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Dictator, czar or nanny? Republicans blast Cordray's power

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Mortgage Professional America | 28 Oct 2013, 07:12 AM Agree 0
Republican lawmakers have taken aim at the CFPB, accusing the organization of having excessive power with no checks or balances
  • Rob | | 28 Oct 2013, 08:29 AM Agree 0
    Everyone needs to remember that he was also illegally appointed during a questionable recess of Congress, but nobody followed up on that either. They get away with so many things these days, cheating is the new norm with this administration.
  • Griff | | 28 Oct 2013, 09:12 AM Agree 0
    Have to say I agree with the Republicans on this one.
  • sal | | 28 Oct 2013, 09:14 AM Agree 0
    its about time something is done with the cfpb abuse of power. dodd-frank have created a monster. they have crippled the lending industry, and made the average American suffer. please restructure this organization before they destroy the American dream of home ownership.
  • Traci | | 28 Oct 2013, 09:16 AM Agree 0
    Funny the Congress is blasting the CFBP now...why didn't they read the Dodd-Frank Bill completely and amend it before passing it. Oh wait, that makes too much common sense to do. Pass a Bill, it becomes Law, then fight to amend it...sounds like Obamacare situation. But I do agree CFPB is way too uncontrolled and unrestrained!!
  • Jeff Bode | | 28 Oct 2013, 09:20 AM Agree 0
    I concur that the CFPB Commissioner has too much power, but fortunately he has not abused it.
  • Bill in Florida | | 28 Oct 2013, 09:22 AM Agree 0
    Well what do you know? 2 bad nothing will probably come of this. Even if the Repub's try to reduce or limit the CFPB's power and authority Hary over in the Senate won't olet it see daylight or if it did...Obama wold veto it. Don't you know...common sense and good business decisions have nothing to do with this regime. This is what happens when the president is allowed this much power with little or no real oversight. One more Czsar to circumvent congress. Name one thing that has worked out well for the American populace with this ilk at the wheel!
  • Dan | | 28 Oct 2013, 09:28 AM Agree 0
    Seems to me the congress goofed yet again. You would think the congress would have had this discussion before the CFPB was created. The lending industry said there would be NO accountability, checks and balances if placed under the Federal Reserve. And here we are point proven. Now fix your ooops congress!
  • AJ | | 28 Oct 2013, 09:31 AM Agree 0
    Created to regulated and protect consumers and the countrie's financial system from banks with assets in excess of 1Bill but now amending regulations left andf right without applicability exceptions. Where is the FRB the FDIC and the OCC on all this. Seems the primary mission is to elliminate small community banks and Cred Unions
  • 40 Years in the business | | 28 Oct 2013, 09:45 AM Agree 0
    If these claims are true, that coupled with the lack of financial expertise on the part of Mr. Cordray and most of his team are a very toubling and potentially dangerous combination for this country and its citizens. Clearly by restraining credit in unwarranted, overprotective ways, they also pose a dire threat to the nation's economy. This needs to be changed quickly.
  • Eddie Rogers | | 28 Oct 2013, 09:48 AM Agree 0
    Amen Jeb! But what has taken you guys so long to realize this?
  • Brett | | 28 Oct 2013, 11:06 AM Agree 0
    Finally it looks like at least one person in congress gets it
  • 2Bsquare | | 28 Oct 2013, 11:25 AM Agree 0
    Sound statement by Jeb, but where has he been for the past 4 yrs. ICBA, ABA and NAIHP have been pushing back on CFPB. According to a CSBS Study in Q1, Sate Regulated entities originated half of the mortgages in 2012, and 75% were brokering mortgages.
  • Ron T | | 28 Oct 2013, 02:48 PM Agree 0
    CFPB needs congressional oversight and budget approval
  • Colorado CPA | | 30 Oct 2013, 06:18 AM Agree 0
    CFPB just stopped a large national servicer abusing one of my clients. Hurray for CFPB!! Finally someone to put into check these servicers that think they can bull doze down the consumer
  • Manhattan Manager | | 13 Nov 2013, 01:27 PM Agree 0
    A) Jeb Hensarling is a joke, just google the guy for goodness sake.
    B) You cannot lambaste the government without asking why something was implemented and who was behind it. Our government is run by puppets; and the largest financial institutions in our country hold the strings. We smaller companies: the regional banks, brokers and bankers, may be really pissed about Dodd-Frank but the whole modern regulatory environment has been put in place to eliminate competition and further monopolize the industry. Both parties are full of fools, but you need to look a bit beyond the [insert scary fox news overture] President Obama, Senator Harry Reid or those evil Democrats [note sarcasm]. It is not some cabal from the diabolical left wing. This is coming from those captains of industry, those job creators, those to-big-to-fail institutions that have done nothing but try and strip this country back down to the 19th century. Yay crony-capitalism!
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