Podcast appearances and mentions of Richard Cordray

Richard Cordray was Ohio's Treasurer and Attorney General before he served as the first director of the federal Consumer Financial Protection Agency. Cordray, who also unsuccessfully ran for governor in 2018, talks to Ohio Statehouse Scoop Host Jo Ingles about the current federal effort to gut the agency and shut it down. Ohio Public Media Statehouse News Bureau Chief Karen Kasler and Reporter Sarah Donaldson join Jo to discuss the progress of major legislation affecting marijuana and K-12 education. And they chat about how the race for governor will soon be more crowded.

Columbus native Richard Cordray served for six years as the first director of the Consumer Financial Protection Bureau.

Columbus native Richard Cordray served for six years as the first director of the Consumer Financial Protection Bureau.

U.S. trade partners retaliate for Trump's tariffs, Trump's FBI purge meets pushback, and a new era of American unseriousness on the global stage takes hold

Today's podcast episode is a repurposing of Alan Kaplinsky's “fireside chat” with Kathy Kraninger, the Director of the CFPB during the second half of President Trump's presidency from December 2018 until January 2021. (This was originally the first half of a webinar we did on January 6, 2025 which was entitled “The Impact of the Election on the CFPB - Supervision and Enforcement.” The January 6 webinar is Part 2 of a 3-part series. Next Thursday, we will release the second half of that webinar which will feature Ballard Spahr partners, John Culhane and Mike Kilgariff, who will take a deep dive into the expected changes in CFPB supervision and enforcement during President Trump's second term in office.) During her “fireside chat” with Alan, Kathy discussed the following things: (a) How she was nominated by Trump to be the Director and succeeded Mick Mulvaney, the acting Director appointed by Trump to succeed Richard Cordray as Acting Director; (b) Organizational and other changes made by Mulvaney and/or Kraninger, including a hiring freeze, appointments of new heads of departments, etc; (c) The practical impact on CFPB operations of the Supreme Court's opinion in the Seila Law case in which the Court held that the President had the right to remove the CFPB director without cause; (d) Her priorities as Director, including her regulatory, supervisory and enforcement agendas; (e) Her policy statements on “abusiveness”, supervisory expectations and COVID-19; (g) Her thoughts on what she anticipates will change at the CFPB once a new acting director chosen by Trump succeeds Rohit Chopra; and (h) Her thoughts on whether Congress should re-structure the CFPB's governance and funding. The “fireside chat” provides stakeholders in the CFPB insight into what may happen at the CFPB during Trump 2.0. There will, however, be some important differences between the circumstances that existed during the transition from Cordray to Mulvaney Kraninger during Traump 1.0 and the transition from Chopra to a new acting Director during Trump 2.0.. At the time when Mick Mulvaney became Acting Director, there were no pending lawsuits challenging CFPB final regs and other actions. During Mulvaney's term in office, a trade association of payday lenders sued the CFPB challenging the CFPB's payday lending rule and, in particular, its “ability to pay” requirement. The acting director appointed by Trump will inherit multiple pending lawsuits against the CFPB challenging many of the regs issued by the CFPB under Rohit Chopra's last two years as Director. The Acting Director will need to develop legislative (Congressional Review Act), judicial and regulatory strategies for dealing with the slough of regs, proposed regs and other written guidance issued by Chopra. The Acting Director will also need to quickly decide what position the CFPB will take with respect to the defense raised in at least 13 enforcement lawsuits claiming that the CFPB has been disabled from conducting business since September 2022 when there was no longer any “combined earnings of the Federal Reserve Banks” - a prerequisite to the Federal Reserve Board funding the CFPB under the Dodd-Frank Act. Alan Kaplinsky, Senior Counsel and former chair for 25 years of the Consumer Financial Services Group, hosts the discussion.

Over the past four years, student loans have been at the center of some of the most dramatic changes we've ever seen — both good and bad. We'll explore the Biden administration's legislative and executive actions, such as making student loan forgiveness tax-free through the American Rescue Plan, the PSLF waiver, and the introduction of the SAVE plan. Along the way, we'll unpack the political pressures Biden faced, comparisons to FDR, and the influence of key players like Senator Warren and Richard Cordray. In addition, we'll examine the political ramifications and speculate about the future of student loan policies under a Republican-controlled government.   Key moments: (06:13) Misrepresented loan repayments paved the way for executive actions (11:01) A once-in-a-generation opportunity to rewrite the social contract (17:57) Why Republicans saw an opening to sue over student loan cancellation (21:13) The SAVE plan's billion-dollar promise — and why it was never realistic (26:08) Are plans in motion to roll back Biden's student loan reforms? What we're hearing Like the show? There are several ways you can help! Follow on Apple Podcasts, Spotify or Amazon Music Leave an honest review on Apple Podcasts  Subscribe to the newsletter Feeling helpless when it comes to your student loans? Try our free student loan calculator Check out our refinancing bonuses we negotiated Book your custom student loan plan Get profession-specific financial planning Do you have a question about student loans? Leave us a voicemail here or email us at help@studentloanplanner.com and we might feature it in an upcoming show!  

Following his recent visit to China, U.S. Secretary of State Antony Blinken traveled to the Middle East this week, marking his seventh trip to the region since the beginning of the Israel-Hamas war. The tour concluded with Sec. Blinken urging Hamas to accept the latest ceasefire proposal. President and Founder of Eurasia Group Ian Bremmer discusses the difficulty of negotiating with Hamas and explains why he believes a two-state solution is not possible until a permanent ceasefire is achieved. National Decision Day was earlier this week, yet a botched rollout of the new Free Application for Federal Student Aid (FAFSA) has left millions of students in the dark about their financial aid status. The new system has been riddled with technical issues that have upended the college admission process. Meanwhile, Richard Cordray, the leader of the Federal Student Aid office, announced he will depart the office in June. Personal Finance Reporter at the Wall Street Journal Oyin Adedoyin joins to discuss why thousands of students cannot complete the form correctly and how this will affect the decision process for thousands of individuals. Learn more about your ad choices. Visit megaphone.fm/adchoices

Following his recent visit to China, U.S. Secretary of State Antony Blinken traveled to the Middle East this week, marking his seventh trip to the region since the beginning of the Israel-Hamas war. The tour concluded with Sec. Blinken urging Hamas to accept the latest ceasefire proposal. President and Founder of Eurasia Group Ian Bremmer discusses the difficulty of negotiating with Hamas and explains why he believes a two-state solution is not possible until a permanent ceasefire is achieved. National Decision Day was earlier this week, yet a botched rollout of the new Free Application for Federal Student Aid (FAFSA) has left millions of students in the dark about their financial aid status. The new system has been riddled with technical issues that have upended the college admission process. Meanwhile, Richard Cordray, the leader of the Federal Student Aid office, announced he will depart the office in June. Personal Finance Reporter at the Wall Street Journal Oyin Adedoyin joins to discuss why thousands of students cannot complete the form correctly and how this will affect the decision process for thousands of individuals. Learn more about your ad choices. Visit megaphone.fm/adchoices

Following his recent visit to China, U.S. Secretary of State Antony Blinken traveled to the Middle East this week, marking his seventh trip to the region since the beginning of the Israel-Hamas war. The tour concluded with Sec. Blinken urging Hamas to accept the latest ceasefire proposal. President and Founder of Eurasia Group Ian Bremmer discusses the difficulty of negotiating with Hamas and explains why he believes a two-state solution is not possible until a permanent ceasefire is achieved. National Decision Day was earlier this week, yet a botched rollout of the new Free Application for Federal Student Aid (FAFSA) has left millions of students in the dark about their financial aid status. The new system has been riddled with technical issues that have upended the college admission process. Meanwhile, Richard Cordray, the leader of the Federal Student Aid office, announced he will depart the office in June. Personal Finance Reporter at the Wall Street Journal Oyin Adedoyin joins to discuss why thousands of students cannot complete the form correctly and how this will affect the decision process for thousands of individuals. Learn more about your ad choices. Visit megaphone.fm/adchoices

NCLA and Mackinac Center Challenge ED's Unlawful Extensions of Pause on Student Loan Payments NCLA has filed a lawsuit, Mackinac Center for Public Policy v. U.S. Department of Education, Miguel Cardona, and Richard Cordray, urging the U.S. District Court for the Eastern District of Michigan to stop the Department of Education's pause on student loan payments. Congress initially suspended monthly payment obligations and interest accrual on federally held student loans for a period limited to six months in response to the Covid-19 pandemic. That pause expired in September 2020. Mark and Vec talk through NCLA's new lawsuit, Mackinac Center for Public Policy v. Department of Education, et al., and the ED's unlawful extensions of pause on student loan payments.See omnystudio.com/listener for privacy information.

New Developments in NCLA's Student Loan Debt Relief Lawsuit Mark interviews NCLA Litigation Counsel Sheng Li on new developments in NCLA's lawsuit against President Biden's student-loan-debt-cancellation plan, Cato Institute v. U.S. Department of Education, Miguel Cardona, Richard Cordray and Joseph Biden.  NLRB's New “Joint Employer” Rules  Mark continues with NCLA's Sheng Li on proposed new “Joint Employer” rules and the possible Brand X deference problem.See omnystudio.com/listener for privacy information.

Yahoo Finance's Aarthi Swaminathan sits down with Federal Student Aid Chief Operating Officer Richard Cordray to discuss student loan debt, tuition inflation, and the student loan payment pause. See acast.com/privacy for privacy and opt-out information.

This week on "Off The Cuff," Justin is joined by Michael Stratford, an education reporter at Politico, to discuss all things student loans and federal financial aid. The two break down key differences between the Biden and Obama administrations' higher education agendas before covering how the Office of Federal Student Aid (FSA) is being run under Richard Cordray — and how FSA is handling student loan servicers. Michael then details his reporting on the Department of Education's plan to restart student loan payments after what will be a nearly two-year hiatus due to the coronavirus pandemic. 

This week on a special episode of "Off The Cuff" we hear from Federal Student Aid's (FSA) Chief Operating Officer Richard Cordray as he spoke at the NASFAA 2021 virtual conference and detailed his vision for FSA. Justin then dives into a Q&A with Cordray where they discuss potential reforms for the the Public Service Loan Forgiveness (PSLF) program and the transition of millions of borrowers back into repayment when the federal forbearance period on federally-held student loans comes to an end. Plus, we want to know how you are spending your holiday weekend?

