Sunday, December 20, 2015

They actually believe their own rhetoric

The Republicans actually believe they are correct in all their assertions, even when Wall Street finds their removal of government authority inappropriate and dangerous.

The Republicans don't know what they are doing. Their campaign slogans used to be 'walked back' after a campaign, but, not anymore.

This is just outrageous and where and when does it stop? At least we have the reassurance today that Minority Speaker Pelosi and Minority Leader Reid have protected the country from most of the strange and poor practices of the US House and Republican majority in the Senate. But, what about next year? What happens then?

The country is not in a good place nor on a good path if the Republicans continue to practice their form of treason. This "Small Government Ideology" is gross malpractice of government, irresponsible to Americans and unworkable. Anarchy is not the answer to Republicans that do not understand or care for governance.

The NAR had to save the country from the incompetence of the Republican Party.

"National Association of Realtors" (click here) letter to Congress opposing a bill that was suppose to benefit them.

Summary: H.R.2767 — 113th Congress (2013-2014) (click here)

Introduced in House (07/22/2013)

Protecting American Taxpayers and Homeowners Act of 2013 - GSE Bailout Elimination and Taxpayer Protection Act -

Directs the Director of the Federal Housing Finance Agency (FHFA), five years after enactment of this Act, to appoint FHFA as receiver of the Federal National Mortgage Association (Fannie Mae) and the Federal Home Loan Mortgage Corporation (Freddie Mac) (government sponsored enterprises or (GSEs) under the Federal Housing Enterprises Financial Safety and Soundness Act of 1992, to carry out mandatory receivership (thus terminating the current conservatorship for such GSEs).

Repeals the Fannie Mae and Freddie Mac charters effective five years after enactment of this Act.

Amends the Housing and Community Development Act of 1992, the Federal Housing Enterprises Financial Safety and Soundness Act of 1992, the Federal National Mortgage Association Charter Act, and the Federal Home Loan Mortgage Corporation Act to prescribe specified requirements, limitations, and prohibitions on GSE activities until their charters are repealed and authorities terminated....

This is a letter from  Rep. Sean Duffy of Wisconsin. He took whatever allegations were being made by the CFPB of a financial organization discriminating against consumers and simply sought to intimidate Richard Cordray, the Chairman of the CFPB.

June 25, 2015
Today’s hearing marks (click here) the fifth in this Committee’s investigation into allegations of discrimination and retaliation at the Consumer Financial Protection Bureau (CFPB).  Next month will be the five-year anniversary of the Dodd-Frank Act, which created the CFPB and mandated its core mission:  to protect consumers of financial products and services from discrimination.   The agency was the brainchild of Elizabeth Warren, who not only led it during its start-up year, but she hired all of its senior managers, including its current Director, Richard Cordray.  Democrats have championed the agency.  And yet, since its doors opened in July 2011, this Committee has spent two years and more than five Congressional hearings giving a voice to the victims of abusive, unfair and unlawful discriminatory behavior of CFPB managers.  We are here again today because their messages have clearly not been heard.  There is mounting evidence that not only does the agency still have a huge problem with managers discriminating against employees based on race, age, gender, and sexual orientation, but CFPB leadership refuses to take meaningful action to prevent this behavior and protect its employees....

Every federal employee or vendor has recourse against the government.

If you decide (click here) to file a discrimination complaint, you must do so within 15 days from the day you received notice from your EEO Counselor about how to file a complaint.  This notice is sent to you after your final interview with the EEO Counselor.  You must file your complaint at the same EEO Office where you received counseling.  The 15-day deadline for filing a complaint is calculated in calendar days starting the day after you receive the notice.  If the 15th calendar day falls on a Saturday, Sunday, or federal holiday, then the last day of the deadline is the next business day.  The agency is required to give you a reasonable amount of time during work hours to prepare the complaint.  If you feel that you have not been given a reasonable amount of time, contact the agency’s EEO Director or EEOC’s Office of Federal Operations...

These actions by this House Committee that have gone on for years since achieving a majority are major ethics violations. The intimidation aimed at a valuable federal employee, Richard Cordray, should be investigated by the FBI along with issuance of a cease and desist order from a judge. I am surprised Chairman Cordray hasn't filed his own lawsuit against the government for the harassment he is under.

The hideous webpage at the Hensarling website is proof there is unrelenting harassment of Chairman Cordray.

The government is basically paralyzed by the complete incompetence of the Republicans. This cannot go on forever.

The CFPB's Richard Cordray is open to discussions that surround the needs of Americans.

