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CFPB whistleblower says Cordray told her to ‘back down’

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Mortgage Professional America | 03 Apr 2014, 01:56 PM Agree 0
Testifying before the House Financial Services Committee’s Oversight and Investigations subcommittee, CFPB senior enforcement attorney Angela Martin said Director Richard Cordray told her to back off after she filed complaints against the agency
  • Matt W. | | 03 Apr 2014, 02:10 PM Agree 0
    What else is new??? The CFPB arises out of nowhere with absolutely nobody holding them accountable for anything, no oversight, no budget, nothing. And they are out there "protecting the consumers"? Garbage.
  • Viva la Revolucion | | 03 Apr 2014, 02:10 PM Agree 0
    It's all of a sudden not so fun when the tip of the spear is aimed at you now, is it Dick?
  • Mario Ingraffia | | 03 Apr 2014, 02:12 PM Agree 0
    "Power tends to corrupt, and absolute power corrupts absolutely. Great men are almost always bad men."

    "Unlimited power is apt to corrupt the minds of those who possess it"
  • Broker Mark | | 03 Apr 2014, 02:12 PM Agree 0
    "I have concluded that the Bureau is sorely in need of effective oversight" Agreed! I wished she had recorded the conversation, but if true this could push the hand for a major over hall. Good news for Brokers and originators alike.
  • Alpha | | 03 Apr 2014, 02:18 PM Agree 0
    "The CFPB discounted the report cause of Anonymous Data yet they use Anonymous Data for employee review." Heck dont they use Anonymous Data against lenders.
  • Ben | | 03 Apr 2014, 02:19 PM Agree 0
    Just another useless bureaucracy.
  • 2B | | 03 Apr 2014, 02:20 PM Agree 0
    Watch the video:
    2:41:00 She says there no leaders at the CFPB. SHe had spent 10 yr in the military and she has seen no leaders in the CFPB.

    Remember, she worked directly for Cordray. He personally hired her.
  • David T | | 03 Apr 2014, 02:26 PM Agree 0
    Wait, so you're telling me that Congress created a cabinet level department, gave it virtual untouchabe autonomy with no entity to report to... and they have a problem with attitudes, ethics, nepotism, and favoritism.

    No WAY. That CAN'T BE possible.
  • Donald V Menasco | | 03 Apr 2014, 02:27 PM Agree 0
    Any agency of the Government that has no oversight and inexperienced personnel will have this type of atmosphere and will hurt the people they are there to protect.
    They should have personnel from the industry itself. There are many excellent people that would be willing to serve in the CFPB that have many years experience that would be more practical at running the agency and benefiting everyone other than there selves.
  • jb | | 03 Apr 2014, 02:30 PM Agree 0
    Get rid of these people, they are a joke and a drain on the tax payer.
  • Cheryl M | | 03 Apr 2014, 02:36 PM Agree 0
    Exclusion? or Hormones, now imagine being a consumer. It is all in the timing at this agency they do need a little more open government that' for sure
  • Caymankid | | 03 Apr 2014, 03:19 PM Agree 0
    What the heck.............are any of u surprised!!
    How many of your clients actually understand the mortgage application paperwork? When a kid is left home alone, bad things happen!
  • Martin H | | 03 Apr 2014, 03:30 PM Agree 0
    There are supervisory personnel in place who worked in the industry they're regulating (or preparing to regulate). We need to wait for the facts to come out. The notion that because M. Martin and her attorney have made allegations and those allegations must be true is ridiculous. You'd think likewise if they eminated from within your own company. Was she a disgruntled employee? Considering the esteem that Corddry was held in as Ohio's AG, I would guess that he has a fair amount of leadership ability.
  • Elaine | | 03 Apr 2014, 03:30 PM Agree 0
    What??? He called her to tell her to "back-off" and the "payback" was going to be a different job in a different Agency. How old is this guy Cordray?? That is such "old" back-room crap that it isn't funny anymore.
  • Cary Michael | | 03 Apr 2014, 03:44 PM Agree 0
    Sounds like Cordray is in "JEOPARDY".

    "Alex", "I'll take government administrators sent to prison for $1000"
  • Jim V | | 03 Apr 2014, 03:47 PM Agree 0
    Just the other day I told a vendor of the bank that "The customers were the forgotten souls of Dodd-Frank."
  • Steve Harkness | | 05 Apr 2014, 11:14 AM Agree 0
    I am reading the comments and chuckling to myself. As a licensed Mortgage Broker that ran a small business that provided family wage jobs into the local community that I and others like me had faithfully served for 21st years, we were wiped out by Richard Corduroy CFPB. You see what everyone Dr ones not realize is that this rogue agency create by Congressman Barney Franks as he was leaving office HAS ZERO OVERSITE. They can do what ever they please. Discriminate, sexual harrassment, unfair business practices you name it and hee is why. This supposed Consumer Finance Protection Agency is nothing but top members of the Federal Reserve which is another word for the MEGA BANKS. They ARE NOT funded by Congress! In fact Congress has ZERO control over this monster and if your concerned....you should be. They set their own salaries....All way in excess of 100 per year. The just spent countless millions renovating their new office.....A building they do not even own. What this agency is in truth is a rogue monster set up by a Congressman who was on his way out of office and I am sure NOW connected with the Federal Reserve in some manor. People. ...you need to wake up and pay attention to what's going on. Not what the news says because in truth that's owned by the Koch Brothers and all you are going to hear is what they want you to hear. This mobster known as the CFPB and Richard Corduroy needs to be taken down before they become too powerful features for even Congress tty of legislate against.
  • Elaine | | 06 Apr 2014, 04:24 PM Agree 0
    Amen to Steve's comments. I kept wondering why no one was up-in-arms over the formation of this new entity, but it seems like everyone was asleep at the wheel. I agree, the sooner this monster is eliminated, the better.
  • Jo C | | 07 Apr 2014, 12:11 PM Agree 0
    I'm with Steve and Elaine! Cordray has proven that he is nothing more than a volatile bully. And my tax dollars are paying for this! HONESTLY! 2 many people running the show are drinking the same kool-aid. What we need are people running the agency who truly are experienced mortgage banking professionals, OR AXE THE AGENCY ALL TOGETHER! We are destroying consumer confidence by allowing this rogue monster to remain unaccountable to the very people to whom they are appointed to serve. What has resulted is this... we are paying clueless people 6 figure incomes and giving them a title to do a job about which they have no field of reference. Senator Warren???? Hello???? is anyone home??????????? Thanks Barney...way to go on this one! Get incompetent people hired and exit stage right before the tomatoes are thrown!

  • 2Bsquare | | 07 Apr 2014, 01:31 PM Agree 0
    Most of the salaries are closer to the 175k range. Run the names through Data Universe
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