This week on “Off The Cuff,” the team dives right into the new leadership announcement at the Office of Federal Student Aid (FSA) and discusses what impact Richard Cordray could have on the agency as the new chief operating officer and how the Department of Education (ED) will coordinate to address pressing issues like student loans and FAFSA simplification. Rachel covers a host of remarks from Education Secretary Miguel Cardona this week and Allie delves into how ED might approach issues surrounding student loans. Jill then highlights a number of recently unveiled congressional proposals concerning financial aid. Plus, the team wants to know: Are you preparing for the so-called “cicada-palooza” or do you think the hype of the impending insect fest is overblown? 

Welcome to Majority.FM's AM QUICKIE! Brought to you by justcoffee.coop TODAY'S HEADLINES: It’s an economic scourge that costs workers at least $15 billion a year. It’s called wage theft, and a new report explains why corporations keep getting away with it. Meanwhile, did the US government kill a young Black Panther activist in 1969? A new bill by one of Fred Hampton’s former comrades, Congressman Bobby Rush, seeks to open up the FBI’s files on Hampton’s case and others. And lastly, the new federal official in charge of student loans has a record of taking on shady lenders. Hear why consumer advocates are praising the Biden administration’s appointment of Richard Cordray this week. THESE ARE THE STORIES YOU NEED TO KNOW: This tale of everyday corporate crime from the Associated Press. Essential workers struggling through the pandemic are facing another hazard of hard times: employers who steal their wages. Companies that hire child care workers, gas station clerks, restaurant servers and security guards are among the businesses most likely to get caught cheating their employees. That’s according to a Center for Public Integrity analysis of minimum wage and overtime violations from the US Department of Labor. In 2019 alone, the agency cited about eight thousand five hundred employers for taking about $287 million from workers. Some major US corporations were among the worst offenders. They include Halliburton, G4S Wackenhut and Circle-K stores. According to the AP, victims of wage theft toil on the lower rungs of the workforce. Danielle Wynne, a $10-an-hour convenience store clerk in Florida, said her boss ordered her to work off the clock. Ruth Palacios, a janitor from Mexico, earned less than minimum wage to disinfect a New York City hospital at the height of the pandemic. Companies have little incentive to follow the law. The Labor Department’s Wage and Hour Division, which investigates federal wage-theft complaints, rarely penalizes repeat offenders. On top of that, the division often lets businesses avoid repaying employees all the money they’re owed. Jenn Round, a labor expert at Rutgers University, said some companies do a cost-benefit analysis and realize it’s cheaper to violate the law, even if they get caught. Sounds like a great reason to increase fines for wage theft! Bill Would Open COINTELPRO Records It’s time for some truth. The Washington Post reports that a Democratic lawmaker introduced new legislation yesterday that would force the government to reveal decades-old FBI files about domestic spying on civil rights and peace activists. Illinois Democratic Representative Bobby Rush is seeking answers about the killing of Fred Hampton, a Black Panther activist targeted by an FBI informant and shot by police in Chicago in 1969. The congressman, who helped found the Illinois Black Panther Party and blames the FBI for Hampton’s death, said the files should hold important details about the bureau’s activities. The FBI declined to comment. The Post says the FBI’s investigation of Hampton was part of a larger domestic intelligence gathering effort by the FBI called COINTELPRO, short for Counterintelligence Program. It entailed infiltrating, harassing, and sowing division among groups involved in constitutionally protected political activism. The restrictions imposed on the FBI in the wake of COINTELPRO have come under renewed scrutiny in recent months. Some have argued the FBI has interpreted the rules too narrowly, allowing the January 6th insurrection at the US Capitol to be planned in plain view. Rush said he would welcome any conservatives’ support if that helps provide answers about the domestic spying program. Rush’s bill would require all COINTELPRO files to be made public within six months of the law’s passage. It would also remove the J. Edgar Hoover name from the FBI headquarters building. Maybe they should call it the Fred Hampton Memorial FBI Building. Consumer Advocate Takes Over Student Loans Here’s some hopeful news on the personnel front. The Post reports that Richard Cordray, the first director of the Consumer Financial Protection Bureau, has been named to head the federal aid office that oversees the government’s $1.5 trillion student loan portfolio. Cordray led the bureau’s crackdown on consumer abuses in debt collection, student loan servicing and for-profit colleges, garnering the respect of advocates and drawing the ire of those industries. His selection signals tougher oversight of the Education Department’s contractors and enforcement of the rules governing federal student aid. According to the Post, Cordray will arrive at the department as the Biden administration grapples with its authority to cancel a portion of federal student loans, a policy championed by one of Cordray’s chief supporters, Senator Elizabeth Warren. The Democratic senator from Massachusetts praised his appointment Monday, saying she is, "very glad he will get to apply his fearlessness and expertise to protecting student loan borrowers." During his six-year tenure at the CFPB, Cordray frequently clashed with the financial industry and conservatives over his aggressive regulation. His efforts to weed out poor servicing of student loans and predatory career training schools at times put him at odds with the Education Department. The CFPB under Cordray’s direction also brought some of the most high-profile student lending cases in recent years. Among them: a lawsuit against the for-profit giant Corinthian Colleges for steering students into private loans that had interest rates as high as fifteen percent. Parasites! Your time is up. AND NOW FOR SOME QUICKER QUICKIES: The Guardian reports that the United Nations has condemned the violent repression of protests in Colombia, after police attacks left at least eighteen dead and eighty seven people missing. Riot police have rampaged across the smoke-filled streets, shooting protesters at point-blank range and charging at crowds with their motorcycles. Protests began peacefully with a nationwide general strike last Wednesday. Solidarity to all facing state violence. Officials told NBC News that the man who tried to drive into CIA headquarters in Virginia on Monday has died of his injuries after being shot by FBI agents who believed he had a bomb. The man, Roy Gordon Cole, was known to the CIA because he had tried to drive into its heavily guarded facility before. No explosives were found. The AP reports that Israeli Prime Minister Benjamin Netanyahu yesterday failed to meet a midnight deadline to put together a new governing coalition. The news raises the possibility that his Likud party could be pushed into the opposition for the first time in twelve years. Feels like forever, though. According to the Washington Post, President Joe Biden yesterday set a goal of seventy percent of adult Americans having at least one coronavirus vaccine shot by the Fourth of July. The administration is also taking steps to make vaccine more accessible, including directing pharmacies to offer walk-in appointments, redirecting federal resources to support pop-up clinics and sending more doses to rural health clinics. Whatever it takes, we’re in! MAY 5, 2021 - AM QUICKIE HOSTS - Sam Seder & Lucie Steiner WRITER - Corey Pein PRODUCER - Dorsey Shaw EXECUTIVE PRODUCER - Brendan Finn

Credit Eco to Go welcomes Amy Mertz Brown to the podcast to continue our celebration of #womenshistorymonth2021. Amy was one of the first hires at the CFPB where she helped establish and build the agency’s in-house legal department. Amy worked closely with initial CFPB leadership including Elizabeth Warren, the Bureau’s first confirmed Director, Richard Cordray, and with Rohit Chopra, who is likely to be confirmed as the next Director in the coming weeks.  Amy shares her insights about Chopra’s leadership style and what she believes his priorities will be as the Bureau develops under his direction. Spoiler alert: policy will drive Chopra’s agenda, so industry needs to be engaging the Bureau now. DISCLAIMER – No information contained in this Podcast or on this Website shall constitute financial, investment, legal and/or other professional advice and that no professional relationship of any kind is created between you and podcast host, the guests or Clark Hill PLC. You are urged to speak with your financial, investment, or legal advisors before making any investment or legal decisions.

Ralph welcomes the former head of the Consumer Financial Protection Bureau, Richard Cordray, to talk about how this important agency - created in the wake of the 2008 financial meltdown and moribund in the Trump years - needs to start protecting consumers again. Plus, Ralph pays tribute to the late great muckraking journalist, James Ridgeway.

Today's Mortgage Desk segment of HousingWire Daily features an interview with Richard Cordray, the former director of the Consumer Financial Protection Bureau, as he talks about what comes next for the CFPB. President Joe Biden nominated Federal Trade Commission Commissioner Rohit Chopra as the next director, and he is now awaiting confirmations by the Senate. In this episode, Cordray talks about what the industry can expect from the soon-to-be director. 

Consumers may see a new financial watchdog when President-elect Joe Biden takes office. A recent Supreme Court ruling paves the way for the Biden administration to appoint a new head of the Consumer Financial Protection Bureau . The agency protects consumers in the financial marketplace from abuse and predatory practices.

Richard Cordray, former director of the Consumer Financial Protection Bureau (CFPB), discussed his new book, "Watchdog: How Protecting Consumers Can Save Our Families, Our Economy, and Our Democracy." Growing problems in the increasingly one-sided finance markets blew up the economy in 2008. In the aftermath, Congress created the CFPB. Sharing the stories of individual consumers, Watchdog shows how the Bureau quickly became a powerful force for good, suing big banks for cheating or deceiving consumers, putting limits on predatory lenders, simplifying mortgage paperwork, and stepping in to help solve problems raised by individual consumers. Cordray also discussed recent developments, including the Supreme Court's Seila Law decision, as well as what consumer protection may look like under a Biden administration. Sponsored by the Global Financial Markets Center. View transcript: https://law.duke.edu/transcripts/Transcript-Watchdog-How-Protecting-Consumers-Can-Save-Our-Families,-Our-Economy,-and-Our-Democracy.pdf

Richard Cordray served as the first director of the Consumer Financial Protection Bureau (CFPB). His new book, "Watchdog: How Protecting Consumers Can Save Our Families, Our Economy, and Our Democracy," shows how the Bureau quickly became a powerful force for good, suing big banks for cheating or deceiving consumers, putting limits on predatory lenders, simplifying mortgage paperwork, and stepping in to help solve problems raised by individual consumers. On this episode, Rich shares insights from his book and offers his thoughts on the Supreme Court's Seila Law decision. https://www.washingtonpost.com/opinions/2020/06/29/why-cfpbs-loss-supreme-court-is-really-win/ https://medium.com/@RichCordray/cfpbwhitepaper-193a5aed0d75

In today's Daily Download episode, HW+ Managing Editor Brena Nath interviews former Consumer Financial Protection Bureau Director Richard Cordray. Cordray served for six years as the first director of the CFPB, and before joining the bureau, he served as Ohio's Attorney General. In this interview, Cordray explains why he thinks the industry needs to redefine how they look at foreclosures. He does this by sharing lessons from the financial crisis and what the road ahead looks like as the industry figures out how to handle the fact that 8.8% of U.S. mortgages are in forbearance. He also discusses the immediate threats in the foreclosure process.“There's a lot of market pressure right now, and there will continue to be. Everybody's going to be fighting to handle this,” Cordray said in response to what advice he would give lenders and servicers given all the unknowns in the market. “The more friendly you can be toward consumers and the more compliant you can be, the better off you are. But again, there are significant economic pressures that are making that hard,” he said. “In the long run, the industry should insist on reforms,” said Cordray. “Right now, I think it's a very, very dramatic and dangerous situation that many services are in, and we could avoid this in the future, and we should. That's what congressional reforms should look to and should put in place so that we learn from the past, just as we did in the last crisis, we can do it again.”HousingWire articles covered in this episode:[PULSE] How should we think about foreclosures?[PULSE] Does the mortgage industry view foreclosure as a last resort?[PULSE] Will servicers be able to flatten the curve in foreclosures?Former CFPB Director Richard Cordray: Are servicers prepared to provide relief to borrowers?

