Ed's Blog

CFPB's #2 is leaving, replacement must meet standards to become #1

By Ed Mierzwinski
Consumer Program Director

The industry trade press (unfortunately, its remarks are mostly behind paywalls) is all a-flutter with various demands from lobbyists that when Consumer Financial Protection Bureau (CFPB) Deputy Director Raj Date leaves on January 31, as he has announced, that he be replaced with what they characterize as "another" bank-friendly regulator. Raj Date (2010 bio) wasn't selected as CFPB special advisor and then deputy director because he was "bank-friendly" or because he had a banking background; he was selected by Professor Elizabeth Warren and Treasury Secretary Tim Geithner because his entire background, including his additional  consumer background, made him qualified to become CFPB director if its director left. His replacement needs to have the same pro-consumer qualifications. Nothing in the law degrades the position of Deputy Director to merely "someone approved by the banks."

Some of those whispers may be coming from candidates who may be simply self-promoting themselves, which is engaging in a common but not so harmless Washington game.  In doing so, they serve the goal of powerful special interests, which is to create a false narrative or atmospheric intended to end up with one answer -- that the CFPB's deputy director spot is reserved for an industry player. Why? In particular they claim, to "balance out" against CFPB's "extreme" pro-consumer bent.

The CFPB does not have any sort of extreme pro-consumer bent. Quite simply, it is charged by the Congress and its enabling legislation to make financial markets work more effectively and fairly for consumers. Most industry lobbyists, who grew up in a town where federal bank regulators sometimes did exist to serve industry, not the public interest, don't like consumers having their own regulator at the table. They'd prefer to go back to the days of little or no regulation, which ended in 2008 with the spectacular implosion of our financial system and then our economy.

The CFPB was established as a consumer protection agency in response to that implosion-- the biggest financial crisis this country has faced since 1929.

The deputy director plays an important role at the CFPB, and would by law serve as acting director in the event of the director's absence or resignation. This means that the deputy director cannot have an industry bias, but must be qualified to protect consumers against dangerous or unfair practices in the financial markets.

Raj Date certainly had industry experience but he also had consumer experience. He founded and ran the non-profit Cambridge Winter Center, which   developed policy supportive of the need for a CFPB before the CFPB was established. He sat on the board of Demos,  a think tank that is a member of the PIRG-backed Americans for Financial Reform. He then was hand-picked by Professor Elizabeth Warren to help her set the agency up.

His management experience is replicable at other financial agencies or at large non-profits or other governmental units, such as state banking departments or attorneys' general offices (where Director Richard Cordray came from). It does not need to come from industry.

The financial industry already has plenty of voices and plenty of money to influence policy. The #2 seat at the CFPB should not and cannot be one of those voices. Selection of a new deputy director cannot be based on any balancing act or compromise. It cannot be a person agreeable to "both sides." The person selected must be qualified to become the director of the first federal financial agency with only one job: protecting consumers. The next CFPB deputy director cannot have an industry bias. After all, the CFPB was established as a remedial reform because the previous bank regulators did have an industry bias.
 

Comments

plantiffs gets settement for viagra http://viagra-sur-ebay-za.cd.st/#ledrt - viagra search viagra edinburgh find pages http://kamagra-gel-100-mg-fed.ek.la/#ttrrm - viagra generique en france drug interactions with viagra http://levitra-prix-jo.ek.la/#dfygv - viagra achat where are best prices for viagra http://viagra-commander-naz.ek.la/#dgdtr - acheter viagra generic viagra usa canada http://finasteride-pas-cher-ho.id.st/#lsfhu - viagra generique achat can viagra hurt

Car is one of the luxurious motor vehicle which is very much comfortable to seat. Now a day everyone wants some new features and some very comfortable car. Technology also changing day to day, so due to our changing technology we are able to have cars with very furnishes and well developed engines and looks also becoming eye catching. One of the car is BMW which is a modern and having every facilities for comfortable. Car engine such an part of every car that should be very clean always otherwise you might face problem while traveling. Interesting post and thanks for sharing. |http://vo.to/IDRCOMAGENTEXASONLINEINDONESIA | http://vo.to/agenbolapromo | http://vo.to/itunetAGENJUDIDOMINOONLINEINDONESIATERPE |

http://www.theforeclosurehelp.com The light weight bag filters are produced having good quality. The filtration activity ranges from high contamination sensitive to extremely corrosive filtration and for that the light weight filter bags are required.

http://www.merseysidebusinesslink.com The way that the shop fronts look and feel make a big difference in the way that the outside world perceives the shop. When you own a store you want to get as much business as possible and making sure that your shop fronts as appealing is extremely important. Below are a few ways you can ensure this.

