Obviously Director Cordray takes his mission to protect (not circumvent) the public seriously. Literally 24 hours after his official appointment, he made it clear in a speech before the Brookings Institution that financial organizations best be playing by the rules, lest there be "real consequences."
The CFPB has "examiners on the ground today with broad authority" to inspect loan documents and ask "tough questions of financial institutions."
"The consumer bureau will make clear that there are real consequences to breaking the law. 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 investigations jointly with them."
So, if circumventing gridlock in order to promote the financial "health, safety and welfare" of the American people by way of a recess appointment during a highly questionable non-recess recess gets us to the finish line, sign me up.
Adam Levin is Chairman and cofounder of Credit.com and Identity Theft 911. His experience as former director of the New Jersey Division of Consumer Affairs gives him unique insight into consumer privacy, legislation and financial advocacy. He is a nationally recognized expert on identity theft and credit.