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	<title>Business &#38; MoneyTag: Richard Cordray &#124; Business &#38; Money &#124; TIME.com</title>
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		<title>Business &#38; MoneyTag: Richard Cordray &#124; Business &#38; Money &#124; TIME.com</title>
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		<title>As Battle Brews Over Financial Watchdog Agency, A Look at What&#8217;s It&#8217;s Done So Far</title>
		<link>http://business.time.com/2013/01/28/as-battle-brews-over-financial-watchdog-agency-a-look-at-whats-its-done-so-far/</link>
		<comments>http://business.time.com/2013/01/28/as-battle-brews-over-financial-watchdog-agency-a-look-at-whats-its-done-so-far/#comments</comments>
		<pubDate>Mon, 28 Jan 2013 16:00:34 +0000</pubDate>
		<dc:creator>Martha C. White</dc:creator>
				<category><![CDATA[Economy & Policy]]></category>
		<category><![CDATA[Financial Reform]]></category>
		<category><![CDATA[cfpb]]></category>
		<category><![CDATA[Congress]]></category>
		<category><![CDATA[financial reform]]></category>
		<category><![CDATA[financial regulation]]></category>
		<category><![CDATA[Richard Cordray]]></category>

		<guid isPermaLink="false">http://business.time.com/?p=68762</guid>
		<description><![CDATA[When an appeals court ruled that President Obama&#8217;s recess appointments of members of the National Labor Relations Board was unconstitutional, it also threw into doubt the validity of the recess appointment last January of Richard Cordray, director of the Consumer Financial Protection Bureau. There was already a clash shaping up over Cordray&#8217;s reappointment; Obama nominated him Thursday, and Senate Republicans vowed to block the nomination, setting up the same stalemate that led to last year&#8217;s recess appointment in the first place.  The CFPB has had a turbulent childhood, so to speak, since it began operations in July 2011 (for one thing, it operated without a director for six months). Last week&#8217;s NLRB court decision sets a legal precedent, but it won&#8217;t affect the CFPB&#8217;s day-to-day operations, at least not in the near future. &#8220;Going forward, we will continue our essential work to protect American consumers,&#8221; a spokesperson says. The White House can  — and probably will — appeal this decision to the Supreme Court, but the CFPB still faces resistance. It&#8217;s not Cordray himself, a former Ohio attorney general who was aggressive in pursuing mortgage robo-signing fraud, that Congressional Republicans have a problem with. They want to have the bureau overseen by a committee, which supporters of the current structure say would give the industry too much of a chance to exert its influence and water down the rules meant to regulate it. For what it&#8217;s worth, even some in financial services have come around to Cordray over the year he&#8217;s been at the helm of the CFPB. Richard Hunt, president and CEO of the Consumer Bankers Association, told The Hill. “As chair of a commission, he would be a worthwhile, credible candidate.&#8221; &#8220;Our mission is to stand on the side of consumers&#8230; and see that they’re treated fairly,&#8221; Cordray said in a statement last week. So, how&#8217;s that working out? For the average bank accountholder, credit card user, borrower — you know, pretty much all of us — the CFPB has done a lot in its short tenure to implement<img alt="" border="0" src="http://stats.wordpress.com/b.gif?host=business.time.com&#038;blog=31173800&#038;post=68762&#038;subd=timebusinessblog&#038;ref=&#038;feed=1" width="1" height="1" />]]></description>
		<wfw:commentRss>http://business.time.com/2013/01/28/as-battle-brews-over-financial-watchdog-agency-a-look-at-whats-its-done-so-far/feed/</wfw:commentRss>
		<slash:comments>0</slash:comments>
	<primary_category>Financial Reform</primary_category><primary_category_link>http://business.time.com/category/economy-policy/financial-reform-economy-policy/</primary_category_link>
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			<media:title type="html">marthacwhite</media:title>
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	</item>
		<item>
		<title>With Obama Win, Wall Street Cop Stays On the Beat</title>
		<link>http://business.time.com/2012/11/08/with-obama-win-wall-street-cop-stays-on-the-beat/</link>
		<comments>http://business.time.com/2012/11/08/with-obama-win-wall-street-cop-stays-on-the-beat/#comments</comments>
		<pubDate>Thu, 08 Nov 2012 15:02:29 +0000</pubDate>
		<dc:creator>Martha C. White</dc:creator>
				<category><![CDATA[Banking]]></category>
		<category><![CDATA[Borrowing]]></category>
		<category><![CDATA[Credit Cards]]></category>
		<category><![CDATA[Economy & Policy]]></category>
		<category><![CDATA[Educational Financing]]></category>
		<category><![CDATA[Federal Reserve]]></category>
		<category><![CDATA[Financial Education]]></category>
		<category><![CDATA[Financial Regulation]]></category>
		<category><![CDATA[Paying With Plastic]]></category>
		<category><![CDATA[Smart Spending]]></category>
		<category><![CDATA[cfpb]]></category>
		<category><![CDATA[Consumer Financial Protection Bureau]]></category>
		<category><![CDATA[Elizabeth Warren]]></category>
		<category><![CDATA[overdraft protection]]></category>
		<category><![CDATA[overdrafts]]></category>
		<category><![CDATA[payday loans]]></category>
		<category><![CDATA[prepaid debit cards]]></category>
		<category><![CDATA[Private Student Loans]]></category>
		<category><![CDATA[Richard Cordray]]></category>

