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New federal agency: Needed or not?

Posted Wednesday, January 4, 2012, at 1:55 PM

President Obama's appointment of Richard Cordray as director of the new Consumer Protection Bureau allows the federal agency, which oversees what the Associated Press lists as "mortgage companies, payday lenders, debt collectors and other financial operations" to go to work.

Republicans are expressing outrage, Obama's sounding defiant and, as happens so often the issue has become politicized. The president made his appointment while Congress, with many members opposing the agency;s potential power, was away.

It's the perfect issue in an election year: Another federal agency added, and more controls over business.

But sometimes protecting others should come first over political ideology. Is this one of those cases, considering so many victims are mistreated and misused financially by some of these types of companies?

And I'll grant that it could be argued that no one's forcing customers to do business with them.


Comments
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"If only" the voters of this United States would come together for the good of our country. We all are in desperate times and need help in Washington DC not games played like this. I can only hope the right thing will be done. The voters will speak in November!

-- Posted by decorate1956 on Wed, Jan 4, 2012, at 2:28 PM

Absolutely not needed~! There are already more than enough laws, rules and regulations in place to protect the consumer. There will ALWAYS be the unscrupulous lender so therefore you must be a well informed consumer, read the fine print and and above all if it "Sounds too good to be true" walk away.

-- Posted by justwanaknow on Wed, Jan 4, 2012, at 5:19 PM

Yet another example of how socialist policy makers are marching forward, almost unchecked and not the least bit deterred in their desire to control and manipulate to their satisfaction, every single aspect of your life.

By and large, high risk loan applicants are not being taken advantage of. Their poor credit rating due to their own irresponsibility quite often results in their getting everything they ask for in the "too good to be true" lending packages offered by so-called "predatory" lenders.

-- Posted by Tim Lokey on Thu, Jan 5, 2012, at 12:41 AM

There seem to be enough regulations, so I would rather see them spend some money on a publicity campaign to educate how to avoid predatory deals.

Require a basic personal finance class in high school before graduation or before they are allowed to leave school.

After that, I have to agree with others, buyer beware, so no, we do not need another oversight agency.

-- Posted by stevemills on Thu, Jan 5, 2012, at 6:45 AM

Name a federal agency that works like it was supposed to?

Why will the next one be different?

If the government wouldn't have forced the community reinvestment act, and would enforce the border,the collapse probably wouldn't have happened.

-- Posted by quietmike on Thu, Jan 5, 2012, at 7:14 AM

Can I please hear a big AMEN! People, please get out and vote. Our country is going to hell in a handbag!!! We have to stop this now. We all have heard forever how this could be our last chance --- PEOPLE "THIS" IS OUR LAST CHANCE!!! DO SOMETHING NOW --- VOTE TO TURN OUR COUNTRY AROUND FOR THE MEN AND WOMEN WHO HAVE FOUGHT FOR OUR FREEDOM NOT FOR US TO BECOME A SOCIALIZED NATION.

-- Posted by decorate1956 on Thu, Jan 5, 2012, at 8:17 AM

I agree the voters must get out and vote. But they need to vote in the best intrest of the CITIZENS and NOT the corporations. WE THE PEOPLE need to take back America from big business. That is not Socialism even if the fear mongers would have you believe it. Unless we are able to have a living wage and protection from the unlimited abuse the corporations want we the middle class will cease to exist. Yes this is our last chance - if those who want to destroy the middle class for the profits of the corporations and 1% are allowed to get in office we will fall into the equivalent of a rabid right dictatorship. And to allow them to have unchecked and the absolute power that they are manipulating the constitution ( such as saying corporations are people) and people to give them will turn us back into the old south where you had the plantation owners and the slaves and servants. Do not be fooled anyone not in their income level will be reduced to their slaves - even those who voted and helped them take over.

-- Posted by wonderwhy on Thu, Jan 5, 2012, at 12:12 PM

What exactly is a "living wage"?

You already have "protection from the unlimited abuse of corporations"....no one is forcing you to work for them or buy from them.

Democrats were responsible for slavery, old south plantations and such.

Sorry, but the tired old class envy is falling on deaf ears, even some hardcore democrats have seen through Owebama, and are jumping ship.

-- Posted by quietmike on Thu, Jan 5, 2012, at 6:01 PM

A living wage is the min needed for a family to survive on. Right now min wage does not even qualify the worker to be at poverty level. While there should be entry level jobs for students and we need to take into account the size and profit levels of small companies, they do need to be able to make money, there are companies out their who make billions and pay employees such low wages they are on public assistance. In reality them that means WE are helping that company pay for their employees. That is not right. An interesting site to look at is http://www.livingwage.geog.psu.edu/. I t shows the min wage by locations that is needed to just get by. It figures that for a family of 4 in Bedford county to be at poverty level they need to make at least 9.83 pr hour - that is more than 2 dollars over min wage and they calculate that to have a liveable wage they should have 23.81 pr hour. They show the break down of what expenses they used to come to those figures. Now mind you they only figure in 630.00 for housing. That seems to include utilities since there is not any other figures that include that. So they do not include goodies like cell phones and vacations.

NOw while a small company can not and should not be expected to pay those wages, as the profit rise and they are able to they should be expected to raise the wages paid to those who do the WORK to provide them the profits they enjoy. There in no way a company like Wal-mart should being paying wages that are so low their employees can get food stamps. A 630.00 housing allowance is far from greedy.

If dem's were responsible for slavery why are the republican fighting so hard to have that mentality returned/ What happened 100 years or more ago should be a lesson to help our country become better not an excuse to destroy it. Earning a decent living and getting a decent wage for our work is not class envy it is decency. WHy Mike are you so horrible fearful of people being paid good wages for the work they do? Why do you think it is class warfare for them to be treated fairly? We do not live in the old south, it not the days of plantations and slaves.

-- Posted by wonderwhy on Sat, Jan 7, 2012, at 11:42 AM

Facts compared and proven right or wrong is exactly what the voters of this country need. Regardless of which side you take, dem or rep, we all can agree this is not the country or the path we want for a successful future. Government has outgrown our country and become such a part of everything we can do -- there is barely any real freedom left. Please get out and vote for the best path for all of the country. The freedom and priviledge to vote is precious. It no longer is about political parties but about the American people and our cherished way of life. Not one person in this rich country should be without a job or the means to provide food and shelter for a family. The government has taken away the need and desire for a person to have integrity and feel accomplishment about success in a job with all the "entitlement" programs they offer. The jobs would be here -- if long ago our American citizens had been taught to have American jobs "you must buy American-made products" -- not products "made in Japan, China or Taiwan". It's on almost everything you pick up. Just sayin'

-- Posted by decorate1956 on Sat, Jan 7, 2012, at 4:44 PM

The free market determines what workers will be paid. If no one was willing to do minimum wage jobs for minimum wage pay, those companies would be forced to pay a higher wage.

If the concept of a living wage has any merit, why don't we make $25/hr the minimum wage?

History shows that every time there is a hike in the minimum wage there are layoffs of entry level workers that offset those expenses.

-- Posted by quietmike on Sat, Jan 7, 2012, at 9:03 PM


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David Melson is a copy editor and staff writer for the Times-Gazette.