January 29, 2015

Proposal Would Extend Provisions to Cover More Community Banks, Credit Unions, and Other Creditors

Washington, DC The Consumer Financial Protection Bureau (CFPB) (click here) today proposed several changes to its mortgage rules to facilitate responsible lending by small creditors, particularly in rural and underserved areas. If finalized, the proposal issued today would increase the number of financial institutions able to offer certain types of mortgages in rural and underserved areas, and help small creditors adjust their business practices to comply with the new rules.

“Responsible lending by community banks and credit unions did not cause the financial crisis, and our mortgage rules reflect the fact that small institutions play a vital role in many communities,” said CFPB Director Richard Cordray. “Today’s proposal will help consumers in rural or underserved areas access the mortgage credit they need, while still maintaining these important new consumer protections.”

In January 2013 and May 2013, the CFPB issued several mortgage rules, most of which took effect in January 2014. Among these rules, the Ability-to-Repay rule protects consumers from irresponsible mortgage lending by requiring that lenders generally make a reasonable and good-faith determination that prospective borrowers have the ability to repay their loans. Under the Ability-to-Repay rule, a category of loans called Qualified Mortgages prohibit certain risky loan features for consumers and are presumed to comply with ability-to-repay requirements....

Since it's inception the CFPB has received disdain.

June 6, 2011
By Megan Mardle

...I'm second to none (click here) in my appreciation for the FDIC, but this is an excessively rosy reading of regulatory history.  The regulations that gave us the FDIC and the SEC also gave us a number of stupider regulations, like centrally fixed interest rates for savings accounts, and the infamous Regulation Q, which fixed the interest rates on checking accounts (demand deposits) at 0.0%.  Among other things, the interest rate regulations played a major role in the Savings and Loan Crisis, and they led to the creation of money market accounts, which operated outside of the FDIC system, and played a major role in our most recent financial disaster; a run on the money markets was ultimately what seems to have convinced the government to start spraying money into the financial system with a firehose....

US Senator Bernie Sanders wants the return of " Glass–Steagall Act."

In 1933, (click here) in the wake of the 1929 stock market crash and during a nationwide commercial bank failure and the Great Depression, two members of Congress put their names on what is known today as the Glass-Steagall Act (GSA). This act separated investment and commercial banking activities. At the time, "improper banking activity," or what was considered overzealous commercial bank involvement in stock market investment, was deemed the main culprit of the financial crash. According to that reasoning, commercial banks took on too much risk with depositors' money. Additional and sometimes non-related explanations for the Great Depression evolved over the years, and many questioned whether the GSA hindered the establishment of financial services firms that can equally compete against each other. We will take a look at why the GSA was established and what led to its final repeal in 1999.

The former Speaker Gingrich is a rather powerful person.

The American Legacy PAC (click here) was formed to help re-establish and protect the American legacy of individual freedom, personal responsibility and unapologetic opportunity.  The PAC was founded in 2010 by conservative businessman Mike Murray with Speaker Newt Gingrich serving as Honorary Co-Chairman.  In 2014, Dr. Ben Carson joined American Legacy PAC to serve as Chairman of the group’s Save Our Healthcare project which seeks to replace the Affordable Care Act with patient focused free-market alternatives.  For more information please visit: &

Rep. Hensarling is objecting to an investigation by the CFPB regarding discriminatory practices

November 25, 2015
By Liz Moyer

A congressional report criticizing a 2013 settlement by Ally Financial (click here) over discriminatory auto lending practices could give more ammunition to lawmakers trying to abolish the Consumer Financial Protection Bureau.
The report, issued on Tuesday by Republican members of the House Financial Services Committee, called the fledgling agency’s methodology for determining discrimination “junk science” and said the bureau went after Ally because it knew the lender would settle quickly to avoid problems getting government approval on its restructuring.
In a statement, the chairman of the committee, Representative Jeb Hensarling, Republican of Texas and a longtime critic of the consumer agency, called the settlement a “shakedown.”
“The C.F.P.B. is a dangerously out-of-control agency,” he said.              
It is another salvo in a four-year war by Republicans against the agency, which was created as part of the 2010 Dodd-Frank financial overhaul and was championed by Elizabeth Warren, then a special adviser to the Obama administration and now a Democrat senator from Massachusetts....

Kindly just be aware there are very hostile underpinnings of the relationship between the US House and the CFBP. The Chairman has accumulated all kinds of information on his website to attempt to discredit the work of the CFPB. (click here)

If Majority Leader McConnell is going to call up "The Appropriation Process" after 20 years of lacking such structure; the people most interested in our government needs to begin an education process.