		<guid isPermaLink="false">http://business.time.com/?p=60476</guid>
		<description><![CDATA[This week’s election was a cliffhanger for many people, but the stakes were higher than most for the director and staff of the Consumer Financial Protection Bureau. The agency, which opened its doors in July 2011, was a lightning rod for Republican criticism of how the Obama Administration and a Democratic-led Congress responded to the financial crisis. During the campaign, Mitt Romney had promised that, if elected, he would repeal the Dodd-Frank financial reform legislation that called for the CFPB’s creation.  Although Governor Romney spoke about the need for financial oversight during his first debate with President Obama, he expressed discontent with the current regulatory framework. He has plenty of company in his party; Republican lawmakers agitated for changes to the CFPB’s structure since it was developed by Massachusetts Senator-elect Elizabeth Warren. Warren was initially considered a shoo-in for the role of director at the CFPB, but Republican backlash prompted President Obama to choose someone considered less controversial: former Ohio Attorney General Richard Cordray, who rose to prominence for his campaign against the foreclosure robo-signing fraud. Nevertheless, GOP senators held up the appointment of Cordray as CFPB director. Cordray eventually was appointed by President Obama in a controversial recess appointment last winter, a move that gave the CFPB the authority to oversee non-bank financial institutions like credit bureaus and payday lenders and do more in the way of rule-making and enforcement. (MORE: Why Dirty-Looking Money Makes Us Spend More) The lawmakers who object to the CFPB, along with the banking industry, said it had too much autonomy; they wanted the agency to have its budget controlled by Congress rather than by the Federal Reserve. They also wanted to see it led by a committee rather than a single director. Consumer advocates said both moves would water down the agency’s authority and make it more like existing regulators — the ones that were unable to stop the financial crisis from happening. Since Cordray took the reins, the CFPB has acted on behalf of the little guy on several different fronts, and<img alt="" border="0" src="http://stats.wordpress.com/b.gif?host=business.time.com&#038;blog=31173800&#038;post=60476&#038;subd=timebusinessblog&#038;ref=&#038;feed=1" width="1" height="1" />]]></description>
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		<slash:comments>5</slash:comments>
	<primary_category>Financial Regulation</primary_category><primary_category_link>http://business.time.com/category/economy-policy/financial-regulation-economy-policy/</primary_category_link><featured_image>http://timebusinessblog.files.wordpress.com/2012/11/1500_cord.jpg?w=240</featured_image>
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			<media:title type="html">Richard Cordray</media:title>
		</media:content>

		<media:content url="http://0.gravatar.com/avatar/9a5a9e4f28beb5afb59b1202632d219a?s=96&#38;d=http%3A%2F%2F0.gravatar.com%2Favatar%2Fad516503a11cd5ca435acc9bb6523536%3Fs%3D96&#38;r=G" medium="image">
			<media:title type="html">marthacwhite</media:title>
		</media:content>
	</item>
		<item>
		<title>Occupy Wall Street Is Only Half Right About Credit Reform</title>
		<link>http://business.time.com/2012/04/09/occupy-wall-street-is-only-half-right-about-credit-reform/</link>
		<comments>http://business.time.com/2012/04/09/occupy-wall-street-is-only-half-right-about-credit-reform/#comments</comments>
		<pubDate>Mon, 09 Apr 2012 10:45:55 +0000</pubDate>
		<dc:creator>Odysseas Papadimitriou</dc:creator>
				<category><![CDATA[Personal Finance]]></category>
		<category><![CDATA[Saving & Spending]]></category>
		<category><![CDATA[cfpb]]></category>
		<category><![CDATA[credit]]></category>
		<category><![CDATA[credit cards]]></category>
		<category><![CDATA[credit scores]]></category>
		<category><![CDATA[FICO]]></category>
		<category><![CDATA[occupy]]></category>
		<category><![CDATA[Occupy Wall Street]]></category>
		<category><![CDATA[OWS]]></category>
		<category><![CDATA[Richard Cordray]]></category>

