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Consumer Financial Protection Bureau

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NEWS
January 13, 2012
Republicans lament the action taken by our president to make a recess appointment - finally - to head the Consumer Financial Protection Bureau, a valuable government agency. I do not know the likely outcome of any challenge to this action, but hope that it stands in the face of obstructionists who want to subvert consumer protection law. Americans deserve such protection as evidenced by the preponderance of subterfuge in the past decade. Since they claim to have no issue with the appointee (former Ohio Attorney General Richard Cordray)
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BUSINESS
Lorraine Mirabella | August 14, 2014
If you had a complaint about your credit card last year, about billing or fraud, for instance, you were more likely to live in Maryland than North Dakota. Mid-Atlantic residents had the most credit card complaints per capita, with Maryland ranked overall in the U.S. as the state with the third highest number of complaints, according to a new study. Consumer website ValuePenguin analyzed the more than 13,000 complaints collected by the Consumer Financial Protection Bureau in 2013 to come up with its findings.
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NEWS
July 7, 2011
Eileen Ambrose 's article about Elizabeth Warren ("Consumer advocate feared by financial institutions appears in Baltimore," July 3) faithfully captured the confidence placed in her by average Americans. If we are to avoid a repeat of the recent economic recession caused by criminal fraud perpetrated by Wall Street manipulators and big banks, we need an effective Consumer Financial Protection Bureau headed by Elizabeth Warren. President Obama must draw a line in the sand and not allow dangerous elements in the Congress to derail her appointment.
BUSINESS
By Jamie Smith Hopkins, The Baltimore Sun | March 31, 2014
When the company Maggie Argent hired to make her mother's headstone didn't do the work, she turned to the forum that gives aggrieved customers an outlet — in the court of public opinion, if nothing else: the Internet. Argent's online complaint against the Glen Burnie firm was part of a spurt of similar grievances against it late last year. She doesn't hold out much hope of getting her money back, but she appreciated the details she found from people in the same situation. "You really get a lot of information about what happened," said Argent, a Baltimore attorney.
BUSINESS
By Eileen Ambrose, The Baltimore Sun | January 18, 2011
Maryland's Commissioner of Financial Regulation, along with regulators in other states, has agreed to cooperate with the new Consumer Financial Protection Bureau on supervising providers of consumer financial products, Maryland officials announced Tuesday. As part of this memorandum of understanding, state regulators and the new federal consumer bureau agree to consult each other on the procedures and practices used when conducting compliance examinations on businesses such as banks, mortgage lenders and money transmitters.
BUSINESS
By Eileen Ambrose, The Baltimore Sun | January 9, 2012
To: Richard Cordray, Director Consumer Financial Protection Bureau Dear Mr. Cordray: First, congratulations on your appointment to lead the Consumer Financial Protection Bureau. Unless the banking interests have their way, your appointment is expected to last at least through the end of next year. And now with a director in place, the agency will be able to exercise its full powers to oversee such groups as payday lenders, credit bureaus and private education lenders. Granted, you have a lot on your plate, but here are a few suggestions on where to focus your attention: Payday lenders They provide advances on paychecks, and the fees charged are the equivalent of an annual interest rate of a few hundred percent.
BUSINESS
By Eileen Ambrose, The Baltimore Sun | May 8, 2011
The new Consumer Financial Protection Bureau won't assume its powers until July, but efforts are under way to weaken the federal agency before it gets off the ground. Republicans recently introduced several bills that would tamper with the bureau's funding, make it easier for its regulations to be overturned and even delay its launch. Three of them are expected to be taken up by the House Financial Services Committee this week. And last week, 44 Republican Senators sent a letter to President Barack Obama saying they won't approve anyone he nominates to lead the agency unless it's restructured in a way that would reduce its power and independence.
BUSINESS
By Eileen Ambrose, The Baltimore Sun | April 4, 2011
Corinne Cooper wants something done about insurers raising homeowners' premiums based on credit scores. Robert Kane advocates for more protections when consumers deal with cellphone and Internet providers. And Shane Algarin recommends making it harder for thieves to use stolen credit cards. These are some of the hundreds of suggestions pouring into the new Consumer Financial Protection Bureau. The federal agency is still setting up. But it launched a website in early February to gather consumers' input and is reaching out to them on Twitter, Facebook and YouTube, too. "The site is not like any other government site I have seen," says Eric Jones, a vice president with R2Integrated, a digital marketing and Web technology firm in Baltimore.