In today's Daily Download episode, HW+ Managing Editor Brena Nath discusses former Consumer Financial Protection Bureau Director Richard Cordray's take on whether or not the U.S. housing industry views foreclosures as a last resort.For some background on the story, here's a summary of the article:Markets are shaped by the forces of supply and demand, buying and selling, and how they come into some sort of balance. Markets that operate properly tend toward a discernable equilibrium that is predictable and sustainable. But many things can disturb this equilibrium. We might say, paradoxically, that market forces are fragile in being liable to disturbances, but once disturbed they have a powerful tendency to recover an eventual balance.But economic markets differ in the mechanisms that restore them to equilibrium after any notable disturbance. Some markets experience greater frictions that slow their recovery. In the pure models of academic economists, prices immediately (or at least quickly) adjust to achieve balance among buyers and sellers, the mathematics take their own course, and equilibrium is restored as the natural and seemingly inevitable state of the market.As the Great Recession showed, however, that does not happen in any serious dislocation of the housing market. When a borrower falls behind on the mortgage, there is one ultimate method for collecting on the unpaid debt: foreclosure.Following the main story, HousingWire Digital Producer Alcynna Lloyd covers Labor Department data that indicates another 2.1 million Americans filed for unemployment last week, Freddie Mac's Weekly Primary Mortgage Market Survey that shows mortgage rates fell to another all-time low, and fintech news from SmartRent and Amazon. But before you listen, here's a brief word from our sponsor.The Daily Download examines the most captivating articles reported from the HousingWire newsroom. HousingWire newsroom. Each afternoon, HousingWire provides its readers with a deeper look into the stories that are not only chronicling the biggest announcements within the housing finance industry but are also helping Move Markets Forward. Hosted by the HW team and produced by Alcynna Lloyd.HousingWire articles covered in this episode:      [PULSE] Does the mortgage industry view foreclosure as a last resort?      Jobless claims top 40 million as pandemic layoffs hit 1 in 4 workers      Mortgage rates hit another all-time low      Amazon among companies helping apartment platform SmartRent raise $60 million

In this episode we have the honor of speaking with Richard Cordray, who served for six years as the first Director of the Consumer Financial Protection Bureau, or CFPB. Since his time at the CFPB, he has written a book, WATCHDOG: How Protecting Consumers Can Save Our Families, Our Economy, and Our Democracy. In his book, Richard shares stories of individual consumers in order to show how the Bureau quickly became a powerful force for good. WATCHDOG tells a hopeful story of how our system can be reformed by putting government back on the side of the people. And we don’t just stop at government help, we also dive into how we as individual consumers can take steps to remain vigilant, especially during this modern pandemic. During this episode we enjoyed a Von Pilsner by Crooked Stave- thanks to our friends at the brewery for donating this one to the show! And as we have ramped up the podcast with an additional Friday episode every week, we could really use your help to spread the word- let friends and family know about How to Money! Hit the share button, subscribe if you’re not already a regular, and give us a quick review in Apple Podcasts or wherever you get your podcasts. Help us to spread the word to get more people doing smart things with their money in these difficult times! Best friends out! Learn more about your ad-choices at https://news.iheart.com/podcast-advertisers

The former director of the Consumer Financial Protection Bureau and author of the book “Watchdog” talks about the financial risks posed to consumers during the current crisis and what steps policymakers should be taking to address them. He also offers his predictions on what a pending Supreme Court ruling could mean for the CFPB and reveals why the Trump administration balked from ousting him while he was the agency’s leader.

Richard Cordray was the nation's first director of the Consumer Finance Protection Bureau (CFPB) when it was created a decade ago during the administration of President Barack Obama.

On May 1, the Center for Regulation and Markets hosted Cordray to discuss his new book, “Watchdog: How Protecting Consumers Can Save Our Families, Our Economy, and Our Democracy.”  https://www.brookings.edu/events/webinar-a-conversation-with-former-cfpb-director-richard-cordray/ Subscribe to Brookings Events on iTunes, send feedback email to events@brookings.edu, and follow us and tweet us at @policypodcasts on Twitter. To learn more about upcoming events, visit our website. Brookings Events is part of the Brookings Podcast Network.

We are joined by Richard Cordray, former CFPB Director, and John Roddy, prominent plaintiffs’ class action lawyer, for a discussion of regulatory and litigation risks the crisis is expected to create for the consumer financial services industry. Topics include: industry practices that could trigger regulators’ scrutiny; operational areas impacted by working remotely that create compliance risks; fair lending issues arising from loan modifications/forbearances; state authority to change credit terms.

We are joined by Richard Cordray whose book about his CFPB tenure, Watchdog, was recently-released. Among other topics, Mr. Cordray shares what he considers to be his key successes and disappointments as Director, describes his relationship with the Trump Administration, responds to criticism of his use of the CFPB’s enforcement authority, offers his prediction for how SCOTUS will rule in Seila Law, and discusses the abusiveness standard and creation of state mini-CFPBs.

The Power to Protect. Fighting back against consumer fraud.  Standing up to end child poverty. Plus Bill Press on the costs of playing politics with a public health crisis.   Richard Cordray, former director of the Consumer Financial Protection Bureau, talks about his new book Watchdog: How Protecting Consumers Can Save Our Families, Our Economy, and Our Democracy.  Jeff Madrick, author of Invisible Americans:The Tragic Cost of Child Poverty, on what government gets wrong about child poverty and how to get it right. Plus, Bill Press talks with Dana Milbank about what the White House should be doing about the coronavirus outbreak.   Richard Cordray  Throughout his career, Richard Cordray has been at the forefront in the fight to protect consumers against fraud and abuse. His new book tells a compelling story about how government can play a powerful role in that fight.   Jeff Madrick In his new book, author and veteran journalist Jeff Madrick sheds a necessary light on the unseen reality and irreparable damage of child poverty in America. He says it’s an issue too few Ameicans understand or even acknowledge.   Dana Milbank What happens when a President is ill-prepared to lead through a crisis that can have deadly consequences? Bill Press talks with Washington Post columnist Dana Milbank..  If you'd like to hear the entire interview, visit BillPressPods.com.   Jim Hightower What happened to Trump’s peace deal?

Richard Cordray, the first Director of the Consumer Financial Protection Bureau from 2012-2017, and Ilya Shapiro, the co-author of an amicus brief in support of Seila Law, joined host Jeffrey Rosen to discuss the Seila Law LLC v. Consumer Financial Protection Bureau case. This case, which the Supreme Court heard oral arguments in on Tuesday, is a challenge to the constitutionality of the leadership structure of the CFPB, and its outcome could affect the future of the agency as a whole. The CFPB is a regulatory agency responsible for consumer protection in the financial sector. Currently, the president can only fire the CFPB director “for cause,” i.e. only for wrongdoing, not for a policy disagreement. This lawsuit asks whether that restriction violates presidential power and the separation of powers, and, if it does, can it be struck down without invalidating the entire Dodd-Frank Act, which created the CFPB? This episode explores those questions and more. Questions or comments about the podcast? Email us at podcast@constitutioncenter.org.

Richard Cordray, the first Director of the Consumer Financial Protection Bureau from 2012-2017, and Ilya Shapiro, the co-author of an amicus brief in support of Seila Law, joined host Jeffrey Rosen to discuss the Seila Law LLC v. Consumer Financial Protection Bureau case. This case, which the Supreme Court heard oral arguments in on Tuesday, is a challenge to the constitutionality of the leadership structure of the CFPB, and its outcome could affect the future of the agency as a whole. The CFPB is a regulatory agency responsible for consumer protection in the financial sector. Currently, the president can only fire the CFPB director “for cause,” i.e. only for wrongdoing, not for a policy disagreement. This lawsuit asks whether that restriction violates presidential power and the separation of powers, and, if it does, can it be struck down without invalidating the entire Dodd-Frank Act, which created the CFPB? This episode explores those questions and more. Questions or comments about the podcast? Email us at podcast@constitutioncenter.org.

Columbus Dispatch freelance reporter Nancy Gilson Braverman speaks with Richard Cordray regarding his new book “Watchdog: How Protecting Consumers Can Save Our Families, Our Economy, and Our Democracy.” During this we hear about Cordray’s time spent as the director of the Consumer Financial Protection Bureau, what he accomplished during his time as director, and what this book has to offer readers.

In this special Feds Now episode, The Feds break down the myths of the Mueller Report, as first elucidated in a recent Time Magazine article. Host Harry Litman is joined by the co-authors of the article, former US Attorneys and Talking Feds charter members Barbara McQuade and Joyce White Vance. The Feds then turn to the ramifications of the 5-4 Supreme Court on political gerrymandering with Richard Cordray, who clerked for two Supreme Court justices and was the first director of the Consumer Financial Protection Bureau. 