		<guid isPermaLink="false">http://moneyland.time.com/?p=36172</guid>
		<description><![CDATA[Do we really want to take financial advice from a bunch of kids living in tents? Surprisingly, we just might. Occupy Wall Street’s Alternative Banking Group last month wrote to Consumer Financial Protection Bureau chief Richard Cordray, proposing changes to our nation’s credit scoring system. I agree that the current system is deeply flawed: Who actually likes the idea that a credit bureau can sell our FICO scores to banks while preventing us from finding out what they are? Even so, the Occupiers&#8217; roadmap to a better system may not be the best solution. (MORE: The Jobless Generation) As you’re likely aware, your credit data not only affects your ability to take out a loan, but also the interest rates and insurance premiums you’ll get, whether or not you’ll need a security deposit when leasing an apartment, your eligibility for certain jobs, and countless other key considerations that have enormous impact on consumers&#8216; lives. However, the current system allows the three major credit bureaus (Experian, TransUnion and Equifax) to play favorites with consumer data, ensuring that only themselves and a handful of companies can provide credit-related products and services to consumers. Sometimes, the bureaus simply price out the competition. Other times, they outright withhold data from companies perceived to be competitive threats. For example, in 2009 Experian stopped making the most popular credit score — the FICO score — accessible to consumers. Why? Because in a credit bureau’s ideal world, there would be no competition in the credit scoring business. Withholding data from FICO and thereby preventing consumers from accessing the FICO score would help devalue its importance and make it easier to supplant with in-house alternatives. Consumers’ understanding of their finances was merely acceptable collateral damage in a quest to dominate the market. What can be done? As I see it, there are essentially two routes forward from here &#8212; in addition to the status quo, of course, which I don&#8217;t consider an option. One possible approach &#8212; advocated by Occupy Wall Street &#8211; essentially calls for greater transparency. This plan for credit reform is<img alt="" border="0" src="http://stats.wordpress.com/b.gif?host=business.time.com&#038;blog=31173800&#038;post=36172&#038;subd=timebusinessblog&#038;ref=&#038;feed=1" width="1" height="1" />]]></description>
		<wfw:commentRss>http://business.time.com/2012/04/09/occupy-wall-street-is-only-half-right-about-credit-reform/feed/</wfw:commentRss>
		<slash:comments>0</slash:comments>
	<primary_category>Saving &amp; Spending</primary_category><primary_category_link>http://business.time.com/category/saving-spending/</primary_category_link><featured_image>http://timebusinessblog.files.wordpress.com/2012/04/ows1.jpeg?w=240</featured_image>
		<media:thumbnail url="http://timebusinessblog.files.wordpress.com/2012/04/ows1.jpeg?w=240" />
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			<media:title type="html">Occupy Wall Street</media:title>
		</media:content>

		<media:content url="http://1.gravatar.com/avatar/44310a1af940f994952d1e4db73096cd?s=96&#38;d=http%3A%2F%2F1.gravatar.com%2Favatar%2Fad516503a11cd5ca435acc9bb6523536%3Fs%3D96&#38;r=G" medium="image">
			<media:title type="html">TIME.com</media:title>
		</media:content>
	</item>
		<item>
		<title>Privacy? Here&#8217;s How Data Mining Might Actually Help Consumers</title>
		<link>http://business.time.com/2012/03/06/privacy-heres-how-data-mining-might-actually-help-consumers/</link>
		<comments>http://business.time.com/2012/03/06/privacy-heres-how-data-mining-might-actually-help-consumers/#comments</comments>
		<pubDate>Tue, 06 Mar 2012 11:45:13 +0000</pubDate>
		<dc:creator>Dan Kadlec</dc:creator>
				<category><![CDATA[Economics & Policy]]></category>
		<category><![CDATA[Financial Education]]></category>
		<category><![CDATA[Personal Finance]]></category>
		<category><![CDATA[Planning]]></category>
		<category><![CDATA[apps]]></category>
		<category><![CDATA[cfpb]]></category>
		<category><![CDATA[Consumer Financial Protection Bureau]]></category>
		<category><![CDATA[data mining]]></category>
		<category><![CDATA[mortgage]]></category>
		<category><![CDATA[Richard Cordray]]></category>

		<guid isPermaLink="false">http://moneyland.time.com/?p=34330</guid>
		<description><![CDATA[With so much concern over privacy in the digital world, it&#8217;s worth noting how the careful disclosure of consumer data might actually help. This is especially true in the area of personal finance, where the newly minted federal Task Force on Smart Disclosure seems to be digging in. The White House authorized the task force last summer with the mission of prying loose consumer information and organizing it in a way that helps individuals make smarter money decisions. The big idea here is that more transparency in how people spend and save would create a baseline that helps consumers spot their own weaknesses. It would also help banks and other institutions better understand the needs of their customers. At the policy level, smart disclosure would help raise the nation&#8217;s financial literacy, which would leave us at less risk of a repeat economic meltdown. (MORE: Don&#8217;t Get Your Identity Stolen During Tax Season) This is all open for debate, of course. And clearly individuals&#8217; privacy must be respected. But there is no question that smart disclosure of financial data has the potential to push the nation’s financial education effort forward by a quantum leap. How might it work? Here’s a simple example, which Chris Vein, a White House staffer on technology innovation, recounted last month before a Financial Literacy and Education Commission panel: Officials had recently convinced three utilities in California to disclose detailed energy consumption records, giving 6 million residents easy access to their full history. A friend of Vein’s downloaded her data and was shocked to see how much she was spending. She decided to investigate. “It turns out that her daughter was taking hour-long showers,” Vein said. “Those showers were requiring lots of hot water, and a hot water heater to heat it. They asked their daughter to stop taking long showers. Low and behold, their utility bill dropped precipitously.” This kind of data mining is helpful on a personal level. But it&#8217;s only a small part of what smart disclosure is all about. The real juice is<img alt="" border="0" src="http://stats.wordpress.com/b.gif?host=business.time.com&#038;blog=31173800&#038;post=34330&#038;subd=timebusinessblog&#038;ref=&#038;feed=1" width="1" height="1" />]]></description>
		<wfw:commentRss>http://business.time.com/2012/03/06/privacy-heres-how-data-mining-might-actually-help-consumers/feed/</wfw:commentRss>
		<slash:comments>0</slash:comments>
	<primary_category>Financial Education</primary_category><primary_category_link>http://business.time.com/category/planning/financial-education/</primary_category_link><featured_image>http://timebusinessblog.files.wordpress.com/2012/03/unlock1.jpg?w=240</featured_image>
		<media:thumbnail url="http://timebusinessblog.files.wordpress.com/2012/03/unlock1.jpg?w=240" />
		<media:content url="http://timebusinessblog.files.wordpress.com/2012/03/unlock1.jpg?w=240" medium="image">
			<media:title type="html">unlock</media:title>
		</media:content>