South Africa is brimmed with the excitement and joy of World Cup and if you want to be a core fan of any team then it is time to know about the best teams. I would prefer Spain due to many reasons which will convince you also.
http://rosie.besaba.com/alfamart-official-partner-merchandise-piala-duni...
http://maskodoq.blogspot.com/2013/07/CiptoJunaedy.html
http://maskodoq.blogspot.com/2014/03/unit-link-terbaik-di-indonesia.html
http://etnisjawa.blogspot.com/2013/08/apakah-cipto-junaedy-bohong.html
http://rosie.besaba.com/situs-online-terbaik-terpercaya/

http://mahirseogoogle.blogspot.com/2014/04/hotel.html > Hotel murah di jakarta
http://clorot.blogspot.com/2014/04/kursus.html > Kursus SEO dan Internet Marketing Terbaik di Jakarta

I’m inspired with the surpassing and preachy listing that you furnish in such little timing.
buzz in lock kit

Ane mau Titip link http://mahirseogoogle.blogspot.com/2014/06/adro.html ADRO TEXTILE Konveksi Murah Indonesia – Tlp 081362666444 !
http://clorot.blogspot.com/2014/04/kursus.html Kursus SEO dan Internet Marketing Terbaik di Jakarta

In market, currency exchange rate is fixed for buying and selling. Buying rate and selling rate will be quoted by money dealers. Most of the traders are used local currency forex exchange rate Many countries are gaining more advantages in their international trades by manipulating the market for their currency to keep the value low. Many countries are trying to decrease their forex exchange rates Forex trading signal is a proposal for entering a trade on a currency pair, usually at a specific price and time. The forex trading signal is generated by a human analyst, an automated upgraded Forex robot supplied to a subscriber of forex trading signals

Obat Perangsang Wanita Opium Spray adalah formula yang diproduksi oleh perusahaan mode terkemuka di Prancis, yakni Yves Saint Laurent. Obat Perangsang Wanita ini diciptakan untuk ramuan} frigit khusus kaum perempuan serta bisa meningkatkan syahwat secara singkat serta dapat meninggikan gairah seks kaum perempuan dalam waktu singkat jasa seo profesional.

Obat Perangsang Wanita Opium Spray terbuat dari obat tertentu yang berguna sebagai merangsang menumbuhkan nafsu yang mantab serta sebagai formula yang manjur untuk mengobati frigiditas yang terjadi pada kaum hawa jaman sekarang cara membesarkan payudara ini. Sehabis menjalani proses jauh uji klinis juga penelitian laboratorium selama tahunan, pada akhirnya didapatkan ramuan herbal tertentu yang berfungsiuntuk meningkatkan gairah seks singkat, tapi tidak memberikan efek lain sama sekali peninggi badan. Obat Perangsang bila dikonsumsi akan menjadikan nafsu pasangan menggairah laksana kobaran api.

Perangsang wanita ini hanya terkhusus dipergunakan bagi bini yang menderita dingin seksual dalam melakukan aktivitas seks. Tidak boleh memberikan perangsang wanita ini pada wanita lain selain istri sah sendiri juga dilarang memberikan pada Orang yang kurang bertanggung jawab. Hal ini untuk mencegah jangan sampai disalahgunakan untuk hal hal yang tidak diinginkan. Banyak kasus di Amerika dan Eropa, Gadis kehilangan keperawanannya dan Wanita kehilangan Mahkotanya yang berharga, akibat dari penyalahgunaan perangsang Opium spray ini.

Terimakasih sudah mengikuti tulisan singkat di atas serta semoga saja bermanfaat. Berikut terdapat beberapa link bagus about bola tangkas online serta agen sbobet casino yang dapat kamu nikmati bersamaan dengan minum susu kambing etawa yang punya banyak sekali kegunaan untuk kesehatan kamu.

