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Recess appointment sidesteps Republicans

08 Jan 2012 - Preaching the News for Sunday

The gospel recounts the magi’s trip to Bethlehem to pay homage to the newborn leader who would shepherd the people of Israel, while the psalmist pledges the Lord will help those who have no one to help them. President Barack Obama sidestepped Republican opposition in the U.S. Senate to appoint the first director of the Consumer Financial Protection Bureau (CFPB), tasked with protecting the public from the abuse of unscrupulous financial institutions. Obama used a recess appointment to place nominee Richard Cordray in the leadership post. “When Congress refuses to act and as a result hurts our economy and puts people at risk, I have an obligation as president to do what I can without them," Obama said. "I will not stand by while a minority in the Senate puts party ideology ahead of the people they were elected to serve." The CFPB was created by the 2010 Dodd-Frank financial oversight law, enacted in response to the 2007-2009 financial crisis to police the market for consumer products such as credit cards and mortgages. Democrats have heralded the bureau, which opened its doors in July, as a way to protect consumers from abusive lending practices like the type of home loans that were made in the years leading into the financial crisis. Republicans have charged the agency is a virtually unchecked government body that will hurt lending and put small banks out of business. "President Obama, in an unprecedented move, has arrogantly circumvented the American people," said Senate Minority Leader Mitch McConnell in response to the appointment, which sharpened tension between the White House and Republicans who had vowed since May to block confirmation of any director unless they get structural changes to the bureau. Consumer advocacy groups ranging from Public Citizen to the Consumer Federation of America praised Obama's move. So did Elizabeth Warren, the Harvard University professor and Democrat running for the Senate in Massachusetts. Warren gave original shape to the proposal for a consumer bureau and was once a leading candidate to run it. "President Obama's decision to overrule the big banks and the Senate Republicans who are protecting them gives consumers a strong ally and advocate in Washington," Warren said in a statement. Sources: Articles by Jennifer Liberto for CNN Money and Dave Clarke and Matt Spetalnick for Reuters

barack obama recess appointment richard cordray cfpb consumer financial protection bureau lending mitch mcconnell banks republicans senate elizabeth warren

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Debt forgiveness may be closer than you think

01 Sep 2013 - Preaching the News for Sunday

Jesus is the “mediator of a new covenant,” the second reading informs us this Sunday. Millions of public servants burdened with student-loan debt could use a mediator to help them take advantage of government loan forgiveness programs which observers say are overly complicated and confusing.More than 33 million workers qualify to have their student loans obligations eased because they work in schools, hospitals, or city halls, but few take advantage of the options because of the red tape, the government's consumer advocate said Wednesday.Roughly a quarter of the U.S. workforce could benefit from federal rules that give favorable loan repayment options to those in public service fields, including the military, according to the Consumer Financial Protection Bureau (CFPB). The agency recommended the U.S. Congress review the loan forgiveness programs and encouraged employers to make sure their workers know they are available."Teachers, soldiers, firefighters, policeman—public sector careers invariably involve some effort, some inconvenience, or some sacrifice. People give up higher incomes to serve their city, their state, or their country," said Richard Cordray, director of the CFPB. "We believe that people who contribute part of their talents, part of the benefits of their education, to society as a whole should not be mired in debt because they stir themselves to the calling of public service."Student loan debt has topped $1 trillion, the consumer advocate estimates, and has been a drag on the economy as recent graduates are forced to choose between paying down their loans and buying a house or a car. That sends millions of dollars to lenders instead of keeping that cash in local communities.Homily hint: Many Catholics may be surprised to learn that education debt is a big obstacle not only to a career in public service but also to religious vocations. The NCRV CARA 2012 Study on Education Debt and Vocations details the challenges and possibilities. Share its findings with your community so that together you can help build a culture more supportive of religious vocations. Source: An article by Phillip Eliot for the Associated Press

consumer financial protection bureau richard cordray student loan debt public service workers

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Word of the Week

17 November 2024

Presider’s Chair

\'pri-sīd-ərs 'cher\

Also known as the presidential chair, the seat in a parish church from which the celebrant leads the assembly during Mass. Its meaning derives from the chair, or cathedra in Latin, from which the diocesan bishop presides (from Latin meaning “to protect” or literally “to sit before”). The chair is a liturgical symbol of authority and pastoral leadership.

Pronunciation Read more

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