		<media:content url="http://1.gravatar.com/avatar/d69b05e696e822e7e41ae630be72226a?s=96&#38;d=http%3A%2F%2F1.gravatar.com%2Favatar%2Fad516503a11cd5ca435acc9bb6523536%3Fs%3D96&#38;r=G" medium="image">
			<media:title type="html">dankadlec</media:title>
		</media:content>
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		<title>The CFPB Wants to Give You Better Overdraft Fee Protection</title>
		<link>http://business.time.com/2012/02/23/the-cfpb-wants-to-give-you-better-overdraft-fee-protection/</link>
		<comments>http://business.time.com/2012/02/23/the-cfpb-wants-to-give-you-better-overdraft-fee-protection/#comments</comments>
		<pubDate>Thu, 23 Feb 2012 12:00:35 +0000</pubDate>
		<dc:creator>Martha C. White</dc:creator>
				<category><![CDATA[Banking]]></category>
		<category><![CDATA[Personal Finance]]></category>
		<category><![CDATA[Saving & Spending]]></category>
		<category><![CDATA[bank fees]]></category>
		<category><![CDATA[cfpb]]></category>
		<category><![CDATA[Consumer Financial Protection Bureau]]></category>
		<category><![CDATA[overdraft fees]]></category>
		<category><![CDATA[Richard Cordray]]></category>

		<guid isPermaLink="false">http://moneyland.time.com/?p=33807</guid>
		<description><![CDATA[It&#8217;s hard to overstate how much bank customers hate overdraft fees, but we still shelled out nearly $30 billion on them last year. The Federal Reserve attempted to rein in the &#8220;gotcha&#8221; factor with new rules in 2010, but banks have exploited loopholes in them and increased the fees. Now, the Consumer Financial Protection Bureau is trying to finish what the Fed started.  &#8220;Overdraft practices have the capacity to inflict serious economic harm on the people who can least afford it,&#8221; CFPB director Richard Cordray said in a statement announcing an inquiry into overdraft fees. The CFPB is beginning to target consumer and watchdog groups&#8217; main gripes about the current overdraft status quo and the limits to the Fed restrictions. It&#8217;s going to look into whether or not banks use sneaky, deliberately confusing verbiage in their marketing, and if they process transactions by dollar amount rather than chronologically, which maximizes the number of times they can smack customers with an overdraft fee. (MORE: We Paid Almost $30 Billion in Overdraft Fees in 2011) The CFPB is also suspicious of banks&#8217; transparency when it comes to overdraft fees. It wants to find out just how clearly banks explain how to avoid those fees and how readily they volunteer information about less expensive options. To that end, the agency is soliciting comments on a proposed &#8220;penalty fee box,&#8221; described as &#8220;a disclosure on a consumer’s checking account statement that would highlight the amount overdrawn and total overdraft fees charged,&#8221; and launching a consumer education campaign to help people understand the overdraft details they might not be getting from their bank. &#8220;We found consumers are confused about what overdraft opt-in programs do,&#8221; says Susan Weinstock, director of the Safe Checking Project at the Pew Charitable Trusts. &#8220;To make sure consumers understand whether or not they&#8217;ve opted in is really important.&#8221; (MORE: Customers Fight Back Against Overdraft Fee Tricks) In addition, based on research showing that just 9% of checking account customers generate 84% of the $30 billion banks earned in overdraft fees last year, the CFPB is also<img alt="" border="0" src="http://stats.wordpress.com/b.gif?host=business.time.com&#038;blog=31173800&#038;post=57151&#038;subd=timebusinessblog&#038;ref=&#038;feed=1" width="1" height="1" />]]></description>
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		<slash:comments>0</slash:comments>
	<primary_category>Saving &amp; Spending</primary_category><primary_category_link>http://business.time.com/category/saving-spending/</primary_category_link>
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			<media:title type="html">marthacwhite</media:title>
		</media:content>
	</item>
		<item>
		<title>CFPB&#8217;s First Move with a Director in Place: Confront &#8216;Nonbanks&#8217;</title>
		<link>http://business.time.com/2012/01/05/cfpbs-first-move-with-a-director-in-place-confront-nonbanks/</link>
		<comments>http://business.time.com/2012/01/05/cfpbs-first-move-with-a-director-in-place-confront-nonbanks/#comments</comments>
		<pubDate>Thu, 05 Jan 2012 17:43:14 +0000</pubDate>
		<dc:creator>Brad Tuttle</dc:creator>
				<category><![CDATA[Borrowing]]></category>
		<category><![CDATA[Economics & Policy]]></category>
		<category><![CDATA[Mortgages]]></category>
		<category><![CDATA[Personal Finance]]></category>
		<category><![CDATA[Real Estate & Homes]]></category>
		<category><![CDATA[Saving & Spending]]></category>
		<category><![CDATA[banks]]></category>
		<category><![CDATA[cfpb]]></category>
		<category><![CDATA[Consumer Financial Protection Bureau]]></category>
		<category><![CDATA[consumer protection]]></category>
		<category><![CDATA[consumer watchdog]]></category>
		<category><![CDATA[debt collectors]]></category>
		<category><![CDATA[nonbanks]]></category>
		<category><![CDATA[Obama]]></category>
		<category><![CDATA[payday lenders]]></category>
		<category><![CDATA[payday loans]]></category>
		<category><![CDATA[President Obama]]></category>
		<category><![CDATA[Richard Cordray]]></category>

