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CFPB Director Cordray Discusses the New Realities Under Trump

“In the grand scheme of things, [the Trump election] shouldn’t change [our] job at all,” said CFPB Director Richard Cordray. “Congress created us as an independent financial agency. That’s been the nature of all the financial agencies at the federal level… in our case protecting consumers and protecting consumers. Therefore, they set us up with a term as they did with Chair Yellen …that extends beyond one administration into the next and so we’re expected to work with different administrations with different points of view.”


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Posted: January 25th, 2017 | Permalink

An Analysis of CBO’s Budget and Economic Outlook

“Trillion-dollar deficits will return by Fiscal Year (FY) 2023, with deficits growing from $587 billion (3.2 percent of GDP) in 2016 to $1.4 trillion (5.0 percent of GDP) by 2027.”

 


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Posted: January 24th, 2017 | Permalink

Closer Look at Possible Uses of the Congressional Review Act

"The Congressional Review Act (CRA) is an oversight tool that Congress may use to overturn a rule issued by a federal agency."


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Posted: January 23rd, 2017 | Permalink

Senators Sasses and Lee Urge Incoming Administration to Remove Director Cordray

Senators Ben Sasse (R-NE) and Mike Lee (R-UT) are urging the incoming administration to fire CFPB Director Richard Cordray. "It's time to fire King Richard” said Sasse. "Underneath the CFPB's Orwellian acronym is an attack on the American idea that the people who write laws are accountable to the American people. ...Trump has the authority to remove Mr. Cordray and that's exactly what the American people deserve." Lee added, “Considering the damage CFPB has done to credit unions and community banks, President Trump should act quickly to remove the director."


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Posted: January 12th, 2017 | Permalink

Key Issues to Watch in the 115th Congress

On March 15, ...the debt ceiling will snap back into place at the level of debt outstanding on that date. The U.S. Treasury will likely utilize “extraordinary measures” to keep the federal government liquid until late spring or early summer, which raises the likelihood that the debt ceiling will be lumped together with the FY 2017 funding debate. 


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Posted: January 5th, 2017 | Permalink

CFPB's "Us Against the World" Culture

“The CFPB’s complaint database contained grievances against almost every financial business. Enforcement targeted the companies with the most revenue—what it called the ‘chokepoints’... Enforcement’s internal procedures restricted the contents of investigation files, about the only thing the CFPB had to turn over to defendants before administrative trials. One of the procedures’ drafters told me that withholding exculpatory evidence from targets was ethical because the bureau was like any civil litigant—it did everything it could within the law to win.”


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Posted: December 23rd, 2016 | Permalink