July 17, 2015
By Ryan Alexander

...Clearly, (click here) there are many reasons why Congress cannot seem to pass appropriations bills on time, regardless of which party holds power – disagreement on priorities, crises that divert Congress from completing the tasks or simply lack of will. But I thought it was also worth talking about why this matters.

1. Uncertain appropriations and year after year of continuing resolutions leads to waste in federal agencies. The absence of clarity in the annual appropriations process makes it more difficult for agencies to plan, to hire and to manage their staffs and perform their missions.

2. Continuing resolutions and delayed appropriations undermine oversight. As designed, the annual appropriations process should be informed by oversight by both appropriations subcommittees and other committees of Congress. In practice, the budget hearings that lead to appropriations and the prolonged process of passing multiple continuing resolutions leaves little room to do meaningful oversight, to determine which programs are producing the highest return on taxpayer investment and which programs are performing below expectations or standards.

3. Congress needs the practice. The two jobs of Congress are to legislate and to provide oversight. Passing the 12 appropriations bills in each chamber, each year, going to conference, and getting those bills to the president’s desk exercises those legislating muscles.

4. Needs go unmet. Let’s not forget that Congressional appropriations allocate funds to programs that operate in communities across the country. Just as federal agencies can’t operate efficiently with uncertainty and delays, programs that rely on federal funding struggle as well. Of course, there may be programs that should not continue to receive the level of support they currently receive, but delays and continuing resolutions harm worthy as well as wasteful programs.

5. Failure to discharge this most basic duty undermines voter confidence in Congress. Across the political spectrum, Congressional candidates and members of Congress extoll the importance of Congress maintaining the power of the purse. If they can’t show voters that they have the ability to exercise this power, voters have another reason to disapprove of Congress.

We know that legislating is hard work. And writing spending bills is harder than most. Deciding how and where to allocate funds responsibly requires making tough, clear-eyed decisions about what works and what doesn’t, what we can afford, and what we can’t afford. It requires reading and understanding budget requests and reviews and communicating complex decisions in a way that busy voters can digest. But it is an important part of the job members of Congress were elected to do. We hope, rather than expect, Congress will move towards treating the appropriations process with the thoughtful consideration it deserves.

This is a very lengthy hearing on the CFPB and it's supposed mass data collection.

It is referenced at chairman Jeb Hensarling website (click here). 

The hearing raised more questions than it answered. It would seem as though the financial services industry is on witch hunt. There is more than just this committee hearing involved.

But, as to this committee hearing on December 16, 2015:

The American Bankers Association wants to get rid of the Consumer Financial Bureau and replace it with a bipartisan commission. It would seem as though Minority Speaker would prefer to have a bipartisan something in place in case there is ever a Republican President.

The Kato Institute says the consumer information gathered by the Consumer Financial Bureau is unnecessary.

There is something that occurred to me; does anyone ever ask the FCB if it ever submits information regarding terrorist networks?

Mr. Deepak Gupta, a witness, having served on the CFB states to the best of his knowledge the many privacy breeches of consumers in the USA were never investigated by this Congressional Committee. Committee member French Hill of Arkansas stated there was a committee hearing in regard to the security breaches at "Target."

Mr. Deepak Gupta, also states the accusations about the CFB and data collection are nothing but lies. He states there is absolutely no personal identity collected by the CFB. The GAO (The Government Accountability Office) states that is accurate.

Now I would expect someone from the GAO at the witness table, but, there is no one called to testify to that effect.

Mr. Gingrich didn't directly answer in that he works for a PR firm hired by U.S. Consumer Coalition. Rep. Maxine Waters asked him three times to clarify his relationship with the coalition. After the third question on the same subject, Texas Rep. Al Green stated he read an article in the Wall Street Journal naming the former Speaker Gingrich as a member of a PR firm working for the promotion of the opposition to the CFPB. It was also stated the Republican Majority has made the CFB a top priority.'=

Evidently, the decision to attack the CFPB was make during a meeting of "Republican Study Committee." (click here) That is an organization I had never of before either. There are 172 members of this Congress belonging to the Republican Study Committee.

The Republican Study Committee reviews every bill and amendment that the House votes on. The RSC inspects legislation for Conservative concerns including: expanding the size of the Federal government, violating Federalism, delegating authority to the Executive Branch and the presence of earmarks. Bulletins are exclusive to members for a short period.

It would seem as though this study committee is where all the obstruction is produced. Who knew and what is that "short period of time." all about. Who gets this publication other than ELECTED House members?

