm president trump's gonna get this person inro these and see what is going to happen in the short term we have two bosses running water agency so i've talked to you the fdp employees um this morning and they tell me while there was a lot of confusion and the morning on things have gone gotten back to business as normal the problem is that any decision made by either mabini or leandra english their both calling themselves the acting director right now could be challenged in court later any decision any a forcement action regulation if put up by cfpb until this matter is settled in court is subject to be challenged later the problem this is an agency this test will drop to protect the little guy against big business something president trump said he wanted to do during the campaign and yet it seems completely want to undo the charter of this agency it's so true republicans had their way what they would like to do it the cfpb is putting it under more control of congress that congress would be able to control its budget maybe um what being is that the cfpb decide to look into in didn't you can most evidently recently the cfpb past the role dealing with arbitration that's the fine print and your credit card or savings account contracts.
"cfpb" Discussed on WNYC 93.9 FM
"That created the consumer bureau in the first place at statutes says in particular and very specifically that uh congress stab the position of deputy director who shall be appointed by the director that did and shall serve as acting director in the absence her unavailability of the director i have resigned i'm no longer available and therefore the vacancies should be controlled by this stat sheet that governs this particular agency us not a general law that governs many other agencies although your own bureau or the bureau you used to lead us says you're wrong the the lawyers the cfpb are siding with the white house on this well th there's lots of lawyers who have looked at this issue and they say two things the first is they all acknowledge is a heart issue and it's not easy to know what the answer is because there's two congressional enactments that seemed to speak very differently to the point a hand uh then other people have many different points of view uh they disagree with one another that's exactly the kind of situation that should be sorted out in the courts and i'm glad that it's going to the because decided lawyers have their viewpoints but only judges can decided conclusively so the reason that that have your leadership in the past years than so beset by a partisan rancor is that the administration and republicans in congress many argue the cfpb has cost consumers by forcing banks to comply with commerce or just outright unnecessary regulations i imagine you disagree with that why well i saw that president trump tweeted yesterday that uh we have devastated the banks the banks made record profits last year over 100 and seventy one billion dollars and there are on track to make even higher record profits this year so i don't know what devastating them means and i'd be interested in having more explanation at point what difference do you think the agency has made for consumers then i think what the.
"cfpb" Discussed on Progressive Talk 1350 AM
"Card companies mortgage company he whether the provisions are fair to consumer and the cfpb well what are you know we studied the tripoli anything to totally unfair they're they're absolutely unfair cfpb determined to pat anybody who attacked to a class action lawsuit is going to fare much better in a dispute a specially a dispute over nickelanddime fees for example than anybody who scored into one on one arbitration which is a pretty rig from all things considered an cfpb went about putting out a rule that basically had any company that that fall under our jurisdiction had not prevent people from joining class action lawsuit other wouldbe condition when arbitration would be required for some one on one dispute but if you could do to shared by a whole lot of other people if there is a class action lawsuit you can join up and that a b b beal of course earlier debris jeepers out of a bank than all the others and who they went running had their friends in congress and what do you know about wasted no time in passing a bill thing manner now we don't like the cut it out yet let's go back uh mandatory arbitration and now it looks like the and it is about a follow suit coded three why don't window and we should live by consumers that were about to get a break and that window might be closing well david this is where indivisible and the indivisible guy'd come in because i know this is the very sexy issue is not taxes is not dacca i mean i know it's not one of these tension grabbing ones but i have been very heartened by how many people really we are aware of these things and they recognize how unfair the are and david there's a law at the heart of this federal arbitration act 19th 25 this entire problem could be solved politically if we had he democratic present and democratic majorities in both houses that were willing to pass a simple amendment to the federal immigration act saying this applies only two commercial contracts for for goods and services as between merchants in interstate commerce if consumers want to avail themselves of these procedures they can do it postal rich post dispute and they will i would.
"cfpb" Discussed on This Week in Startups
"Basically created at so is this a place where we're going to just four behind the nordic states or china or india japan other places that are really up on this technology well i think you know the us didn't really reggae dinner at all in the early days and he is very obscene offend tech space in which is very regulated the challenge with us regulation in financial services is that um as an artifact sort of federal state level regulation so what people are santa anna federal level there are seven or eight major regulators in were actually adding were creating new regulators like late at the newest new regulator is the consumer protection financial cfpb dismiss at up but it's definitely cfpb known on the state level you have multiple regulators at the states you then have legislation at the state level and at the federal level and so you know you have 20 to 30 layers of regulators in regulations in the united states for one market right in so that's no matter how fast or how innovative they want to be there are always going to be handicapped by the lowest common denominator you know into that's what's really tough about regulation the us and we're working you know there's a industry is trying to help here and actually the trump administration which i know is unpopular in san francisco is actually been a big proponent of uh the federal ventech charter which would street in a lot of this out um but you know that's not lower that charter do it would consolidate regulation on it's called federal preemption got and so the federal gut would take away the state level regulation kind of be like i think the federal government sets a lot of standards for highway his career and it used to be very local and then i said listen to this go with one set of federal speed limit sin stand ready it from 2030 regulators down to eight or nine.