Do You Support Elizabeth Warren's Nomination to head of the Consumer Finance Protection Board?

[Fergasun]

It's a simple yes/no answer plus explanation. The GOP Senate is blocking her nomination (actually they don't want anyone to be nominated to head the CFPB as they want to abolish it). Contrary to claims I have a feeling if Obama nominated someone who was tepid about using the CFPB powers they *would* provide consent to the nomination.

Bonus question: What does this say about the GOP?

[Teller]

I wasn't aware of this. I'll have to do some reading and check back once I've edumacated myself.

(Hey, first time for everything, right?)

[Fergasun]

honorary_hog,

Is it fair for me to assume that all of your "reading" is going to be from TheBlaze, Heritage, Redstat, and FreedomWorks? In which case I'm sure you'll conclude that she is an activist czar, the CFPB should not exist, and nominating her would be the worst thing that happened since the Oliver North witch-hunt.

Just kidding...

[Teller]

honorary_hog,

Is it fair for me to assume that all of your "reading" is going to be from TheBlaze, Heritage, Redstat, and FreedomWorks? In which case I'm sure you'll conclude that she is an activist czar, the CFPB should not exist, and nominating her would be the worst thing that happened since the Oliver North witch-hunt.

Just kidding...

I know that was jus' jokes. But honestly, no BS, the only site of those I've visited personally is Heritage. And that was brief. I've never read any of the others, unless they were articles that were posted in threads here.

The only wingnuts I choose to deliberately come in contact with are right here on ES.

[Popeman38]

Do we need another bureaucratic agency outside control of Congress?

[Thiebear]

The Consumer Finance Protection Board: Are they the ones that will stop the debit card fees with the sound of the name.

Or the ones that caused it?

[Hubbs]

Do we need another bureaucratic agency outside control of Congress?

If we do, then I absolutely support Elizabeth Warren running it. She's really willing to hold the feet of major financial institutions to the fire.

[Popeman38]

If we do, then I absolutely support Elizabeth Warren running it. She's really willing to hold the feet of major financial institutions to the fire.

What fire? This bureaucracy will be outside of Congressional control so the director will get to decide the fire. Do you really want that fire to change based on political winds shifting?

[Larry]

What fire? This bureaucracy will be outside of Congressional control so the director will get to decide the fire. Do you really want that fire to change based on political winds shifting?

Admiring the people asserting that

a) There is such a thing as a government agency outside Congress' control.

That reducing Congress' influence over an agency makes it more political.

[AsburySkinsFan]

Yes.10 characters

---------- Post added June-3rd-2011 at 10:44 AM ----------

Do we need another bureaucratic agency outside control of Congress?

When Congress is the problem...yep.

[Thiebear]

Yes.10 characters

---------- Post added June-3rd-2011 at 10:44 AM ----------

When Congress is the problem...yep.

I'm an Anti-Czar with their Soviet Union references.. but its getting harder and harder to disagree with this statement.

[TimmySmith]

Admiring the people asserting that

a) There is such a thing as a government agency outside Congress' control.

That reducing Congress' influence over an agency makes it more political.

Admiring the people asserting that the US is always one additional regulatory agency away from being a more perfect union.

Make no mistake, this agency is being created by her in her image. Autonomy = good?

[Larry]

Admiring the people asserting that the US is always one additional regulatory agency away from being a more perfect union.

Perfectly natural reaction. Most people like to admire their own inventions.

[BRAVEONAWARPATH]

I absolutely support Ms. Warren.

---------- Post added June-3rd-2011 at 03:04 PM ----------

If we do, then I absolutely support Elizabeth Warren running it. She's really willing to hold the feet of major financial institutions to the fire.

And thats why "certain parties" are adamant that she not be confirmed.

[FanboyOf91]

Hell, yes.

[Popeman38]

Admiring the people asserting that

a) There is such a thing as a government agency outside Congress' control.

That reducing Congress' influence over an agency makes it more political.

She created this board.

And the next President will remover her and replace her with who they thinks fits best. It will be very political, just as every political appointee is. I don't see why this would be considered any different.

---------- Post added June-3rd-2011 at 11:16 AM ----------

And thats why "certain parties" are adamant that she not be confirmed.

What fire? Who decides what is "best" for consumers? This board will do less to protect consumers than consumers can do BY READING AND UNDERSTANDING what they are signing up for. We don't need the govt to tell us what is good for us. We need smaller govt, not bigger.

[Thiebear]

I hope they get more traction than the Debt reduction board.

[Mad Mike]

Admiring the people asserting that the US is always one additional regulatory agency away from being a more perfect union.

Laughing at those who think that government is always bad and that we should trust the good people who run big businesses to operate without regulation.

As to the original question. I admit I don't know much about Warren or the plan. But I do believe something must be done. BTW has anyone else noticed the proliferation of companies offering very high interest micro loans (of a couple thousand dollars) with no credit check? Like *thats* not going to screw over desperate people. :doh:

---------- Post added June-3rd-2011 at 03:26 PM ----------

She created this board.

And the next President will remover her and replace her with who they thinks fits best. It will be very political, just as every political appointee is. I don't see why this would be considered any different.

---------- Post added June-3rd-2011 at 11:16 AM ----------

What fire? Who decides what is "best" for consumers? This board will do less to protect consumers than consumers can do BY READING AND UNDERSTANDING what they are signing up for. We don't need the govt to tell us what is good for us. We need smaller govt, not bigger.

