Bad Richard’s record of ripping off taxpayers
Richard Cordray is the head of one of America’s most corrupt government agencies the Consumer Financial Protection Bureau (CFPB).
The CFPB is doesn’t answer to Congress and it has been plagued by SCANDAL during Richard Cordray’s reign.
In 2018, Richard Cordray is expected to run for Governor of Ohio, But before he leaves the CFPB he rushed through new rules that will MASSIVELY benefit his trial lawyers friends.
You see, during Richard Cordray’s political careers he has received hundreds of thousands of dollars from trial lawyers, and now he’s ABUSING his power to put even more money into their pockets.
Get to know Cordray
Richie Rich ripping off taxpayers
Richard Cordray has used his unchecked power at the CFPB to:
- Pay staffers more than the VICE-PRESIDENT
- Build himself a luxury office that cost MORE than the Bellagio Casino
- Change rules will make his trial lawyer friends even RICHER
He gets away with this because when the when the CFPB was set up it wasn’t made accountable to anybody – not even the PRESIDENT, meaning that Richard Cordray can do whatever he likes with taxpayers’ dollars and no one can stop him.
Source: San Francisco Examiner, October 27, 2011
Source: San Francisco Examiner, October 27, 2011
Boss of America’s most corrupt agency
The CFPB was supposed to protect American consumers but its unchecked power has allowed it to become an agency where CORRUPTION and RACISM thrives.
Richard Cordray has led the way in an agency where:
- Staffers are paid an average of $10,000 dollars every month
- Racial and gender discrimination complaints have TRIPLED
- Black employees are treated so poorly they compare it to a PLANTATION
Source: Politico, July 19, 2017
Politico, July 18, 2017
Consumer Financial Protection Bureau Director Richard Cordray will run for governor in Ohio next year, according to his friends, a move that would inject a Democratic celebrity into a battleground-state campaign and remove a key Obama administration holdover.
Ohio Supreme Court Justice Bill O'Neill said a mutual friend called Cordray last week to ask if the bureau chief was considering a run for governor. O'Neill himself had considered running in the past but told the friend — whom he refused to name — that he wouldn’t if Cordray did. It was clear from the conversation that Cordray will launch a campaign, O'Neill said.
Housingwire, July 18, 2017
Despite a heated exchange of letters between the Consumer Financial Protection Bureau and the Office of the Comptroller of the Currency asking for the delay of the newly announced arbitration rule, the rule will carry on as planned and be published in the Federal Register this week.
The issue dates back to earlier this month when the CFPB revealed its new rule to ban companies from using mandatory arbitration clauses, allowing consumers to participate in class action lawsuits.
For added context, the new rule mainly pertains to consumer financial products like credit cards and bank accounts that have arbitration clauses in their contracts that prevent consumers from joining together to sue their bank or financial company for wrongdoing. Mortgages, however, are not included since Congress already prohibits arbitration agreements in the residential mortgage market.
Source: Housingwire, July 18, 2017
Source: Wall Street Journal, July 17, 2017
Wall Street Journal, July 17, 2017
WASHINGTON—A fight between regulators escalated Monday when President Trump’s acting national banking regulator urged the Consumer Financial Protection Bureau to delay a rule barring mandatory arbitration requirements between financial firms and customers.
Acting Comptroller of the Currency Keith Noreika Monday asked CFPB Director Richard Cordray to halt the rule, which could ease the way for class-action litigation against...
The Hill, July 16, 2017
In the wake of the Great Recession, Congress passed the Dodd-Frank Wall Street Reform and Consumer Protection Act, which resulted in the formation of the Consumer Financial Protection Bureau (CFPB) — a so-called independent agency intended to help “oversee” the nation’s financial services industry.
But just as there was once an urgency for government oversight, there is now a growing alarm about an agency that respects no limits on its powers and which threaten to put many Main Street financial institutions out of business, with no proven benefit to consumers.
Source: The Hill, July 16, 2017
Source: Express Newsline, July 12, 2017
Express Newsline, July 12, 2017
It generally means that a "consumer financial product or service" offered or provided for use by consumers primarily for personal, family or household purposes as defined in 12 U.S.C.A. § 5481 can not include a pre-arbitration dispute clause that bans members from participating in class actions. The rule would apply to institutions that sell financial products including bank accounts and credit cards. Because consumers generally don't carefully read the fine print on the agreements for their checking accounts and credit cards, they are often unaware they are subject to arbitration. They are used heavily by banks.
Prevented from banding together in a class and pooling their resources, most people simply abandon their claims entirely, never making it to arbitration at all.
Consumer advocates have been pushing for years for stricter federal regulation of these types of clauses.
New York Times, July 11, 2017
The Consumer Financial Protection Bureau in the United States has opened the door to more class-action lawsuits against lenders — and in so doing, set itself up for a fight with Republicans.
The agency has adopted a rule prohibiting financial firms from forcing consumers into arbitration in disputes over bank and credit card accounts.
The new rule, which could take effect next year, would allow individuals to band together in class-action lawsuits that could cost banks and other financial firms billions of dollars.
But it is the sort of move that will probably anger the Trump administration and House Republicans. Both have pushed to rein in the bureau as part of broader efforts to lighten regulation on the financial industry. Critics also say the rule would be nothing more than a gift to class-action lawyers.
Source: New York Times, July 11, 2017