But as to the committee hearing, there were no cyber experts as witnesses that are utilized in any mass collection of data. The former Speaker suggested calling an independent agent such as Carnegie Mellon. There was also no one from the CFPB as a witness. No one discussed a budget for the independent inquiry of such an organization as Carnegie Mellon. The former Speaker thinks he is still leading the House for some reason. The former Speaker also offered up having the NSA review the collection data. If found that amusing. On one hand Mr. Gingrich states the any collection data at the CFPB has to end, but, then he offers the NSA as an expert to review the information at the CFPB.

????????????? Hm. ??????????????????

Mr. Gingrich also stated if there is to be such a bureau as the CFPB, it's budget should go through appropriations. That was also very amusing, because, the same day Majority Leader of the Senate Mitch McConnell stated it has been twenty years since Congress managed the federal budget through appropriations and beginning in 2016 he wants to re-ignite the practice. Isn't that a coincidence, huh?

Stephen Lee Fincher of Tennessee stated the American people are smarter than they are given credit for and it was needed his practice by the CFPB be called out to alert consumers before the elections of 2016.

The Consumer Financial Protection Bureau has it's nemesis. Gingrich and Hensarling.

Let's start with Gingrich. He is a lobbyist for a fairly unknown organization. He doesn't like talking about it either.

Gingrich wants the CFPB dismantled. That isn't anything new, however, it is the way he is going about it that is the concern.

December 17, 2015
By Eric Hananoki

A House hearing (click here) called out witness Newt Gingrich for his shady financial dealings seeking to undermine the work of the Consumer Financial Protection Bureau (CFPB).
Gingrich, who works as a Fox News contributor and Washington Times columnist, appeared as a witness before a December 16 House Financial Services Subcommittee on Oversight and Investigations hearing entitled, "Examining the Consumer Financial Protection Bureau's Mass Data Collection Program." During the hearing, Gingrich attacked the pro-consumer bureau for purportedly being "dictatorial" in its collection of consumer data.
Gingrich has worked as a paid adviser for the U.S. Consumer Coalition, a secretive group that is attempting to dismantle the CFPB. Gingrich is also a paid adviser to Wise Public Affairs, whose clients include the U.S. Consumer Coalition. (Gingrich acknowledged his connections to both groups during the hearing.)
While Gingrich claimed during the hearing that he wasn't trying to be secretive about his anti-CFPB financial connections, that wasn't the case this summer. Gingrich wrote a July 1 Wall Street Journal op-ed attacking the CFPB and promoting the U.S. Consumer Coalition. The op-ed did not disclose any of his financial ties, simply identifying Gingrich as a former House speaker. Following criticism by Media Matters and The Washington Post's Erik Wemple, the Journal issued an "amplification" that he is "a paid adviser to Wise Public Affairs, whose clients include the U.S. Consumer Coalition, which opposes some policies of the Consumer Financial Protection Bureau."...

If this wasn't so serious it would be funny. The US Consumer Coalition has a strategic plan for the CFPB because of a government program called "Operation Choke Point." (click here).

April 16, 2014

Many, many millions of transactions course (click here) through payment systems at any given time. Most are on the up and up, of course. But according to the government, a growing number are the product of identity theft, money laundering or fraudulent schemes.
The Justice Department  has been waging a campaign to cut off scammers' access to the financial system for the past year. Through "Operation Choke Point," prosecutors are investigating whether third-party processors that route payments for merchants through banks are ignoring signs of fraud to rake in fees from transactions.
Authorities have publicly said they are focusing on "high risk" activities -- potentially predatory activities like payday lending, as-seen-on-TV retailers and Internet gambling. Those categories, according regulators, have high rates of returns for unauthorized debit transactions, an indication of fraud.
So far, Justice has launched several criminal and civil investigations as well as issued 50 subpoenas to banks and payment processors. The effort has riled industry groups, Congressional Republicans and some Democrats, who say the Obama administration is trying to shut down legitimate businesses it deems undesirable, like payday lenders....

This article from "The Washington Post" is worth reading in its entirety as it carries a new brand of information most consumers haven't been familiar with such as "Electronic Transaction Association" (ETA) (click here).
It is a little bit of a strange association or perhaps a new because when reading their "vision statement" it states "ETA's envisioned future is:." And that is it. As of today there is no vision statement of the ETA. And it is suppose to be an international association. I've never heard of it before, but, it is a financial concern that rarely makes headlines and probably cooperates with government and business regarding shady and illegal practices. I would think this organization would be heavily relied upon in issues of identity theft.

This organization would probably have a lobbyist because most governments are interested in developing a "transaction tax," that would provide relief to treasuries. Such a tax would allow governments to provide funds that could accumulate to protect their citizens from future financial folly. I would think such a tax would be introduced soon because the debt of the banks since 2008 has increased exponentially.