Those who make standards should create a standard that is easy to understand and do. Do not make the standards too high. led track light

With the replacement of this, then there are plenty of people who should adapt well. You should be able to adapt well. bear hunts, click here

Some of those whispers may be coming from candidates who may be simply self-promoting themselves, which is engaging in a common but not so harmless Washington game. In doing so, they serve the goal of powerful special interests, which is to create a false narrative or atmospheric intended to end up with one answer -- that the CFPB's deputy director spot is reserved for an industry player. Why? In particular they claim, to "balance out" against CFPB's "extreme" pro-consumer bent.
http://etnisjawa.blogspot.com/2014/07/gudang-situs-online-terbaik-terper...
http://etnisjawa.blogspot.com/2014/07/agen-texas-dan-domino-online-indon...
http://rosie.besaba.com/pokrstar88/
http://rosie.besaba.com/cipto-junaedy-dan-karyanya/
http://dirosie.com/800/singgasana-hotels-resorts-pilihan-akomodasi-terba...
http://vacationsbythebeach.com/gudang
http://rosie.besaba.com/pokrstar88/
http://dirosie.com/800/singgasana-hotels-resorts-pilihan-akomodasi-terba...

You have done a great job. I will definitely dig it and personally recommend to my friends. I am confident they will be benefited from this site.
freedebtconsolidationquotes.com

http://www.smartgreenbusiness.org I wish I could take about a week to give business people an introduction to Green business practices. Environmentalism has become an immense diversity of issues, and even scaling down to the parts that apply to business leaves enough information to fill a truckload of books.

You have a good point here!I totally agree with what you have said!!Thanks for sharing your views...hope more people will read this article!!!
buy likes on instagram

http://www.smartgridbusinessnetwork.org In many of my articles I've explained the benefits of owning variable speed pool pumps. One of the major benefits I continually point out is the reduction of energy consumption on the power grid.

http://www.living-business.org You could own the Real Estate or be the company that provides the service. Or combine them and get the best of both worlds.

Actually I read it yesterday but I had some thoughts about it and today I wanted to read it again because it is very well written.
www.gluteosdeescandalo101.com

Being the nurse is often a very difficult thing for those who lack fortitude. There are many individuals who will not really see why profession. how to buy followers on instagram

What a blog post!! Very informative and also easy to understand. Looking for more such comments!! Do you have a facebook? I recommended it on digg. The only thing that it’s missing is a bit of new design.
carhatt

I also benefit from learning the assessments, but learn that alot of people ought to stay on essay to try and add worth in the direction of the authentic weblog release.

best dehumidifier

Marc Stevenson
Many thanks for this brilliant post! Many points have extremely useful. Hopefully you'll continue sharing your knowledge around.

When something is not in accordance with the standards, then you should've replaced it with a new one. But this is certainly enough to drain your pockets. gp firearms TX

http://www.minoritybusinesssolutions.org Small minority business owners are faced with a lot of obstacles when attempting to create the right small business marketing strategies. There are so many barriers to overcome with marketing

This replacement process must be in accordance with the procedure used. If not, then there will be many problems that occur. http://www.scandidivers.com

Existing standards should indeed be followed by many people. However, unfortunately there are factors that make it wrong. http://www.palmabrava.com/

http://www.businesstheory.org This is a common attitude because change is a good thing for business, and organizations implement changes all of the time to make improvements on processes, productivity, and efficiency. Here are a few ways you can make the transition of change easier for your employees.

Usually when you first approval will replace with something else. Do this to find a safe path and avoid conflict. http://www.premiumseocompany.net/seattle-seo-company.asp

very awesome blog post. We are really grateful for your blog post. You will find a lot of approaches after visiting your post. I was exactly searching for. Thanks for such post and please keep it up. Great work

http://newdehumidifierreviews.com/

I think other site proprietors should take this web site as an model, clean and magnificent user friendly style and design, as well as the content. You are an expert in this topic! As I web site possessor I believe the content matter here is rattling magnificent, appreciate it for your hard work. You should keep it up forever ! Maybe next time I will browse to your site. Good Luck.