In mid-March, the payday lending industry held its annual convention at the Trump National Doral hotel outside Miami. Payday lenders offer loans on the order of a few hundred dollars, typically to low-income borrowers, who have to pay them back in a matter of weeks. The industry has been long been reviled by critics for charging stratospheric interest rates — typically 400% on an annual basis — that leave customers trapped in cycles of debt. The industry had felt under siege during the Obama administration, as the federal government moved to clamp down. A government study found that a majority of payday loans are made to people who pay more in interest and fees than they initially borrow. Google and Facebook refuse to take the industry’s ads. On the edge of the Doral’s grounds, as the payday convention began, a group of ministers held a protest “pray-in,” denouncing the lenders for having a “feast” while their borrowers “suffer and starve.” But inside the hotel, in a wood-paneled bar under golden chandeliers, the mood was celebratory. Payday lenders, many dressed in golf shirts and khakis, enjoyed an open bar and mingled over bites of steak and coconut shrimp. They had plenty to be elated about. A month earlier, Kathleen Kraninger, who had just finished her second month as director of the federal Consumer Financial Protection Bureau, had delivered what the lenders consider an epochal victory: Kraninger announced a proposal to gut a crucial rule that had been passed under her Obama-era predecessor. Payday lenders viewed that rule as a potential death sentence for many in their industry. It would require payday lenders and others to make sure borrowers could afford to pay back their loans while also covering basic living expenses. Banks and mortgage lenders view such a step as a basic prerequisite. But the notion struck terror in the payday lenders. Their business model relies on customers — 12 million Americans take out payday loans every year, according to Pew Charitable Trusts —  getting stuck in a long-term cycle of debt, experts say. A CFPB study found that three out of four payday loans go to borrowers who take out 10 or more loans a year. Now, the industry was taking credit for the CFPB’s retreat. As salespeople, executives and vendors picked up lanyards and programs at the registration desk by the Doral’s lobby, they saw a message on the first page of the program from Dennis Shaul, CEO of the industry’s trade group, the Community Financial Services Association of America, which was hosting the convention. “We should not forget that we have had some good fortune through recent regulatory and legal developments,” Shaul wrote. “These events did not occur by accident, but rather are due in large part to the unity and participation of CFSA members and a commitment to fight back against regulatory overreach by the CFPB.” This year was the second in a row that the CFSA held its convention at the Doral. In the eight years before 2018 (the extent for which records could be found), the organization never held an event at a Trump property. Asked whether the choice of venue had anything to do with the fact that its owner is president of the United States and the man who appointed Kraninger as his organization’s chief regulator, Shaul assured ProPublica and WNYC that the answer was no. “We returned because the venue is popular with our members and meets our needs,” he said in a written statement. The statement noted that the CFSA held its first annual convention at the Doral hotel more than 16 years ago. Trump didn’t own the property at the time. The CFSA and its members have poured a total of about $1 million into the Trump Organization’s coffers through the two annual conferences, according to detailed estimates prepared by a corporate event planner in Miami and an executive at a competing hotel that books similar events. Those estimates are consistent with the CFSA’s most recent available tax filing, which reveals that it spent $644,656 on its annual conference the year before the first gathering at the Trump property. (The Doral and the CFSA declined to comment.) “It’s a way of keeping themselves on the list, reminding the president and the people close to him that they are among those who are generous to him with the profits that they earn from a business that’s in severe danger of regulation unless the Trump administration acts,” said Lisa Donner, executive director of consumer group Americans for Financial Reform. The money the CFSA spent at the Doral is only part of the ante to lobby during the Trump administration. The payday lenders also did a bevy of things that interest groups have always done: They contributed to the president’s inauguration and earned face time with the president after donating to a Trump ally. But it’s the payment to the president’s business that is a stark reminder that the Trump administration is like none before it. If the industry had written a $1 million check directly to the president's campaign, both the CFSA and campaign could have faced fines or even criminal charges — and Trump couldn’t have used the money to enrich himself. But paying $1 million directly to the president’s business? That’s perfectly legal. *** The inauguration of Donald Trump was a watershed for the payday lending industry. It had been feeling beleaguered since the launch of the CFPB in 2011. For the first time, the industry had come under federal supervision. Payday lending companies were suddenly subject to exams conducted by the bureau’s supervision division, which could, and sometimes did, lead to enforcement cases. Before the bureau was created, payday lenders had been overseen mostly by state authorities. That left a patchwork: 15 states in which payday loans were banned outright, a handful of states with strong enforcement — and large swaths of the country in which payday lending was mostly unregulated. Then, almost as suddenly as an aggressive CFPB emerged, the Trump administration arrived with an agenda of undoing regulations. “There was a resurgence of hope in the industry, which seems to be justified, at this point,” said Jeremy Rosenblum, a partner at law firm Ballard Spahr, who represents payday lenders. Rosenblum spoke to ProPublica and WNYC in a conference room at the Doral — filled with notepads, pens and little bowls of candy marked with the Trump name and family crest — where he had just led a session on compliance with federal and state laws. “There was a profound sense of relief, or hope, for the first time.” (Ballard Spahr occasionally represents ProPublica in legal matters.)   In Mick Mulvaney, who Trump appointed as interim chief of the CFPB in 2017, the industry got exactly the kind of person it had hoped for. As a congressman, Mulvaney had famously derided the agency as a “sad, sick” joke. If anything, that phrase undersold Mulvaney’s attempts to hamstring the agency as its chief. He froze new investigations, dropped enforcement actions en masse, requested a budget of $0 and seemed to mock the agency by attempting to officially re-order the words in the organization’s name. But Mulvaney’s rhetoric sometimes exceeded his impact. His budget request was ignored, for example; the CFPB’s name change was only fleeting. And besides, Mulvaney was always a part-timer, fitting in a few days a week at the CFPB while also heading the Office of Management and Budget, and then moving to the White House as acting chief of staff. It’s Mulvaney’s successor, Kraninger, whom the financial industry is now counting on — and the early signs suggest she’ll deliver. In addition to easing rules on payday lenders, she has continued Mulvaney’s policy of ending supervisory exams on outfits that specialize in lending to the members of the military, claiming that the CFPB can do so only if Congress passes a new law granting those powers (which isn’t likely to happen anytime soon). She has also proposed a new regulation that will allow debt collectors to text and email debtors an unlimited number of times as long as there’s an option to unsubscribe. Enforcement activity at the bureau has plunged under Trump. The amount of monetary relief going to consumers has fallen from $43 million per week under Richard Cordray, the director appointed by Barack Obama, to $6.4 million per week under Mulvaney and is now $464,039, according to an updated analysis conducted by the Consumer Federation of America’s Christopher Peterson, a former special adviser to the bureau. Kraninger’s disposition seems almost the inverse of Mulvaney’s. If he’s the self-styled “right wing nutjob”  willing to blow up the institution and everything near it, Kraninger offers positive rhetoric — she says she wants to “empower” consumers — and comes across as an amiable technocrat. At 44, she’s a former political science major — with degrees from Marquette University and Georgetown Law School — and has spent her career in the federal bureaucracy, with a series of jobs in the Transportation and Homeland Security departments and finally in OMB, where she worked under Mulvaney. (In an interview with her college alumni association, she hailed her Jesuit education and cited Pope Francis as her “dream dinner guest.”) In her previous jobs, Kraninger had extensive budgeting experience, but none in consumer finance. The CFPB declined multiple requests to make Kraninger available for an interview and directed ProPublica and WNYC to her public comments and speeches. Kraninger is new to public testimony, but she already seems to have developed the politician’s skill of refusing to answer difficult questions. At a hearing in March just weeks before the Doral conference, Democratic Rep. Katie Porter repeatedly asked Kraninger to calculate the annual percentage rate on a hypothetical $200 two-week payday loan that costs $10 per $100 borrowed plus a $20 fee. The exchange went viral on Twitter. In a bit of congressional theater, Porter even had an aide deliver a calculator to Kraninger’s side to help her. But Kraninger would not engage. She emphasized that she wanted to conduct a policy discussion rather than a “math exercise.” The answer, by the way: That’s a 521% APR. A while later, the session recessed and Kraninger and a handful of her aides repaired to the women’s room. A ProPublica reporter was there, too. The group lingered, seeming to relish what they considered a triumph in the hearing room. “I stole that calculator, Kathy,” one of the aides said. “It’s ours! It’s ours now!” Kraninger and her team laughed.   *** Triple-digit interest rates are no laughing matter for those who take out payday loans. A sum as little as $100, combined with such rates, can lead a borrower into long-term financial dependency. That’s what happened to Maria Dichter. Now 73, retired from the insurance industry and living in Palm Beach County, Florida, Dichter first took out a payday loan in 2011. Both she and her husband had gotten knee replacements, and he was about to get a pacemaker. She needed $100 to cover the co-pay on their medication. As is required, Dichter brought identification and her Social Security number and gave the lender a postdated check to pay what she owed. (All of this is standard for payday loans; borrowers either postdate a check or grant the lender access to their bank account.) What nobody asked her to do was show that she had the means to repay the loan. Dichter got the $100 the same day. The relief was only temporary. Dichter soon needed to pay for more doctors’ appointments and prescriptions. She went back and got a new loan for $300 to cover the first one and provide some more cash. A few months later, she paid that off with a new $500 loan. Dichter collects a Social Security check each month, but she has never been able to catch up. For almost eight years now, she has renewed her $500 loan every month. Each time she is charged $54 in fees and interest. That means Dichter has paid about $5,000 in interest and fees since 2011 on what is effectively one loan for $500. Today, Dichter said, she is “trapped.” She and her husband subsist on eggs and Special K cereal. “Now I’m worried,” Dichter said, “because if that pacemaker goes and he can’t replace the battery, he’s dead.” Payday loans are marketed as a quick fix for people who are facing a financial emergency like a broken-down car or an unexpected medical bill. But studies show that most borrowers use the loans to cover everyday expenses. “We have a lot of clients who come regularly,” said Marco (he asked us to use only his first name), a clerk at one of Advance America’s 1,900 stores, this one in a suburban strip mall not far from the Doral hotel. “We have customers that come two times every month. We’ve had them consecutively for three years.” These types of lenders rely on repeat borrowers. “The average store only has 500 unique customers a year, but they have the overhead of a conventional