		<guid isPermaLink="false">http://moneyland.time.com/?p=29621</guid>
		<description><![CDATA[One day after President Obama appointed Richard Cordray as director of the Consumer Financial Protection Bureau over the objections of Senate Republicans, the bureau announced the launch of a new &#8220;nonbank supervision program.&#8221; What&#8217;s a &#8220;nonbank&#8221;? That&#8217;s the CFPB&#8217;s term for a lender that doesn&#8217;t have a bank, thrift, or credit union charter. Mortgage lenders, payday loan operations, debt collectors, and consumer reporting agencies are all considered &#8220;nonbanks.&#8221; Millions of Americans deal with nonbanks regularly: Some 20 million consumers utilize payday loan services, while 2 million new mortgages were originated with nonbank lenders in 2010, and 14% of consumers have debt collectors after them. (MORE: The 3 Silliest Remarks from the Senate&#8217;s Cordray Hearing) The CFPB&#8217;s new supervision program doesn&#8217;t create any new regulations for nonbanks to follow. Instead, the program is intended to ensure that nonbanks comply with existing federal regulations. In a press release, the bureau&#8217;s new director explained why the new program is essential: &#8220;This is an important step forward for protecting consumers,&#8221; said Richard Cordray, Director of the CFPB. &#8220;Holding both banks and nonbanks accountable to consumer financial laws will help create a fairer, more transparent market for consumers. It will create a better environment for the honest businesses that serve them. And it will help the overall economic stability of our country.&#8221; During a speech on Thursday at the Brookings Institution, Cordray focused especially on concerns over nonbank mortgage lenders. &#8220;Novel and exotic mortgages battered housing markets and triggered the financial crisis that wrecked the economy and hurt millions,&#8221; Cordray said. &#8220;Since most of these businesses are not used to any federal oversight, our new supervision program may be a challenge for them. &#8230; But we must establish clear standards of conduct so that all financial providers play by the rules.&#8221; The CFPB launched a similar supervision program last July, aimed specifically at oversight of banks. Now, the CFPB will have the authority to supervise nonbanks as well. (MORE: Who Is Richard Cordray? Ten Quotes Tell All) Instead of relying on &#8220;after-the-fact&#8221; investigations of potential<img alt="" border="0" src="http://stats.wordpress.com/b.gif?host=business.time.com&#038;blog=31173800&#038;post=29621&#038;subd=timebusinessblog&#038;ref=&#038;feed=1" width="1" height="1" />]]></description>
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		<slash:comments>0</slash:comments>
	<primary_category>Real Estate &amp; Homes</primary_category><primary_category_link>http://business.time.com/category/personal-finance-2/real-estate-homes/</primary_category_link><featured_image>http://timebusinessblog.files.wordpress.com/2012/01/corday11.jpg?w=240</featured_image>
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			<media:title type="html">Cordray</media:title>
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		<media:content url="http://0.gravatar.com/avatar/f8de938518e7b986d552694ed99aa54d?s=96&#38;d=http%3A%2F%2F0.gravatar.com%2Favatar%2Fad516503a11cd5ca435acc9bb6523536%3Fs%3D96&#38;r=G" medium="image">
			<media:title type="html">bradtuttle</media:title>
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		<title>Obama Expected to Appoint Consumer Financial Protection Bureau Chief</title>
		<link>http://business.time.com/2012/01/04/obama-expected-to-appoint-consumer-financial-protection-bureau-chief/</link>
		<comments>http://business.time.com/2012/01/04/obama-expected-to-appoint-consumer-financial-protection-bureau-chief/#comments</comments>
		<pubDate>Wed, 04 Jan 2012 16:14:42 +0000</pubDate>
		<dc:creator>Martha C. White</dc:creator>
				<category><![CDATA[Economics & Policy]]></category>
		<category><![CDATA[Personal Finance]]></category>
		<category><![CDATA[cfpb]]></category>
		<category><![CDATA[Congress]]></category>
		<category><![CDATA[Consumer Financial Protection Bureau]]></category>
		<category><![CDATA[Credit Card reform]]></category>
		<category><![CDATA[Private Student Loans]]></category>
		<category><![CDATA[Richard Cordray]]></category>
		<category><![CDATA[Student Loan Reform]]></category>