We can browse actual post http://arisnbw.blogspot.com/2014/06/SinggasanaHotelsResorts.html Singgasana Hotels & Resorts pilihan akomodasi terbaik di Indonesia , and don't forget please read helpful entry http://arisnbw.blogspot.com/2014/06/dimasrentcar.html Sewa Mobil DimasRentcar and nice entry http://arisnbw.blogspot.com/2014/06/CamryMobilHybrid.html Camry Mobil Hybrid Terbaik Indonesia and entry http://arisnbw.blogspot.com/2014/07/YamahaR15YamahaR25.html Yamaha R15 dan Yamaha R25 Motor Sport Racing dan Kencang and nice article http://www.kerajinantembaga.info kerajinan tembaga and helpful article http://www.kerajinankuningan.net kerajinan tembaga and helpful article http://www.aagallery.net kerajinan tembaga and http://arisnbw.blogspot.com/2013/10/ciptojunaedy.html Cipto Junaedy also nice article http://arisnbw.blogspot.com/2014/08/asuszenfone.html dan http://arisnbw.blogspot.com arisnbw . Good read it !

Mass Unemployment Login
Actually I read it yesterday but I had some thoughts about it and today I wanted to read it again because it is very well written.

So luck to come across your excellent blog. Your blog brings me a great deal of fun.. Good luck with the site.
see rebelmouse

Great post full of useful tips! My site is fairly new and I am also having a hard time getting my readers to leave comments. Analytics shows they are coming to the site but I have a feeling “nobody wants to be first”.
seo in phoenix az

untuk agen casino sbobet terpercaya http://bandar365.com agen judi taruhan bola

http://www.traveltohelp.org In order to help kids get a nap or just a little rest while traveling, it is helpful to make them as comfortable as possible. One way to do this is by bringing along a comfortable pillow for traveling.

Olympic Karate 2008 finds north america in some sort of mammoth find it hard to thwart this emerging dominance of Japan and Cuba intended for baseball supremacy in the world. The XXIXth Olympiad on the Modern Era on the Olympic Karate 2008 Video game titles may allow curtain fall within the game connected with baseball. baseball

My friend mentioned to me your blog, so I thought I’d read it for myself. Very interesting insights, will be back for more!
Reading Eggs Login

So far, the standards created certainly be followed and met by many people. But unfortunately, there are still people who do not obey.
http://www.sitesteer.com/category-128-b0-b-Lace-Wigs.html

I have recently started a blog, the info you provide on this site has helped me greatly. There is obviously a lot to know about this. I think he did some good things in features also. Keep working, great job! Thanks for a very interesting blog. What else can I get that kind of information written in such a perfect approach? I have a company that I'm simply now operating on, and I've been on the look out for such information.
http://www.seoedan.com/2014/04/abcbolacom-agen-judi-bola-terpercaya.html
http://www.seoedan.com/2014/03/itucasino.html
http://www.seoedan.com/2014/03/itubola.html
I have recently started a blog, the info you provide on this site has helped me greatly. There is obviously a lot to know about this. I think he did some good things in features also. Keep working, great job!
http://www.seoedan.com/2014/03/afatogelcom-bandar-terbesar-situs-togel.html
http://www.seoedan.com/2014/04/eyangtogelcom-togel-singapura-togel.html
http://lashoraslentas.blogspot.com/2014/03/itudominocom-judi-domino-agen...

looking for a girlfriend
I should say only that its awesome! The blog is informational and always produce amazing things.

It was great to see the old printshop and everyone who works there again. I am excited to see a printing business still operating and growing, great job guys
Texas Unemployment Login

Bagi anda yang sedang mencari software sms untuk sekolah, silahkan kunjungi link ini: sms gateway untuk sekolah

Pages

Priority Action

The overuse of antibiotics on factory farms is threatening the effectiveness of lifesaving antibiotics. Call on the Obama administration to put an end to the worst practices.

Support Us

Your donation supports U.S. PIRG’s work to stand up for consumers on the issues that matter, especially when powerful interests are blocking progress.

Consumer Alerts

Join our network and stay up to date on our campaigns, get important consumer updates and take action on critical issues.