Big Brother: How the Obama Budget Helps Ordinary Savers (at Some Risk)
The newly released White House budget addresses the savings needs of ordinary Americans in a big-brother kind of way. But it does little to address our nation’s overall financial illiteracy. In 244 pages, the Obama budget makes not a single mention of “financial education” or “financial literacy.” The budget does offer measures to beef up math education and help students finish college, both of which are linked to smarter personal money management. Still, when it comes to things like mortgages and retirement saving, this president favors the hand of big brother over initiatives that would help people help themselves. To be fair, the president has embraced financial education at a certain level. We have a formal national strategy for financial literacy and a couple high-level commissions coordinating private and public sector financial education efforts. These groups have done a great job developing helpful consumer websites like moneyasyougrow.org and mymoney.gov. But this work ...
As Battle Brews Over Financial Watchdog Agency, A Look at What’s It’s Done So Far
When an appeals court ruled that President Obama’s recess appointments of members of the National Labor Relations Board was unconstitutional, it also threw into doubt the validity of the recess appointment last January of Richard Cordray, director of the Consumer Financial Protection Bureau. There was already a clash shaping up over Cordray’s reappointment; Obama nominated him Thursday, and Senate Republicans vowed to block the nomination, setting up the same stalemate that led to last year’s recess appointment in the first place. The CFPB has had a turbulent childhood, so to speak, since it began operations in July 2011 (for one thing, it operated without a director for six months). Last week’s NLRB court decision sets a legal precedent, but it won’t affect the CFPB’s day-to-day operations, at least not in the near future. “Going forward, we will continue our essential work to protect American consumers,” a spokesperson says. The White House can — and probably will ...
Obama Picks Mary Jo White to Lead SEC
WASHINGTON — President Barack Obama will nominate Mary Jo White to lead the Securities and Exchange Commission, tapping an attorney with broad experience in prosecuting white-collar crimes to lead an agency that has a central role in implementing Wall Street reform. A White House official said the president would announce White’s nomination during a ceremony in the State Dining Room Thursday afternoon. At the same event, Obama will renominate Richard Cordray to serve as head of the Consumer Financial Protection Bureau, the official said. The president used a recess appointment last year to circumvent Congress and install Cordray as head of the bureau. That appointment expires at the end of this year. The official spoke on the condition of anonymity in order to discuss the nominations ahead of the president. White spent nearly a decade as the U.S. attorney in Manhattan, building a reputation as a tough prosecutor with an expertise in pursuing white collar crimes and complex securities ...
United States: CFPB And FTC Coordinate On Mortgage Advertising Sweep - Venable LLP
The Consumer Financial Protection Bureau and the Federal Trade Commission have targeted mortgage advertising and marketing in a joint "sweep."
Found more than 1 month ago on channel Mondaq
Feds gets tough on shady mortgage advertisers
The feds warned the mortgage industry on Monday that potentially false or misleading advertisements will not be tolerated. The Consumer Financial Protection Bureau and the Federal Trade Commission announced that they have issued a total of 32 warning letters to mortgage lenders and mortgage brokers to clean up their ads.
Found more than 1 month ago on channel MSNBC