		<guid isPermaLink="false">http://moneyland.time.com/?p=29537</guid>
		<description><![CDATA[President Obama is reportedly planning to name Richard Cordray as director of the Consumer Financial Protection Bureau in a recess appointment today, which means the drawn-out Congressional standoff over Cordray&#8217;s nomination to head the watchdog agency may be drawing to a close. Last year, 45 Senate Republicans blocked a procedural vote that would have allowed a majority to approve Cordray&#8217;s nomination because they objected to the structure of the CFPB and feared it would have too much power. But with Congress not in session, President Obama is using this as an opportunity to bypass Senate confirmation, which will surely anger Republicans but allow the president to install Cordray, something he&#8217;s been trying to do for months. “With a director finally in place and no question about its powers, the Consumer Financial Protection Bureau can start scrutinizing unfair practices by debt collectors, mortgage brokers, credit reporting agencies, and predatory payday lenders,&#8221; Lauren Saunders, managing attorney at nonprofit group the National Consumer Law Center, said in a statement. With a director, the CFPB will have full authority to police nonbank financial service providers like credit reporting agencies and private student loan companies. (MORE: The 3 Silliest Remarks From the Senate’s Cordray Hearing) Even without a director, the CFPB has been able to get some tasks accomplished. It collected and evaluated consumers&#8217; complaints about credit card companies and is developing model disclosure boxes for credit cards and mortgages that spell out fees and costs borrowers will incur. (A version of a similar form for checking accounts, created by the Pew Charitable Trusts, was recently adopted by Chase for its basic checking account.) It&#8217;s also tackling abuses in student lending and in financial products that target military service members. Bloomberg, which cited unnamed sources when reporting that President Obama is considering a recess appointment, says the White House is steeling itself for a court battle with Republicans over the nomination. Recess appointments are nothing out of the ordinary; George W. Bush made 171 during his time in office, 99 of which were for full-time positions,<img alt="" border="0" src="http://stats.wordpress.com/b.gif?host=business.time.com&#038;blog=31173800&#038;post=29537&#038;subd=timebusinessblog&#038;ref=&#038;feed=1" width="1" height="1" />]]></description>
		<wfw:commentRss>http://business.time.com/2012/01/04/obama-expected-to-appoint-consumer-financial-protection-bureau-chief/feed/</wfw:commentRss>
		<slash:comments>0</slash:comments>
	<primary_category>Economics &amp; Policy</primary_category><primary_category_link>http://business.time.com/category/personal-finance-2/economics-policy/</primary_category_link>
		<media:content url="http://0.gravatar.com/avatar/9a5a9e4f28beb5afb59b1202632d219a?s=96&#38;d=http%3A%2F%2F0.gravatar.com%2Favatar%2Fad516503a11cd5ca435acc9bb6523536%3Fs%3D96&#38;r=G" medium="image">
			<media:title type="html">marthacwhite</media:title>
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		<title>Committee Approves Cordray for CFPB, Senate Fight Next</title>
		<link>http://business.time.com/2011/10/06/committee-approves-cordray-for-cfpb-senate-fight-next/</link>
		<comments>http://business.time.com/2011/10/06/committee-approves-cordray-for-cfpb-senate-fight-next/#comments</comments>
		<pubDate>Thu, 06 Oct 2011 17:45:53 +0000</pubDate>
		<dc:creator>Martha C. White</dc:creator>
				<category><![CDATA[Economics & Policy]]></category>
		<category><![CDATA[Personal Finance]]></category>
		<category><![CDATA[cfpb]]></category>
		<category><![CDATA[Elizabeth Warren]]></category>
		<category><![CDATA[financial reform]]></category>
		<category><![CDATA[financial regulation]]></category>
		<category><![CDATA[Richard Cordray]]></category>