Thats right. Everyone should have a college degree and be proficient in reading fine print written in confusing legalese. And if they cant... **** 'em.

[BRAVEONAWARPATH]

What fire? Who decides what is "best" for consumers? This board will do less to protect consumers than consumers can do BY READING AND UNDERSTANDING what they are signing up for.

Ms. Warren is TRYING to make things simpler for the consumer. :2cents:

For example:

http://money.cnn.com/2011/05/18/pf/mortgage_disclosure_form/index.htm?iid=HP_LN

How do you know if the mortgage you're eyeing is a rip-off? You'll soon be able to find out by looking at the first -- and only -- page of your mortgage disclosure.

The Consumer Financial Protection Bureau released drafts of a new one-page (back and front) mortgage disclosure form on Wednesday, as part of its push to help consumers more easily compare and shop for mortgages.

This is an issue close to home for Elizabeth Warren, assistant to the President and special advisor to the Secretary of the Treasury on the Consumer Financial Protection Bureau, who has been pushing hard for more transparency from lenders. Warren told CNNMoney earlier this year that her biggest financial mistake was to take out a mortgage when she didn't fully understand all the fees involved.

So she hopes the new "mortgage shopping sheet" will prevent some of this confusion.

The form will combine the two mortgage disclosures that are currently required -- the federal Truth in Lending Act (TILA) mortgage disclosure and the Real Estate Settlement Procedures Act (RESPA) Good Faith Estimate -- into one form, down from five pages.

The CFPB has published two different draft prototypes that combine these documents into a single page (double-sided), in what it calls its "Know Before You Owe" project.

"Getting stuck with the wrong home loan can cost tens of thousands of dollars over the life of the loan," Warren said Wednesday, on a call with reporters.

"[This form] is a clear, simple form so consumers can get better answers to two basic questions: Can I afford this mortgage, and can I get a better deal somewhere else?"

While mortgage disclosure forms are supposed to provide consumers with basic facts about the loan, the most important information is often hidden in the multiple pages of text. The agency is hoping to boil the terms down to a single page, and organize it so consumers see the most important facts before anything else.

The two drafts published on the CFPB's website contain the same information but are displayed differently, to see if one is easier for consumers to understand.

Both versions show the key loan terms like the interest rate, monthly loan payment, closing costs and taxes. You can quickly see how much you'll be paying per month, and how those payments might change throughout the life of the loan.

The form also shows the APR you will pay over a five-year period, along with the amount you will have paid off in five years.

The new forms also caution you about whether your payments will change, or whether the loan comes with a prepayment penalty.

All the crucial facts are on the front page, while more details are on the back.

Mortgage denied: Sometimes, for no good reason

To design the forms, the agency worked with consumer advocates, regulators, industry representatives, researchers -- even graphic designers.

But don't expect to get one of the new forms from a bank any time soon.

The CFPB will conduct five rounds of testing in six different cities, before introducing an official proposed prototype in September. And the agency still has until July 2012 to propose rules relating to the form's implementation.

Over the next few months, the agency will revise and repost the form on its site based on the input it receives. Consumers can also provide feedback on the two forms by visiting http://www.consumerfinance.gov/knowbeforeyouowe

[TimmySmith]

Laughing at those who think that government is always bad and that we should trust the good people who run big businesses to operate without regulation.

Laughing at those who think the banking industry lacks regulation.

[Popeman38]

Thats right. Everyone should have a college degree and be proficient in reading fine print written in confusing legalese. And if they cant... **** 'em.

No, but everyone should hire a realtor that works for them and informs them of what they are signing. Buyer beware.There has to be some responsibility placed on the borrower. Anyone with half a brain knows whether they can afford a house or not. Anyone with a half a brain can rad a CC application. The average credit card debt among all American households is $8,400. Average card debt among people who have at least one card is $9,205. A typical American family today pays about $1,200 annually in credit card interest.

Think about that.

[zoony]

Thats right. Everyone should have a college degree and be proficient in reading fine print written in confusing legalese. And if they cant... **** 'em.

. A college degree earned at home-school, mind you. Don't forget

The problem with consumer credit... actually credit in general... is that the micro-economic gain will run contrary to our nations' macro economic health. The free market will never sync the two, and I can think of no better use of people's government to act in that interest.

[BRAVEONAWARPATH]

. A college degree earned at home-school, mind you. Don't forget

The problem with consumer credit... actually credit in general... is that the micro-economic gain will run contrary to our nations' macro economic health. The free market will never sync the two, and I can think of no better use of people's government to act in that interest.

Socialist!

[Predicto]

Do we need another bureaucratic agency outside control of Congress?

This agency already exists. It is called the FDIC. The CFPB would just separate the consumer watchdog functions of the FDIC from the bank safety functions of the FDIC.

And it isn't outside the control of Congress. Congress can rein it it whenever it wants to, in the same manner that it was created.

Your Talking Points Fu is weak today.

---------- Post added June-3rd-2011 at 11:37 AM ----------

Laughing at those who think the banking industry lacks regulation.

But not as weak as his.

[TimmySmith]

This agency already exists. It is called the FDIC. The CFPB would just separate the consumer watchdog functions of the FDIC from the bank safety functions of the FDIC.

And it isn't outside the control of Congress. Congress can rein it it whenever it wants to, in the same manner that it was created.

Of course they could just give her a title and a desk at the FDIC but that would not achieve the goal of political visibility now would it.