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Consumer Financial Protection Bureau
Opinion: Consumer Lending at Risk
By Marty Robins - AOL NewsAnyone with an interest in maintaining the positive economic momentum we've recently seen should pay close attention to the startup of the Consumer Financial Protection Bureau. The CFPB was created as part of the so-called Dodd-Frank law enacted last year to rectify the practices that led to the 2008 financial crash, with the goal of preventing abuse of consumers in financial transactions. But while the role these sorts of abuses played in the financial crisis isn't at all clear -- authoritative analyses tell us that it was much more the levels of debt, particularly low-quality mortgage debt ...
Opinion: Abolish Fannie and Freddie
By not in system - AOL NewsWhen the Obama administration issues its report about the future of Fannie Mae and Freddie Mac -- expected later this week -- it is sure to set off another round of debate about what to do with these giant mortgage companies. During the depths of the financial crisis, there was plenty of brave talk from Democrats and Republicans about reforming the two companies. But now, as we have arisen from the worst of it, there is much less talk on both sides of the aisle of radical reform and much more talk of going forward with business as usual. But when it comes to Fannie and Freddie, radical ...
Elizabeth Warren: A Post-Election Weapon for Obama?
By David Corn - Politics DailyEveryone is a little fixated on those elections happening on Tuesday, right? But in the middle of the final crunch, I spent a few hours with Elizabeth Warren, the families-friendly, populist Harvard law professor, whom President Obama recently tapped to be both an adviser to him and to Treasury Secretary Timothy Geithner. In that latter role, she is setting up the new Consumer Financial Protection Board, which was created by the Wall Street reform bill passed this past summer. In the former role, she will be discussing middle-class and consumer economics with the president and his top aides. ...
Opinion: Washington Still Suffers From Economic ADD
By Marty Robins - AOL News(Oct. 1) -- Have you seen the recent news from the White House about a new federal professional sports task force to formulate rules on NFL overtime and the use of instant replay in Major League Baseball? Well, it hasn't happened ... yet! But given the lack of focus we see in Washington, I wouldn't be at all surprised to see something like that any day now. With the economy in a state of emergency, we need our leadership to be unswervingly focused on the steps needed to promote recovery. But Washington continues to operate as if it's business as usual. Part of the problem is that when ...
Opinion: Fighting to Protect Consumers
By not in system - AOL News(Sept. 17) -- Over the past several weeks, President Barack Obama and I have had extensive conversations about the vital importance of consumer financial protection. The president asked me, and I enthusiastically agreed, to serve as an assistant to the president and special adviser to the secretary of the treasury on the Consumer Financial Protection Bureau. He has also asked me to take on the job to get the new CFPB started -- right now. The president and I are committed to the same vision on CFPB, and I am confident that I will have the tools I need to get the job done. President Obama ...
Obama's Alley-oop Gets Elizabeth Warren in the Game
By Alex Wagner - Politics DailyOf all the partisan battles gripping Washington of late, the nomination of Elizabeth Warren to head the new Consumer Financial Protection Bureau had been shaping up to be one of the bloodiest. A Harvard professor tasked with heading the congressional oversight panel monitoring the use of TARP funds, Warren basically invented the idea of the consumer protection bureau in 2007, and has come to embody each side of the partisan coin: archenemy of the right, savior of the left. Liberal groups, including the Progressive Change Campaign, had been (loudly) petitioning the president to appoint Warren ...
Elizabeth Warren or Bust!
By David Corn - Politics DailyI've been out of Washington for a little while -- escaping the heat and the disheartening politics. I've even managed to go for more than a week without tweeting (with a few lapses). But it's hard to escape people who want to talk about what's happening back within the Beltway. What's edifying is discovering what folks outside Washington focus on. Those of us who follow politics and policy for a living often have numerous matters on our to-watch lists; recently, that roster has been long, including Afghanistan, extending the Bush tax cuts, the coming congressional elections, the Colorado ...
Opinion: Drenching America's Can-Do Spirit
By Marty Robins - AOL News(Aug. 6) -- The recent disappointing gross domestic product numbers showing an abnormally sluggish recovery cause me to ask: Where is the "can do" America in which I grew up and where we got back on our feet quickly after downturns? Is it being drenched by nanny-state rules that dictate just about everything we can do or buy these days? Consider: • New federal standards prohibit the sale of rain head and multi-jet showers in an effort to conserve water . • In my community, there's an effort to drastically limit -- and require the removal of existing -- outdoor lighting on ...
Opinion: What Protections Do Consumers Really Need?
By Marty Robins - AOL News(July 27) -- Now that we have a Consumer Financial Protection Bureau (CFPB), and President Barack Obama is deciding whether Harvard Law professor Elizabeth Warren will be its initial chairperson, can someone please tell me from whom or what the agency is supposed to protect us? It might be nice for everyone to know so that the agency can set its initial agenda and the Senate can intelligently consider who is best for the job. We're told by The Wall Street Journal that the agency will "have independent powers to write and enforce rules governing how loans and other financial products are ...
Geithner: Elizabeth Warren Would Be Strong Consumer Chief -- as Would Others
By Jill Lawrence - Politics DailyTreasury Secretary Tim Geithner has nothing but good things to say these days about Elizabeth Warren, the consumer heroine liberals want to head the Consumer Financial Protection Bureau created under the new financial reform law. Geithner has been widely reported to have reservations about Warren, a Harvard law professor and financial watchdog who proposed the consumer agency in 2007. He said Thursday that "she would be a very strong leader" of the new bureau, but made clear there are other good candidates and said twice that the decision lies with President Obama. Warren has "enormous ...
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