		<guid isPermaLink="false">http://moneyland.time.com/?p=20949</guid>
		<description><![CDATA[As expected, the Senate Banking Committee approved Richard Cordray on a party line vote today to direct the new Consumer Financial Protection Bureau. It&#8217;s a largely symbolic vote because the next step would be a vote by the entire Senate, and 44 Republican senators have said they&#8217;ll block the approval of anyone nominated to the director&#8217;s position, even as populist discontent against financial institutions is on the rise. The committee vote to approve Cordray was 12 to 10, with Democrats approving and Republicans voting it down. With a grassroots stirring of anger against banks taking hold across the country in the form of &#8220;Occupy Wall Street&#8221; protests, it&#8217;s likely that lawmakers who support Cordray and the mission of the CFPB will push their colleagues to accept the former attorney general of Ohio as a leader for the new agency. Treasury Secretary Timothy Geithner is already doing just that. He spoke to the committee on Thursday and pressed them to approve Cordray. (PHOTOS: &#8216;Occupy Wall Street&#8217; Protesters in New York, Other Cities) Without the CFPB, he pointed out, numerous companies that provide financial products and services are under no federal regulation at all. This lack of oversight, &#8220;was the exactly the same mistake that left us so vulnerable to the financial crisis we went through,” Geithner told committee members. President Obama has already said he&#8217;ll veto GOP-backed legislation that would weaken the CFPB&#8217;s powers. A White House blog post this morning also made the case for a fully functioning CFPB. &#8220;Without a director, the CFPB will be unable to ensure that banks, debt collectors, private student loan providers and payday loan providers play are properly supervised and that consumers are not put at risk,&#8221; it reads. (MORE: What Do You Think the CFPB Should Crack Down On?) Richard Cordray was appointed by President Obama to direct the CFPB after Elizabeth Warren, who was instrumental in creating the structure of the agency and was widely considered the top pick to run the Bureau, was vociferously objected to by some lawmakers. Warren has<img alt="" border="0" src="http://stats.wordpress.com/b.gif?host=business.time.com&#038;blog=31173800&#038;post=20949&#038;subd=timebusinessblog&#038;ref=&#038;feed=1" width="1" height="1" />]]></description>
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		<slash:comments>0</slash:comments>
	<primary_category>Economics &amp; Policy</primary_category><primary_category_link>http://business.time.com/category/personal-finance-2/economics-policy/</primary_category_link>
		<media:content url="http://0.gravatar.com/avatar/9a5a9e4f28beb5afb59b1202632d219a?s=96&#38;d=http%3A%2F%2F0.gravatar.com%2Favatar%2Fad516503a11cd5ca435acc9bb6523536%3Fs%3D96&#38;r=G" medium="image">
			<media:title type="html">marthacwhite</media:title>
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		<title>The 3 Silliest Remarks From the Senate&#8217;s Cordray Hearing</title>
		<link>http://business.time.com/2011/09/07/the-3-silliest-remarks-from-the-senates-cordray-hearing/</link>
		<comments>http://business.time.com/2011/09/07/the-3-silliest-remarks-from-the-senates-cordray-hearing/#comments</comments>
		<pubDate>Wed, 07 Sep 2011 19:05:57 +0000</pubDate>
		<dc:creator>Martha C. White</dc:creator>
				<category><![CDATA[Economics & Policy]]></category>
		<category><![CDATA[Personal Finance]]></category>
		<category><![CDATA[cfpb]]></category>
		<category><![CDATA[Congress]]></category>
		<category><![CDATA[Consumer Financial Protection Bureau]]></category>
		<category><![CDATA[Richard Cordray]]></category>
		<category><![CDATA[Senate]]></category>

		<guid isPermaLink="false">http://moneyland.time.com/?p=17617</guid>
		<description><![CDATA[Richard Cordray, the former Ohio attorney general picked by President Obama to lead the Consumer Financial Protection Bureau, had a hearing with the Senate Banking Committee Tuesday. The elephant in the room — no pun intended — is that 44 Republican senators have said they&#8217;ll block the confirmation of any director to head the new CFPB unless the Obama administration agrees to substantially change the agency&#8217;s makeup in a way that would almost certainly curtail its ability to crack down on providers of predatory financial products. Most of the senators conducting the questioning were pro-CFPB, so the exchanges with Cordray were mostly non-combative, although Robert Menendez (D-N.J.) tried to prod him into pointing out that none of the lawmakers objecting to his confirmation had called his qualifications into question. But two members of the committee tried to argue that a consumer finance watchdog is a bad idea and wound up saying some pretty ridiculous things in the process. (MORE: Even More Credit Scores: Good or Bad for Consumers?) 1) &#8220;The director will be virtually free of any constraints on his authority,&#8221; he claimed. &#8220;It&#8217;s only a matter of time before this concentration of power is abused or misused.&#8221; &#8211; Senator Richard Shelby (R-Ala.) GOP senators are demanding is that the CFPB be led by a committee rather than a single director, claiming that a single-director model puts too much power in one person&#8217;s hands and would be unprecedented in the financial regulatory structure. Both the Federal Housing Finance Agency, which just filed lawsuits against a slew of big banks for selling junk mortgages to investors, and the Office of the Comptroller of the Currency have single directors. For its part, the OCC has been described variously as an &#8220;enabler&#8221; of bad bank behavior and &#8220;asleep at the wheel,&#8221; so a single director doesn&#8217;t necessarily lead to heavy-handed regulation. 2)  &#8220;We&#8217;re creating an environment … encouraging people to default.&#8221; - Senator Bob Corker (R-Tenn.) Corker asked the would-be director how he felt about credit-card late fees, and Cordray said he&#8217;d pushed to have the government put<img alt="" border="0" src="http://stats.wordpress.com/b.gif?host=business.time.com&#038;blog=31173800&#038;post=17617&#038;subd=timebusinessblog&#038;ref=&#038;feed=1" width="1" height="1" />]]></description>
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		<slash:comments>0</slash:comments>
	<primary_category>Economics &amp; Policy</primary_category><primary_category_link>http://business.time.com/category/personal-finance-2/economics-policy/</primary_category_link><featured_image>http://timebusinessblog.files.wordpress.com/2011/09/cordray11.jpg?w=240</featured_image>
		<media:thumbnail url="http://timebusinessblog.files.wordpress.com/2011/09/cordray11.jpg?w=240" />
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			<media:title type="html">Richard Cordray</media:title>
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		<media:content url="http://0.gravatar.com/avatar/9a5a9e4f28beb5afb59b1202632d219a?s=96&#38;d=http%3A%2F%2F0.gravatar.com%2Favatar%2Fad516503a11cd5ca435acc9bb6523536%3Fs%3D96&#38;r=G" medium="image">
			<media:title type="html">marthacwhite</media:title>
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		<title>CFPB Will Tackle Credit Card Issues Soon, Advocates Predict</title>
		<link>http://business.time.com/2011/07/21/cfpb-will-tackle-credit-card-issues-soon-advocates-predict/</link>
		<comments>http://business.time.com/2011/07/21/cfpb-will-tackle-credit-card-issues-soon-advocates-predict/#comments</comments>
		<pubDate>Thu, 21 Jul 2011 14:02:08 +0000</pubDate>
		<dc:creator>Martha C. White</dc:creator>
				<category><![CDATA[Banking]]></category>
		<category><![CDATA[Economics & Policy]]></category>
		<category><![CDATA[Personal Finance]]></category>
		<category><![CDATA[cfpb]]></category>
		<category><![CDATA[Consumer Financial Protection Bureau]]></category>
		<category><![CDATA[Credit Card reform]]></category>
		<category><![CDATA[credit cards]]></category>
		<category><![CDATA[debit cards]]></category>
		<category><![CDATA[Elizabeth Warren]]></category>
		<category><![CDATA[Richard Cordray]]></category>