retail store,” said Alex Horowitz, a senior research officer at Pew Charitable Trusts, who has spent years studying payday lending. “If people just used one or two loans, then lenders wouldn’t be profitable.” It was years of stories like Dichter’s that led the CFPB to draft a rule that would require that lenders ascertain the borrower’s ability to repay their loans. “We determined that these loans were very problematic for a large number of consumers who got stuck in what was supposed to be a short-term loan,” said Cordray, the first director of the CFPB, in an interview with ProPublica and WNYC. Finishing the ability-to-pay rule was one of the reasons he stayed on even after the Trump administration began. (Cordray left in November 2017 for what became an unsuccessful run for governor of Ohio.) The ability-to-pay rule was announced in October 2017. The industry erupted in outrage. Here’s how CFSA’s chief, Shaul, described it in his statement to us: “The CFPB’s original rule, as written by unelected Washington bureaucrats, was motivated by a deeply paternalistic view that small-dollar loan customers cannot be trusted with the freedom to make their own financial decisions. The original rule stood to remove access to legal, licensed small-dollar loans for millions of Americans.” The statement cited an analysis that “found that the rule would push a staggering 82 percent of small storefront lenders to close.” The CFPB estimated that payday and auto title lenders — the latter allow people to borrow for short periods at ultra-high annual rates using their cars as collateral —  would lose around $7.5 billion as a result of the rule. *** The industry fought back. The charge was led by Advance America, the biggest brick-and-mortar payday lender in the United States. Its CEO until December, Patrick O’Shaughnessy, was the chairman of the CFSA’s board of directors and head of its federal affairs committee. The company had already been wooing the administration, starting with a $250,000 donation to the Trump inaugural committee. (Advance America contributes to both Democratic and Republican candidates, according to spokesperson Jamie Fulmer. He points out that, at the time of the $250,000 donation, the CFPB was still headed by Cordray, the Obama appointee.) Payday and auto title lenders collectively donated $1.3 million to the inauguration. Rod and Leslie Aycox from Select Management Resources, a Georgia-based title lending company, attended the Chairman’s Global Dinner, an exclusive inauguration week event organized by Tom Barrack, the inaugural chairman, according to documents obtained by “Trump, Inc.” President-elect Trump spoke at the dinner. In October 2017, Rod Aycox and O’Shaughnessy met with Trump when he traveled to Greenville, South Carolina, to speak at a fundraiser for the state’s governor, Henry McMaster. They were among 30 people who were invited to discuss economic development after donating to the campaign, according to the The Post and Courier. (“This event was only about 20 minutes long,” said the spokesperson for O’Shaughnessy’s company, and the group was large. “Any interaction with the President would have been brief.” The Aycoxes did not respond to requests for comment.) In 2017, the CFSA spent $4.3 million advocating for its agenda at the federal and state level, according to its IRS filing. That included developing “strategies and policies,” providing a “link between the industry and regulatory decision makers” and efforts to “educate various state policy makers” and “support legislative efforts which are beneficial to the industry and the public.” The ability-to-pay rule technically went into effect in January 2018, but the more meaningful date was August 2019. That’s when payday lenders could be penalized if they hadn’t implemented key parts of the rule Payday lenders looked to Mulvaney for help. He had historically been sympathetic to the industry and open to lobbyists who contribute money. (Jaws dropped in Washington, not about Mulvaney’s practices in this regard, but about his candor. “We had a hierarchy in my office in Congress,” he told bankers in 2018. “If you were a lobbyist who never gave us money, I didn’t talk to you. If you’re a lobbyist who gave us money, I might talk to you.”) But Mulvaney couldn’t overturn the ability-to-pay rule. Since it had been finalized, he didn’t have the legal authority to reverse it on his own. Mulvaney announced that the bureau would begin reconsidering the rule, a complicated and potentially lengthy process. The CFPB, under Cordray, had spent five years researching and preparing it. Meanwhile, the payday lenders turned to Congress. Under the Congressional Review Act, lawmakers can nix federal rules during their first 60 days in effect. In the House, a bipartisan group of representatives filed a joint resolution to abolish the ability-to-pay rule. Lindsey Graham, R-S.C., led the charge in the Senate. But supporters couldn’t muster a decisive vote in time, in part because opposition to payday lenders crosses party lines. By April 2018, the CFSA members were growing  impatient. But the Trump administration was willing to listen. The CFSA’s Shaul was granted access to a top Mulvaney lieutenant, according to “Mick Mulvaney’s Master Class in Destroying a Bureaucracy From Within” in The New York Times Magazine, which offers a detailed description of the behind-the scenes maneuvering. Shaul told the lieutenant that the CFSA had been preparing to sue the CFPB to stop the ability-to-pay rule “but now believed that it would be better to work with the bureau to write a new one.” Cautious about appearing to coordinate with industry, according to the article, the CFPB was non-committal. Days later, the CFSA sued the bureau. The organization’s lawyers argued in court filings that the bureau’s rules “defied common sense and basic economic analysis.” The suit claimed the bureau was unconstitutional and lacked the authority to impose rules. A month later, Mulvaney took a rare step, at least, for most administrations: He sided with the plaintiffs suing his agency. Mulvaney filed a joint motion asking the judge to delay the ability-to-pay rule until the lawsuit is resolved. By February of this year, Kraninger had taken charge of the CFPB and proposed to rescind the ability-to-pay rule. Her official announcement asserted that there was “insufficient evidence and legal support” for the rule and expressed concern that it “would reduce access to credit and competition.”   Kraninger’s announcement sparked euphoria in the industry. One industry blog proclaimed, “It’s party time, baby!” with a GIF of President Trump bobbing his head. Kraninger’s decision made the lawsuit largely moot. But the suit, which has been stayed, has still served a purpose: This spring, a federal judge agreed to freeze another provision of the regulation, one that limits the number of times a lender can debit a borrower’s bank account, until the fate of the overall rule is determined. As the wrangling over the federal regulation plays out, payday lenders have continued to lobby statehouses across the country. For example, a company called Amscot pushed for a new state law in Florida last year. Amscot courted African American pastors and leaders located in the districts of dozens of Democratic lawmakers and chartered private jets to fly them to Florida’s capital to testify, according to the Tampa Bay Times. The lawmakers subsequently passed legislation creating a new type of payday loan, one that can be paid in installments, that lets consumers borrow a maximum $1,000 loan versus the $500 maximum for regular payday loans. Amscot CEO Ian MacKechnie asserts that the new loans reduce fees (consumer advocates disagree). He added, in an email to ProPublica and WNYC: “We have always worked with leaders in the communities that we serve: both to understand the experiences of their constituents with regard to financial products; and to be a resource to make sure everyone understands the law and consumer protections. Educated consumers are in everyone’s interest.” For their part, the leaders denied that Amscot’s contributions affected their opinions. As one of them told the Tampa Bay Times, the company is a “great community partner.” *** Kraninger spent her first three months in office embarking on a “listening tour.” She traveled the country and met with more than 400 consumer groups, government officials and financial institutions. Finally, in mid-April, she gave her first public speech at the Bipartisan Policy Center in Washington, D.C. The CFPB billed it as the moment she would lay out her vision for the agency. Kraninger said she hoped to use the CFPB’s enforcement powers “less often.” She alluded to a report by the Federal Reserve that 40% of Americans would not be able to cover an emergency expense of $400. Her suggestion for addressing that: educational videos and a booklet. “To promote effective approaches to savings and particularly emergency savings,” Kraninger explained, “the Bureau recently launched our Start Small, Save Up initiative. It offers tips, tools and information to help consumers build a basic savings cushion and develop a savings habit. Later this year, we will be launching a savings ‘boot camp,’ a series of videos, and a very readable, informative booklet that serves as a roadmap to a savings plan.” Having laid out what sounded like a plan to hand out self-help brochures at an agency invented to pursue predatory financial institutions, she then said, “Let me be clear, however, the ultimate goal for the bureau is not to produce booklets and great content on our website. The ultimate goal is to move the needle on the number of Americans in this country who can cover a financial shock, like a $400 emergency.” Back at the Doral the month before her speech, $400 might not have seemed like much of an emergency to the payday lenders. Some attendees seemed most upset by a torrential downpour on the second day that caused the cancellation of the conference’s golf tournament. Inside the Donald J. Trump Ballroom, the conference buzzed with activity. The Bush-era political adviser Karl Rove was the celebrity speaker after the breakfast buffet. And the practical sessions continued apace. One was called “The Power of the Pen.” It was aimed at helping attendees submit comments on the ability-to-pay rule to the government. It was clearly a matter of importance to the CFSA. In his statement to ProPublica and WNYC, Shaul noted that “more than one million customers submitted comments opposing the CFPB’s original small-dollar loan rule — hundreds of thousands of whom sent handwritten letters telling personal stories of how small-dollar loans helped them and their families.” A couple of months after the Doral conference, Allied Progress, a consumer advocacy group, analyzed the new round of comments that were submitted to the CFPB in response to Kraninger’s plans. Because, the group said, the industry had been accused of submitting “duplicative comments” in the past, it searched for such repetitions in the latest round. In one sample of 26,000 comments, the group discovered that 27% of the statements submitted by purportedly independent individuals contained duplicative passages, all of which supported the industry’s position, and also included identical personal anecdotes. (Payday opponents have encouraged people to submit preprinted comments to the CFPB, but there’s no indication that they include matching personal details.) For example, Allied Progress reported that 221 of the comments stated that “I have a long commute to work and it’s better for me financially to borrow from Cash Connection so that I can still make it to work than to not take care of my car and lose my job because of absences.” There were 201 asserting that “I now take care of my parents and my children” and I “want to be able to enjoy life and not feel burdened by the additional expenses that are piling up.” Allied Progress said it doesn’t know “if these are fake people, fake stories, or form letters intentionally designed to read as personal anecdotes.” (Cash Connection couldn’t be reached for comment.) Taking account of public comments is the final task before Kraninger officially determines whether to put the ability-to-pay rule to death. Whatever she decides, it’s a likely bet that decision will be challenged in court, the CFSA will weigh in and the payday lenders will still be talking about it at next year’s annual conference. A spokesperson for the CFSA declined to say whether the event will be held at a Trump hotel.   Clarification: This article has been updated to clarify the methodology Allied Progress used in searching for duplicative comments to the CFPB and to explain how duplicative pro-payday-lender comments differed from efforts by anti-payday-loan advocates to encourage people to submit prewritten comments.  

