Richard Cordray, the new chief of the Consumer Financial Protection Bureau (who President Obama appointed over howls and teeth-gnashing by Republicans), isn’t wasting any time going after crooks who steal from the poor.
From Talking Points Memo:
. . .the CFPB today announced a new program aimed at ensuring that non-bank actors — mortgage lenders, pay day lenders, and other financial entities — comply with existing consumer protection laws.
Additionally, the CFPB is revisiting a host of regulations it inherited from other agencies — many of which were written years ago and have failed — and will act against financial firms that break the law.
“The consumer bureau will make clear that there are real consequences to breaking the law,” Cordray said in his prepared remarks. “We have given informants and whistleblowers direct access to us. We took over a number of investigations from other agencies in July, and we are pursuing some investigations jointly with them. We have also started our own investigations. Some may be resolved through cooperative efforts to correct problems. Others may require enforcement actions to stop illegal behavior.”
About time, eh?
You’ve still gotta wonder WHEN Virginia Attorney General Ken Cuccinelli is going to see to it that his scam artist campaign contributor, Bobby Thompson, is brought up on criminal charges in the Old Dominion for stealing $2 million from Virginians.