		<guid isPermaLink="false">http://moneyland.time.com/?p=12382</guid>
		<description><![CDATA[The Consumer Financial Protection Bureau officially opens its doors today, and it's designed to crack down on things like predatory loans and misleading mortgage contracts.<img alt="" border="0" src="http://stats.wordpress.com/b.gif?host=business.time.com&#038;blog=31173800&#038;post=12382&#038;subd=timebusinessblog&#038;ref=&#038;feed=1" width="1" height="1" />]]></description>
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		<slash:comments>0</slash:comments>
	<primary_category>Economics &amp; Policy</primary_category><primary_category_link>http://business.time.com/category/personal-finance-2/economics-policy/</primary_category_link>
		<media:content url="http://0.gravatar.com/avatar/9a5a9e4f28beb5afb59b1202632d219a?s=96&#38;d=http%3A%2F%2F0.gravatar.com%2Favatar%2Fad516503a11cd5ca435acc9bb6523536%3Fs%3D96&#38;r=G" medium="image">
			<media:title type="html">marthacwhite</media:title>
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		<title>Richard Cordray, Top Consumer Advocate Nominee, in 10 Quotes</title>
		<link>http://business.time.com/2011/07/18/richard-cordray-nominee-to-be-nations-top-consumer-advocate-in-10-quotes/</link>
		<comments>http://business.time.com/2011/07/18/richard-cordray-nominee-to-be-nations-top-consumer-advocate-in-10-quotes/#comments</comments>
		<pubDate>Mon, 18 Jul 2011 14:59:16 +0000</pubDate>
		<dc:creator>Brad Tuttle</dc:creator>
				<category><![CDATA[Banking]]></category>
		<category><![CDATA[Borrowing]]></category>
		<category><![CDATA[Personal Finance]]></category>
		<category><![CDATA[Consumer Federation of America]]></category>
		<category><![CDATA[Consumer Financial Protection Bureau]]></category>
		<category><![CDATA[Elizabeth Warren]]></category>
		<category><![CDATA[Obama]]></category>
		<category><![CDATA[Richard Cordray]]></category>

		<guid isPermaLink="false">http://moneyland.time.com/?p=12139</guid>
		<description><![CDATA[President Obama nominated Richard Cordray, the former attorney general of Ohio, to officially have your back. Here are 10 key quotes to better understand him.<img alt="" border="0" src="http://stats.wordpress.com/b.gif?host=business.time.com&#038;blog=31173800&#038;post=12139&#038;subd=timebusinessblog&#038;ref=&#038;feed=1" width="1" height="1" />]]></description>
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		<slash:comments>0</slash:comments>
	<primary_category>Borrowing</primary_category><primary_category_link>http://business.time.com/category/saving-spending/borrowing-saving-spending/</primary_category_link><featured_image>http://timebusinessblog.files.wordpress.com/2011/07/richard1.jpg?w=240</featured_image>
		<media:thumbnail url="http://timebusinessblog.files.wordpress.com/2011/07/richard1.jpg?w=240" />
		<media:content url="http://timebusinessblog.files.wordpress.com/2011/07/richard1.jpg?w=240" medium="image">
			<media:title type="html">Richard Cordray</media:title>
		</media:content>

		<media:content url="http://0.gravatar.com/avatar/f8de938518e7b986d552694ed99aa54d?s=96&#38;d=http%3A%2F%2F0.gravatar.com%2Favatar%2Fad516503a11cd5ca435acc9bb6523536%3Fs%3D96&#38;r=G" medium="image">
			<media:title type="html">bradtuttle</media:title>
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