Richard Cordray the Consumer Financial Protection Bureau's first director describes the state of consumer protection today and what should be done to strengthen it. See acast.com/privacy for privacy and opt-out information.

Richard Cordray, the Consumer Financial Protection Bureau’s first director, describes the state of consumer protection today and what should be done to strengthen it.

Richard Cordray, the Consumer Financial Protection Bureau’s first director, describes the state of consumer protection today and what should be done to strengthen it.

Richard Cordray, was the first Director of the Consumer Financial Protection Bureau, which was formed in the wake of the Great Recession as part of the Dodd-Frank Wall Street Reform and Consumer Protection Act. In his five years leading the CFPB, Cordray was tasked with making sure consumers were no longer harmed by the actions of banks, lenders, and other financial institutions. In 2017, Cordray returned to his home state of Ohio where he had previously served as State Treasurer and Attorney General, to run for governor. Mr. Cordray was the Wharton PPI 2019 Public Policy Visiting Fellow and joined Dan Loney in the studio for a special interview. See acast.com/privacy for privacy and opt-out information.

In this episode of Case in Point, Distinguished Policy Fellow Richard Cordray, the Inaugural Director of the U.S. Consumer Financial Protection Bureau (CFPB), sat down with Penn Law's Cary Coglianese, the Edward B. Shils Professor of Law, to discuss consumer protection.

Distinguished Policy Fellow Richard Cordray, the Inaugural Director of the U.S. Consumer Financial Protection Bureau (CFPB), sat down with Penn Law's Cary Coglianese, the Edward B. Shils Professor of Law, to discuss consumer protection.

On today's *BONUS* episode, we start off in Kansas, where we discuss not one but two House races, and then we take a look at an interesting match-up in Maine. Next, we pivot to the Senate and head to Big Sky Country. And finally, we check in on the governor's race in the Buckeye State.To learn more about how CNN protects listener privacy, visit cnn.com/privacy

Election Day is just over a week away. One of your biggest choices, if you’ve not already cast your ballot, is to decide who will serve the next four years as governor of Ohio. Today, you get to hear from democratic candidate Richard Cordray. Mr. Cordray’s visit follows up last week’s show with republican candidate Mike DeWine. What are Ohio’s biggest issues and how will they be handled? Hear what Richard Cordray has to say, on Town Hall Ohio.

:17 - Depending on which poll you see, the race for governor in Ohio is very close between Mike DeWine and Richard Cordray. The latter called into the program. 9:58 - The stock market took a plunge on Wednesday, which calls to question just how stable the markets are in general. Richard Peterson from Capital Financial talked about the markets, the state of the economy, and a little on credit scores. 24:23 - Also on Wednesday, suspicious devices were found at the residences of several prominent Democrat politicians. Tim Dimoff, president and CEO of SACS Security and Consulting, joined the show to offer some insight. 30:31 - Akron Public Schools has been creative in recent years for helping students get into the trades. Over at East CLC, Bridgestone Americas is sponsoring their Automotive Technology program with a full service station. Superintendent David James explains. 38:34 - Speaking of Akron Public Schools, how are they doing overall? Treasurer Ryan Pendleton unveiled his five-year plan.

:16 - We’re just a few weeks away from the gubernatorial election in Ohio. Joining us this morning is Betty Sutton, who is on the ticket with Richard Cordray for governor. 8:03 - Stemming from a conversation about Italy, Ray and Tony talked about fun honeymoon for young married couples. As mentioned earlier this week, Tony got engaged over the weekend, and he and his fiancee Leah are open to possible honeymoon ideas. 15:22 - The Cleveland Indians have been eliminated from the playoffs for over a week and a half, but they still have some holes to be filled and questions to be answered. Do the Indians need to sell off a starting pitcher or two for a power bat, and if so, could Corey Kluber be a name? 30:09 - Our master gardener, Jeanne Poremski, joined us on the phone to get us ready before the first frost. 39:02 - Nick Bosa had surgery several weeks back, and rather than rehab his groin and get on the field for the Michigan game and beyond, he’s choosing to forego and enter the NFL Draft. Is this a good decision, and how is Buckeye Nation treating this?

:17 - Ray and the morning gang kicked off Monday’s show with some pleasant news. Tony Mazur, the show’s producer, got engaged over the weekend! 10:00 - Green mayor Gerard Neugebauer stopped by the studio to provide an update on the Nexus pipeline. As of late last week, gas is now flowing through the pipe. 16:58 - We are now less than a month away before the midterms. Will the Republican Party maintain the governorship in Ohio with Mike DeWine, or will Richard Cordray swing the pendulum back to the Democrats? And how about the sizable lead Sherrod Brown has in the senate over Jim Renacci? Dr. David Beer from Malone University previews what may occur leading up to the election. 26:05 - It’s been a few days and the storm has settled a bit, but Hurricane/Tropical Storm Michael has devastated parts of the Florida Panhandle. Jim McIntyre from the American Red Cross provided an update. 33:05 - Time now for our Business of the Week! This week, we head over to Fairlawn and visit with Wells Trecaso Financial Group. Doug Wells and Ralph Trecaso talked about their business, which has been around since the early 1990s. 42:48 - The Cavs open their season on Wednesday, and the voice of the team, John Michael, previewed what to expect. Michael believes players like Jordan Clarkson and Rodney Hood will have significant expanded roles now that LeBron took his talents to Los Angeles.

Bill spoke to Mike Dewine and Richard Cordray Previewing the debate in Cleveland on Monday 10-8-18 - talking about the race for Ohio Gov.

Episode Notes In the first mini-episode of the season, cleveland.com politics reporters Seth Richardson and Andrew Tobias break down the races in Ohio for Senate and governor. Plus, a discussion on Richard Cordray's hoop skills. See acast.com/privacy for privacy and opt-out information.

Mark Gruenberg, Richard Cordray, Sue McConnell

Bill got your Money Monday cashed in with Indians Split With Yankees-MLB HR Derby-All Star Break-Richard Cordray Interview-Renacci Interview-Casino Tips-Reversed Mortgages-Trump-Putin

Richard Cordray discusses his campaign for Ohio Governor

Richard Cordray, Patrick Gallagher

Episode Notes Is Richard Cordray boring? The Ohio Democratic gubernatorial nominee Richard Cordray tells the cleveland.com/Ohio Matters team why he thinks he's more fun than lets on, details some of his surprisingly colorful past and plays trivia. See acast.com/privacy for privacy and opt-out information.

NARAL's The Morning After is a production of NARAL Pro-Choice Ohio. This week, Kelley, Jaime, and Gabe discuss the 2018 Primary Election, including the big win for Richard Cordray and Betty Sutton — nominees for governor and lieutenant governor.  NARAL Pro-Choice Ohio endorsed Cordray/Sutton, in addition to statewide candidates and 36 candidates for the Ohio legislature. Find our full list of endorsements. Join NARAL Pro-Choice Ohio at an event near you: https://www.facebook.com/pg/NARALProChoiceOhio/events/

NARAL’s The Morning After is a production of NARAL Pro-Choice Ohio. This week, Kelley, Jaime, and Gabe discuss the 2018 Primary Election, including the big win for Richard Cordray and Betty Sutton — nominees for governor and lieutenant governor. NARAL Pro-Choice Ohio endorsed Cordray/Sutton, in addition to statewide candidates and 36 candidates for the Ohio legislature. […]

On today's episode of Loud & Clear, Brian Becker and John Kiriakou are joined by Chip Gibbons, policy and legislative counsel for Defending Rights & Dissent and a journalist, who has contributed to The Nation, Jacobin, and the book “The Henry Kissinger Files.” Gina Haspel appeared in open session before the Senate Select Committee on Intelligence today in her much-anticipated confirmation hearing. Haspel said that on her watch, the CIA will not reinstate a detention and interrogation program, and also noted that she has a strong moral compass. She did not express any regret for her role in the George W. Bush Administration’s torture program, despite being asked.Wednesday is Loud & Clear’s regular segment Beyond Nuclear, looking at nuclear issues including weapons, energy, waste, and the future of nuclear technology in the United States. Today, the hosts concentrate on fallout from Trump leaving the Iran deal. Kevin Kamps, the Radioactive Waste Watchdog at the organization Beyond Nuclear, and Nicole Roussell, producer for Loud & Clear, join the show. Mainstream Republicans and Democrats won most of their races in primaries yesterday in West Virginia, Ohio, Indiana, and North Carolina. Don Blankenship, the mining company CEO jailed for a year for his role in the deaths of 29 miners, lost his race for US Senate in West Virginia. Former Consumer Financial Protection Bureau director Richard Cordray beat Dennis Kucinich in the Democratic nomination for governor in Ohio, Vice President Pence’s son won the Republican nomination for a Congressional seat in Indiana. And incumbent Republican Congressman Robert Pittinger of North Carolina lost his race to a far-right wing former pastor. Brian and John speak with Travis Boothe, an organizer with the Morgantown Tenants Union, and Jacqueline Luqman, the co-editor in chief of Luqman Nation.Secretary of State Mike Pompeo is on his way back from Pyongyang with three Americans who had been in prison in North Korea. Pompeo was in for meetings that would lay the groundwork for President Trump’s upcoming meeting with Kim Jong Un. Meanwhile, Kim was in Beijing consulting with the Chinese for the same reason. Jude Woodward, the author of the new book “The US vs China: Asia's new Cold War?,” and Chris Black, an international criminal lawyer who is on the List of Counsel before the International Criminal Court, join the show. Stormy Daniels’ attorney is alleging that Trump attorney Michael Cohen received $500,000 from a company controlled by a Russian oligarch, with the money being deposited into an account for a company that was then used to pay off the adult film actress. And CNN is reporting that Robert Mueller’s investigators questioned an unnamed Russian oligarch about payments into that account. But AT&T, a subsidiary of Swiss pharmaceutical company Novartis, and Korea Aerospace Industries also made big payments to the account. Isn’t the bigger question about paying for presidential access? Daniel Lazare, a journalist and author of “The Frozen Republic,” “The Velvet Coup,” and “America's Undeclared War,” joins Brian and John. Yesterday, a global trending hashtag on twitter was #Tamam, or “enough,” in response to Turkish President Erdogan. Erdogan has called snap presidential elections on June 24, and polls show he may be in jeopardy. Nevzat Evrim, a journalist with the Turkish newspaper SoL, joins the show.As Donald Trump pulled out of the Iran nuclear deal yesterday, Israel sent missiles into Syria, targeting an Iranian base. This morning there are reports of 15 dead, including eight Iranians. Israel’s military, the Israeli Defense Forces, announced that they were opening bomb shelters in anticipation retaliation from Iran. Brian and John speak with Bob Schlehuber, producer of Radio Sputnik show By Any Means Necessary, who is in Jerusalem.