The issue is that the former Speaker Gingrich is not forthcoming in his correct affiliation with U.S. Consumer Coalition in a recent hearing of the US House Finance Committee.

The problem is Newt Gingrich, the U.S Consumer Coalition and the Chairmen of this committee are making very serious allegations.

CFPB returns 200,000 to borrowers receive debt relief.

December 17, 2015
By Bob Sullivan

A short-term, high-cost lender (click here) that tried to collect debts by in-person visits at borrowers' homes and workplaces has ceased dealing in payday loans, and about 200,000 consumers will get refunds or debt collection relief, federal regulators said Wednesday.
Austin-based EZCORP is accused of potentially revealing details about consumers' debts to third parties during home or workplace collection attempts, a violation of federal law. The firm is also accused of simultaneously initiating electronic transfers valued at 50%, 30%, and 20% of a consumers' outstanding debt balance, causing overdrafts and other problems for borrowers.
EZCORP operates a collector of pawn shops in and around Texas, and until recently, provided high-cost, short-term, unsecured loans, including payday and installment loans, in 15 states and from more than 500 storefronts. It did this under names including "EZMONEY Payday Loans," "EZ Loan Services," "EZ Payday Advance," and "EZPAWN Payday Loans," the CFPB said.
In a consent order, the bureau ordered EZCORP to refund $7.5 million to 93,000 consumers, pay $3 million in penalties, and stop collection of remaining payday and installment loan debts owed by roughly 130,000 consumers....

US House Minority Speaker Nancy Pelosi states the agenda of the right was primarily defeated.

The Consumer Financial Protection Bureau (CFPB) opened it's doors July 21, 2011.

The demand on the CFPB has been alarming. To date there has been an average of 170,000 demand for answers per year since 2011.

August 25, 2015
WASHINGTON, D.C. – Today, the Consumer Financial Protection Bureau (CFPB) released its monthly consumer complaints snapshot. The report spotlights credit reporting complaints, which sharply increased compared to the prior month and the prior year. According to the report, the majority of the credit reporting complaints were about problems with incorrect information on the reports. This month’s snapshot also highlights trends seen in complaints coming from the Los Angeles, Calif. metro area. As of August 1, 2015 the Bureau has handled over 677,000 complaints across all products.
“Whether a consumer is trying to get a mortgage, apply for a student loan, or buy a car, credit reports are fundamentally important in allowing people to access their financial goals,” said CFPB Director Richard Cordray. “As we see a rise in the number of consumers complaining about this issue, the Bureau will continue to work to ensure that credit reports are fair, accurate, and readily available to all consumers.”...

It's Sunday Night

December 7, 2015
By Walker Evans

After 28 years in business, (click here) Wall Street Nightclub will be closing its doors at the end of the year. Co-owner Amber Myers took to social media late Sunday night to announce the news.
“Financial stress from declining business and deteriorating building conditions were compounded by the loss of parking with condo development in the neighborhood and the loss of third party production companies,” said Myers. The parking lot in reference is across Long Street, which is slated to be torn up soon for a new mixed-use apartment and retail development from The Edwards Companies.
Myers noted in her release that the club is the longest running LGTBQA nightclub in the  United States, having continuously been in operation since opening in 1987. Myers, along with co-owner Sandy Rollins, purchased the business from its previous owners in November 2014.
All shows scheduled through the end of 2015 will continue as planned.
“We hope we can go out strong and have one last great month in this historic club,” said Myers.

The gradual decline of LGTBQA bars and clubs has been well documented all across the US. Some journalists have pointed to the gentrification of formerly gay-centric neighborhoods as the culprit, while others claim that dating apps have suppressed the need for meeting new people IRL. Even local publication Outlook Ohio Magazine was asking back in 2013 if there was still a need for gay bars due to the mainstream acceptance of gay culture across all types of nightlife entertainment....

Conspiracy by Paramore (click here for official website) 

Please speak softly, for they will hear us

And they'll find out why we don't trust them
Speak up dear, 'cause I cannot hear you
I need to know why we don't trust them

Explain to me this conspiracy against me
And tell me how I've lost my power

Where can I turn? 'Cause I need something more
Surrounded by uncertainty, I'm so unsure
Tell me why I feel so alone 
'Cause I need to know to whom do I owe

Explain to me this conspiracy against me
And tell me how I've lost my power

I thought that we'd make it
Because you said that we'd make it through
And when all security fails
Will you be there to help me through?

Explain to me this conspiracy against me
And tell me how I've lost my power

How I've lost my power?