BUSINESS
July 20, 2011
A liberal political group is pushing Elizabeth Warren candidacy for the Senate now that President Obama has decided not to name her to lead the new Consumer Financial Protection Bureau. Warren dreamed up the idea of the new agency, but Republicans in Congress vehemently oppose her and the bureau. Progressive Change Campaign Committee has been trying to get signatures and donations for the Harvard law professor's potential race to represent Massachusetts in the U.S. Senate. The “Draft Elizabeth Warren” campaign has so far raised $45,300 and collected 25,548 signatures.
NEWS
May 11, 2011
Eileen Ambrose 's Op-Ed column on the Consumer Financial Protection Bureau rightly notes that the priorities of Elizabeth Warren, the consumer advocate many people expect President Obama to nominate to head the agency, "aren't as extreme as some business groups fear" ("Critics continue efforts to chip away at the new Consumer Financial Protection Bureau," May 8). In fact, they're not extreme at all. Although she is now under attack from the right as if she were some kind of radical, Ms. Warren is a brilliant, long-time champion of middle-class values who has built a career working to make markets transparent and fair enough to work for all of us. Basic economic theory holds that markets only function effectively when people have full information.
NEWS
By Jeffrey H. Joseph | March 3, 2014
The proverbial "revolving door" in Washington politics is nothing new. Everyone knows it happens. Everyone hates it. And yet it continues unchecked. What is new, however, is that the interconnected web of private sector and bureaucratic personnel has moved beyond just Wall Street and financial regulators and committees. It's now expanded into federal regulatory agencies arguably wielding far greater power to act unilaterally: the Environmental Protection Agency (EPA) and the Consumer Financial Protection Bureau (CFPB)
BUSINESS
By Natalie Sherman, The Baltimore Sun | December 19, 2013
Maryland expects to receive about $88 million of a $2.1 billion national settlement reached with Ocwen Financial Corp. over "systematic misconduct" in the mortgage servicer's handling of loans. Announced Thursday, the deal settles a federal complaint brought by the Consumer Financial Protection Bureau and officials from Washington, D.C., and every state except Oklahoma. It alleged Ocwen, the largest non-bank servicer of home mortgages, committed a range of unlawful acts, including improperly rejecting loan modifications, charging customers inappropriate fees and failing to maintain accurate account statements.
NEWS
November 9, 2013
Contrary to the claims in a Nov. 6 guest column, "Consumer protection bureau fails to protect," by Jeffrey H. Joseph, the CFPB is getting results for consumers and doing so in a transparent way. It's the first federal financial agency with just one job: protecting consumers, especially students, military families and senior citizens. A series of Maryland PIRG reports analyzing its public consumer complaint database shows that the bureau is "making markets work," just as Sen. Elizabeth Warren and other backers intended.
NEWS
By Jeffrey H. Joseph | November 5, 2013
A little-noticed yet significant report card was issued recently measuring the progress of the fledgling Consumer Financial Protection Bureau thus far. The report by a Bipartisan Policy Center task force comes after almost a year's worth of in-depth review and analysis and seems to support what critics of the CFPB have been saying all along: This unaccountable bureaucracy harms business and consumers alike. While reading the report's characterization of the bureau's standard operating procedures, one is more likely to envision the workings of a Dr. Jekyll and Mr. Hyde versus those of a federal bureau charged with protecting millions of consumers.
NEWS
July 17, 2013
Faced with another crisis over one of its least democratic traditions, the U.S. Senate appears to have blown off enough steam to avoid a messy and divisive showdown over the use of the filibuster. Senate Majority Leader Harry Reid and a handful of Republicans, notably Sen. John McCain, tentatively agreed to a deal that will allow several of President Barack Obama's executive branch nominees to receive confirmation votes - a rare but encouraging example of the two parties working together.
NEWS
By Jean Marbella, The Baltimore Sun | June 22, 2013
My favorite story in The Baltimore Sun last week was by my colleague Eileen Ambrose , reporting on how Marylanders are a bunch of whiners, at least according to a state-by-state breakdown of the complaints received by the federal Consumer Financial Protection Bureau. Predictably enough, the story drew a few online comments, most of which were complaints themselves. Yes, complaints about a story about complaints, leading inevitably to complaints about other commenters' complaints.
BUSINESS
By Eileen Ambrose, The Baltimore Sun | June 17, 2013
Marylanders are big complainers. At least when it comes to the financial services they receive. Maryland ranked No. 2 in the nation in mortgage complaints per capita, second only to New Hampshire, for grievances lodged with the Consumer Financial Protection Bureau. The state came in third for grousing about credit cards and placed fifth for gripes about banks and service. The CFPB's database, launched toward the end of 2011, catalogs thousands of gripes about banking, credit cards and mortgages that the newfound agency has received.
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