NARAL’s The Morning After is a production of NARAL Pro-Choice Ohio. This week, Kelley, Jaime, and Vashitta discuss the new endorsements from NARAL Pro-Choice Ohio. After careful consideration — including survey responses from our members — our board of directors has voted to endorse Richard Cordray for governor and Betty Sutton for Lt. Governor! With so much […]

NARAL's The Morning After is a production of NARAL Pro-Choice Ohio. This week, Kelley, Gabe, and Vashitta discuss last night's debate of Ohio's Democratic candidates for governor. Richard Cordray, Dennis Kucinich, Bill O'Neill, and Joe Schiavoni met in Toledo to explain why they should be the nominee. Before the debate, Bill O'Neill made headlines when he contacted supporters to clarify his anti-abortion views. NARAL Pro-Choice Ohio Executive Director Kellie Copeland issued this response soon after: Once a woman has made the decision to end a pregnancy, she needs access to safe and legal abortion care in her community. Any candidate for governor, regardless of political affiliation, who doesn't respect her decision is unfit to lead the state of Ohio. During the debate Richard Cordray expressed support for women's health care and reproductive rights. Joe Schiavoni did as well, being the only candidate on stage to say the word "abortion" as he stated his pro-choice position. Dennis Kucinich did not mention reproductive rights. Vashitta joined Senators Charleta Tavares, Sandra Williams, and Cecil Thomas as they called for protections against sexual harassment in and around the Ohio Statehouse. OhioChannel.org has full event video.

NARAL’s The Morning After is a production of NARAL Pro-Choice Ohio. This week, Kelley, Gabe, and Vashitta discuss last night’s debate of Ohio’s Democratic candidates for governor. Richard Cordray, Dennis Kucinich, Bill O’Neill, and Joe Schiavoni met in Toledo to explain why they should be the nominee. Before the debate, Bill O’Neill made headlines when he […]

Public affairs editor Darrel Rowland and reporter Marty Schladen speak with gubernatorial candidate Richard Cordray on what makes him the most qualified candidate to become Ohio’s Governor. During this interview we talk about what makes the Cordray-Sutton ticket stand out to the voters in Ohio, and get his stance on the legalization of marijuana, the opioid crisis, and education specifically regarding charter schools.

Brownstein Policy Advisors John Sonsalla and Travis Norton join Strategic Advisor Mark Begich to provide analysis of Richard Cordray's exit as director of the Consumer Financial Protection Bureau, the CFPB's staying power with new leadership from OMB Director Mick Mulvaney and an overview of what's on the horizon for the CFPB.

Dispatch political reporters Randy Ludlow and Marty Schladen talk about the recent news of how Mike DeWine, Jon Husted are teaming up for the Republican gubernatorial nomination. We also discuss today’s Republican State Central Committee Meeting and the take always from it. Finally, we answer the question of if Mary Taylor could team up with Jim Renacci, and what can be expected from Richard Cordray.

The Consumer Financial Protection Bureau is less accountable than most federal agencies by design. That's in part why outgoing director Richard Cordray felt perfectly comfortable naming his own replacement. Thaya Brook Knight discusses the fight. See acast.com/privacy for privacy and opt-out information.

The tsunami of sexual harassment and assault allegations continues and is causing cultural and political reflection. Today we continue our ongoing discussion of politics, partisanship, and the #metoo movement. Thank you for everyone supporting our work on Patreon. We also appreciate our sponsors for today's podcast: Credible.com, Away, and ThirdLove. We hope you'll check out our new podcast, The Nuanced Life. Congress has a very long to-do list through the end of the year. It's important to keep in mind that in addition to plans for tax cuts, Congress needs to fund the government before year-end and deal with DACA. The attack on a mosque in the Sinai peninsula this weekend was the deadliest in modern Egypt's history. This region is under assault from ISIS and highlights the complexity of the war on terror and the deficiencies in our understanding of Islam and Africa. Richard Cordray's resignation as head of the Consumer Financial Protection Bureau has sparked a Marbury vs. Madison style showdown over the authority to name a replacement. We worry about the long-term consequences of more Trump administration personnel drama. The FCC has announced plans to re-classify broadband services as information services, which could effectively end net neutrality. We describe the debate over net neutrality and discuss our interest in having Congress step in to make long-term decisions about the internet's future. In our main segment we talk about the #MeToo movement and the difficult cultural inflection point that we're living. Drawing on Rebecca Traister's commentary, we talk... See acast.com/privacy for privacy and opt-out information.

Jim Geraghty of National Review and Greg Corombos of Radio America discuss the fight between left and right over who should head the Consumer Financial Protection Bureau and whether President Trump gets to make that decision and why the Constitution makes this an easy call.  They also shake their heads as House Democratic Leader Nancy Pelosi offers a pathetic and hypocritical defense of longtime Rep. John Conyers, who reached a settlement to end a sexual harassment allegation and has also been accused by other women.  And they respond to the Twitter proclamation of New York Times columnist Charles Blow that he cannot be friends with anyone who supports President Trump.

The resignation of Richard Cordray opens the door for an overhaul to an agency that's been a political football. But don't think change will be big and fast at the bureau that's changed the way mortgage and real estate companies work together....

The resignation of Richard Cordray opens the door for an overhaul to an agency that's been a political football. But don't think change will be big and fast at the bureau that's changed the way mortgage and real estate companies work together....

Richard Cordray will leave his post as head of the Consumer Financial Protection Bureau. Does this mean the agency can finally be scrapped? Thaya Brook Knight comments. See acast.com/privacy for privacy and opt-out information.

Zimbabwe’s president is under house arrest but the military denies it’s staging a coup, Australians voted “yes” in the same-sex marriage survey, Richard Cordray, the first appointed director of the Consumer Financial Protection Bureau, is stepping down, and the British Youth Council produced a report into body image.Learn more about your ad choices. Visit megaphone.fm/adchoices

Public affairs editor Darrel Rowland, Dispatch reporters Jim Siegel, and Marty Schladen discuss how Richard Cordray has quit his federal post and is expected to run for Ohio Democratic gubernatorial nomination. Also, we discuss how Republican representative Wes Goodman was confronted with evidence of inappropriate conduct inside his Riffe Center office. Finally, we also talk about how the scheduled execution of twice-convicted killer Alva Campbell was called off on Wednesday.  

Cordray is still keeping everyone guessing about whether he is staying or running for governor of Ohio. And Republicans could weaken the agency by putting one of their own in charge and rolling back many of the rules it’s set.

31 July 2017 - We were incredibly lucky to have just the right interview guest at just the right time, Amanda Werner (@wamandajd), Arbitration Campaign Manager for Americans for Financial Reform & Public Citizen, was with us to talk about the dangerous efforts, by Congress, to overturn the new arbitration rule just published by the Consumer Finance Protection Bureau (CFPB). In the first half of the interview Amanda gets into some great detail about why forced arbitration is problematic and why some communities are particularly impacted. In the second half we get into the politics of the rule and explain why it is essential that you get involved in this very winnable fight. At the top of the show I talk with Will a bit about the letter sent by the American Psychoanalytic Association to its members clarifying their long-held position that as medical professionals they have a "duty to warn" and that they see this duty as particularly relevant due to the observable behavior of President Trump. And speaking of observable, impulsive, antagonistic, aggressive behavior... This week Trump thought he could change DoD policy with a 140 character tweet in which he attempted to ban transgendered individuals from serving in the armed forces...where they are already serving...by the thousands. The Pentagon was blindsided and made it clear that DoD policy is not now and never will be issued via tweet. Will spoke both about the organizational issues and the personal struggles of the trans community. Trump's efforts to feed hatred are despicable and, frankly, just another bit of evidence that he is mentally ill and unfit to serve as president. Just before the interview with Amanda Werner, I reviewed the mission and successes of the CFPB. I also talk a bit about their enemies. In government, of course, no good deed goes unpunished so Congressman Jeb Hensarling, in an especially personal and vicious manner, is directly attacking CFPB Director Richard Cordray. Hensarling really despises Cordray because Cordray is so good at his job. Which is proof that it is absolutely essential that, like other regulators, the CFPB remain insulated from the political process as much as is reasonable. The GOP is looking for every possible opening to diminish this critically important agency. As we did with the ACA, we must, we simply MUST fight to defend the CFPB at every turn. And so it goes. No rest for the victorious! Carrots! - Arliss

Click Here Or On Above Image To Reach Our ExpertsMystery Shoppers Reveal Mortgage Loan Discrimination In 2013, a loan officer at BancorpSouth Bank's Madison, Ala., branch received visits from two people with similar profiles within 10 days of each other, both saying they were first-time home buyers—one white, the other black. The employee allegedly steered the black customer to a smaller and more expensive loan, even though her stated income and credit score were higher than the white applicant's.When the Consumer Financial Protection Bureau took action against the bank in June for allegedly discriminating against African-American customers in mortgage lending, the federal watchdog agency disclosed that the aspiring borrowers were “mystery shoppers,” or undercover investigators, sent in by the agency.The case is the latest example of the five-year-old CFPB testing boundaries with its enforcement tactics, a pattern that has sparked clashes between the agency and the financial industry and Republican lawmakers.PRO-DTECH II FREQUENCY DETECTOR(Buy/Rent/Layaway)Undercover operations are common in criminal probes. But they are rarely used by regulators in civil law-enforcement cases because of limits imposed under the 1974 Privacy Act and other concerns. That law maintains that government officials must identify themselves if seeking information from individuals. Some agencies interpret that as prohibiting any covert investigations. The CFPB and others argue it doesn't apply to “mystery shopping,” because that tactic is used only to seek information that would be available to any member of the public, and doesn't involve eliciting personal information about individuals.The agency won't discuss the extent of its use of such mystery shoppers, and the BancorpSouth case is the only one in which the CFPB has disclosed deploying them. Quyen Truong, a partner at Stroock And Stroock And Lavan LLP who served as the agency's deputy general counsel until May, said implementing the mystery-shopping program “took significant efforts but it's been up and running.” She added that the agency developed the program “after evaluating all the potential legal restrictions.”CELLPHONE DETECTOR (PROFESSIONAL)(Buy/Rent/Layaway)Related Article:Consumers File Complaints Directly To Consumer Financial Protection Bureau (CFPB)PRO-DTECH III FREQUENCY DETECTOR(Buy/Rent/Layaway)The use of mystery shoppers signals the CFPB's new emphasis on combating so-called redlining—a bank's refusal to lend to residents in certain neighborhoods marked by a hypothetical red line on a map—and other forms of alleged lending discrimination against minority borrowers. “To this day, the lines of segregation remain evident and their impact persists,” CFPB Director Richard Cordray said in a July 19 speech, as he pledged to fight “active discrimination.”PRO-DTECH III FREQUENCY DETECTOR(Buy/Rent/Layaway)BancorpSouth signed a $10.6 million settlement with the CFPB and the Justice Department on June 29. It didn't admit wrongdoing and it disputed the findings, though it didn't specify which parts. The bank also criticized the methods used in the case. “We have concerns with the way the information was collected, and selectively released,” the Tupelo, Miss.. bank said in a statement, adding that it has “zero tolerance for this type of behavior” from employees.The CFPB's use of undercover investigators “is a worrisome precedent, because...we see more and more aggressive civil law-enforcement activity by the government, so that civil law enforcement borders on, if not bleeds into, criminal law enforcement,” said Andrew Vollmer, a former deputy general counsel at the Securities and Exchange Commission who now teaches at the University of Virginia's law school. “What we do not have are the corresponding protections of the criminal law-enforcement system for the accused.”PRO-DTECH III FREQUENCY DETECTOR(Buy/Rent/Layaway)Sam Gilford, a CFPB spokesman, said the privacy act's limits pertain to personal information collected from individuals and don't apply to cases such as that of BancorpSouth, adding, “The Bureau will continue to use all available tools, as the circumstances warrant, to further its mission of protecting consumers from discrimination.”CFPB critics have previously raised questions about the agency's tactics, including the agency's reliance on educated guesses to identify minority borrowers in auto lending discrimination cases and the unusually heavy application of fines for a real-estate transaction law, now contested in court by lender PHH Corp.WIRELESS/WIRED HIDDENCAMERA FINDER III(Buy/Rent/Layaway)In a case revolving around the scope of the CFPB's investigative authority, a district court in April ruled against the agency's attempt to compel a college accrediting agency to hand over oral testimony in an investigation.PRO-DTECH IV FREQUENCY DETECTOR(Buy/Rent/Layaway)Spokesmen for the SEC and the Financial Crimes Enforcement Network, the Treasury Department's anti-money-laundering unit, said their agencies don't use undercover operations. In 2011, criticism from Republican lawmakers prompted the Department of Health and Human Services to drop plans to use mystery shoppers disguised as patients to probe care access at doctors' offices.Wireless Camera Finder(Buy/Rent/Layaway)In explaining the CFPB's actions, the agency's Mr. Gilford said that “testing has long been an investigative tool used by federal agencies” such as the Justice Department and the Department of Housing and Urban Development.But there appear to be differences between those efforts and the consumer agency's tactics.MAGNETIC, ELECTRIC, RADIO ANDMICROWAVE DETECTOR(Buy/Rent/Layaway)The Justice Department says it does use “testers” for civil fair-housing investigations, although the tactic appears to be applied on a smaller scale than that deployed by the CFPB. It says on its website that the 96 cases resolved using testers since 1992 have yielded a total of $12.9 million in penalties and other damages, about the same size as the single BancorpSouth settlement.COUNTERSURVEILLANCE PROBE / MONITOR(Buy/Rent/Layaway)A HUD spokeswoman said the agency doesn't do undercover investigations itself. But the department does provide funding to nonprofit fair-lending groups that routinely use testers, and HUD uses information gathered by these testers in building its cases.PRO-DTECH FREQUENCY DETECTOR(Buy/Rent/Layaway)The Federal Trade Commission also uses undercover tests to confirm whether certain types of firms, including funeral homes, comply with consumer-protection laws. A former director of the FTC's consumer protection bureau,Lydia Parnes, said the testers “obtained in the shoes of consumers” public information, rather than personal information, so their conduct doesn't call into question privacy laws, echoing the CFPB argument.RF SIGNAL DETECTOR ( FREQUENCY COUNTER)(Buy/Rent/Layaway)Your questions and comments are greatly appreciated.Monty Henry, Owner (function () { var articleId = fyre.conv.load.makeArticleId(null); fyre.conv.load({}, [{ el: 'livefyre-comments', network: "livefyre.com", siteId: "345939", articleId: articleId, signed: false, collectionMeta: { articleId: articleId, url: fyre.conv.load.makeCollectionUrl(), } }], function() {}); }());

Welcome to today's episode with my very special guest. He is the Director of the Consumer Financial Protection Bureau, Richard Cordray. We got together in Washington to mark the fifth anniversary of the CFPB's opening its doors, on July 21, 2011.  I had the pleasure of serving on the Bureau's Consumer Advisory Board, or CAB, for its first three years. It's been fascinating to watch the launch of this agency, which is the first in many years to be built from scratch, as opposed to something like, say, Homeland Security, that amalgamated existing agencies. As Director Cordray says in our discussion, the CFPB has actually faced many of the same challenges as private sector startup. There are obvious differences, of course, but they still began with a small team, like founders, and went through the stresses of very rapid growth amid having to deliver against a lot of tough deadlines - and under a bright floodlight of scrutiny. A unique thing about the CFPB is that it looks at consumer financial services as a holistic marketplace. Most of our financial regulatory system is bank-centric, with numerous agencies closely overseeing bank activities, while nonbank financial companies - while generally subject to the same rules -- don't normally face the constant, close scrutiny that banks do. This has led to a highly uneven marketplace in terms of both de facto regulatory standards and compliance burdens. That unevenness, in turn, produces some unintended consequences. One is uneven protection of consumers based on what financial company they deal with. Another is some distortion of what products banks and nonbanks are willing to offer, based on their assessments of the related regulatory risks. Moving toward a more uniform framework lays groundwork for a system that can potentially be more fair and workable for both consumers and providers. The CFPB has also been a leader in pioneering regulatory exploration of innovation. Its Project Catalyst was the first initiative in the world, to my knowledge, to create a learning laboratory for looking at regulatory issues in innovative fintech.  In our conversation, Director Cordray mentions that they have special powers to allow trial waivers of disclosure rules for companies that have better ideas. They're open for proposals on this -- it would be great to see some new thinking come out of those tests, to move toward updating our old, low-tech disclosure models. I think you'll enjoy hearing Director Cordray's thoughts about Project Catalyst; about how the Bureau thinks about innovation and fintech; and about CFPB itself being a startup and how hard it is to do that inside government. You'll also be interested in what we discussed about the agency's priorities as it enters year six, and about what he has learned from the first five years. Here's more information: CFPB Video: Making Consumers Count Download the full video  5 year anniversary factsheet CFPB's enforcement actions have resulted in $11.7 billion in relief for more than 27 million consumers. They've taken nearly one million consumer complaints. They provided millions of consumers with materials to Know Before You Owe. They issued new rules on mortgage lending  Blog and infographic  Four factsheets by topic: CFPB's work By the Numbers How CFPB supervises financial markets and enforces consumer financial law CFPB's work in developing consumer protections Financial education, engagement, and empowerment The Consumer Financial Protection Bureau at age 5!  Enjoy my conversation with Director Richard Cordray. And a note about our next show.... My guests next time will be the chief compliance officers of two of America's largest banks -Yvette Hollingsworth Clark of Wells Fargo and Kathryn Reimann of Citi, who are leaders in - if you can imagine this phrase - innovating in regulatory compliance.   Subscribe to our Mailing List Sign up with your email address to receive news and updates. Email Address Sign Up We respect your privacy. Thank you!

Week of: Jan 9 – Jan 16, 2012 This week I put on my “strategist’s hat” and discuss the aftermath of the Iowa caucus, Romney’s narrow victory, Santorum’s last minute surge and my predictions for the upcoming New Hampshire and South Carolina primaries. This is the part of politics that I enjoy, working the numbers and determining my predictions for what people can expect and should look out for in the coming weeks. What does Santorum’s surprisingly strong finish (ostensibly tying Romney) mean? How long will the RNC allow the nomination process to remain contested before they step in? Is Mitt Romney’s nomination inevitable or is there still a window for a conservative alternative…and who could that realistically be? Who does the Obama team want (and not want) to run against? Is there still a path for Jon Huntsman and did Obama appoint him as Ambassador to China as a way to remove a potential (and viable) political rival in 2012? Is the continued candidacy of others in the field – and the subsequent splitting of conservative votes – nothing more than an advantage for Romney in the long-run? This week’s show is definitely for my fellow politicos out there, as well as those who wish to gain a better understanding of the primary process and how the different campaigns think | work. I also answer some listener email, discuss the pros and cons of a third party candidate and Obama’s recent recess appointment of Richard Cordray as the head of the newly formed, Consumer Financial Protection Board…a move heshould have done with Elizabeth Warren and ultimately bowed to pressure on. I really enjoyed this week’s discussion and hope that listeners will come away with something new to consider and debate for themselves. As always, enjoy the show! stimulatedboredom.com | facebook.com/stimulatedboredom 

Nicole had effusive praise for President Obama's actions yesterday in making four recess appointments: three to the NLRB, and the fourth, Richard Cordray to head up the Consumer Financial Protection Bureau. Plus a big salute to the Montana Supreme Court for outlawing corporate money in campaigns! Guests are Russ Baker and John Fugelsang

Topics: City, County take sewer service away from Columbus Casino Site; Public Safety Department critic to head the agency; Richard Cordray goes to Washington; Ted Strickland and George Voinovich say their farewells; Red0-light cameras spread in Columbus

Topics: The future of Ohio’s Rail Money; Looming budget cuts; Holding off on commission appointments; Richard Cordray's future - should Strickland fill the Supreme Court vacancy?; Fake TV ads and the federal debt.