Wisconsin Representative Continues CFPB Reform Efforts With Series of Proposals

first_img Demand Propels Home Prices Upward 2 days ago The Best Markets For Residential Property Investors 2 days ago Tagged with: CFPB Reform Consumer Financial Protection Bureau Republicans Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Related Articles  Print This Post Servicers Navigate the Post-Pandemic World 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago The Republicans’ effort to reform the Consumer Financial Protection Bureau (CFPB) continued on Friday with the introduction of a comprehensive reform package by U.S. Representative Sean Duffy (R-Wisconsin).Part of the package of CFPB reform proposals that Duffy has either sponsored or co-sponsored includes the bill introduced on Wednesday by Representative Randy Neugebauer (R-Texas) that would replace the CFPB director with a bipartisan five-member committee.The flurry of legislation to reform the CFPB has come swiftly following the testimony of the Bureau’s director, Richard Cordray, before the House Committee on Financial Services on March 3.”After hearing testimony from Director Richard Cordray this week, I am convinced now more than ever that the CFPB is in dire need of structural reform,” Duffy said. “He continues to stonewall Congress, he won’t respond to Congressional inquiries, and why would he? We have no tools in the toolbox to hold the fortress that is the CFPB accountable.”Other measures to reform the CFPB that Duffy introduced this week include: The Bureau of Consumer Financial Protection Act, which makes the CFPB subject to the regular appropriations process; the Consumer Right to Financial Privacy Act, which requires the Bureau to obtain consumers’ permission before collecting data on them; the Consumer Financial Protection Safety and Soundness Improvement Act, which reduces the number of members of the Financial Stability Oversight Council that may overturn a CFPB ruling from two-thirds to a simple majority; and the CFPB Pay Fairness Act, which puts CFPB employees on the regular government pay scale (they currently set their own pay rate).”Protecting consumers is important to everyone,” Duffy said. “However, this is an agency that is led by one man. It’s an agency that makes rules and regulations that restrict access to credit for everyone while they collect data on consumers without their permission, and Congress can do nothing about it. It’s time to bring some common-sense reforms to this agency; these bills will begin to do that.”Republicans who view the CFPB as overreaching and unaccountable have tried to increase Congressional oversight for the CFPB ever since the Bureau was formed in 2011 out of the Dodd-Frank Act. They have especially made a push for CFPB reform since they gained a majority in both the House and the Senate in November. Democrats have criticized Republicans’ efforts at reforming the CFPB and have repeatedly vowed to fight any legislative attempts at such reform.”I cannot imagine staff time and resources that the Bureau has spent responding to your frivolous requests – at the expense of helping our nation’s consumers,” Representative Maxine Waters (D-California) said during the hearing in which Cordray testified earlier this week. “But that’s precisely the Republican playbook. They want the CFPB to be wasting resources digging out from under a deluge of requests – so that the payday lenders, debt collectors, and other predators can continue victimizing the American people unabated.”In February, Representatives Steve Stivers (R-Ohio) and Tim Walz (D-Minnesota) revived a bipartisan bill that would create an independent Inspector General for the CFPB that is appointed by the president and approved by the Senate. The Bureau currently shares an IG with the Federal Reserve, a position that is appointed by the Fed chair and not subject to Senate approval. Share Save About Author: Brian Honea Previous: Economist: Job Gains Solid, But Muted Wage Gains Hindering Housing Next: Small CLO Managers May Have Trouble Complying With Risk Retention Rule The Best Markets For Residential Property Investors 2 days ago in Daily Dose, Featured, Government, Newscenter_img Servicers Navigate the Post-Pandemic World 2 days ago Brian Honea’s writing and editing career spans nearly two decades across many forms of media. He served as sports editor for two suburban newspaper chains in the DFW area and has freelanced for such publications as the Yahoo! Contributor Network, Dallas Home Improvement magazine, and the Dallas Morning News. He has written four non-fiction sports books, the latest of which, The Life of Coach Chuck Curtis, was published by the TCU Press in December 2014. A lifelong Texan, Brian received his master’s degree from Amberton University in Garland. March 6, 2015 1,266 Views Demand Propels Home Prices Upward 2 days ago The Week Ahead: Nearing the Forbearance Exit 2 days ago Wisconsin Representative Continues CFPB Reform Efforts With Series of Proposals Home / Daily Dose / Wisconsin Representative Continues CFPB Reform Efforts With Series of Proposals Data Provider Black Knight to Acquire Top of Mind 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Sign up for DS News Daily CFPB Reform Consumer Financial Protection Bureau Republicans 2015-03-06 Brian Honea Subscribelast_img read more

White-ball players benefit from England contract revamp

first_imgBATSMAN Joe Root is set to earn about £1M a year as part of a revamp of England’s central contract system.The shake-up has been designed to better reward one-day and Twenty20 international players.Previously, contracts were geared towards Test players and white-ball specialists would only receive partial contracts.Yorkshire’s Root is one of four men to be awarded both contracts by the England and Wales Cricket Board (ECB).The others are Warwickshire pace bowler Chris Woakes, and all-rounders Moeen Ali (Worcestershire) and Ben Stokes (Durham).The way financial packages will be calculated will also see Root, 25, benefit.To decide how much players will earn, the ECB will rank them based on their performances on the pitch, “as well as a number of other factors, including off-field contribution, fielding and fitness”.“For Root on the most senior grade, which also now reflects off-field contribution, fielding and fitness, this means an income from the ECB in the vicinity of £1M a year,” BBC cricket correspondent Jonathan Agnew said.The new 12-month contracts – 10 of which have been given to Test players, and 11 in white-ball cricket – come into effect from October 1.The ECB said it was making the changes in recognition of how limited-overs cricket was increasing in popularity.“I think the central contract system, it’s great that it’s taking white ball cricket seriously,” England’s wicketkeeper-batsman Jos Buttler told BBC Sport.“Andrew Strauss has said that he wants to treat the two games as equals and the results are starting to show from that change of mindset.”Director of cricket Strauss added: “We believe the restructure of the central contract system will recognise the increased focus of the shorter format and the importance that we place on this.“It is undeniable that the introduction of central contracts in 2002 has greatly benefited the fortunes of the England Test team. During this period, the team has consistently performed well against the other Test nations around the world. We hope that continues over the next few years.”Batsman Ian Bell, who last played for England in November 2015, is the only player with a full 2015-16 central contract to drop off the new list completely – meaning that his county Warwickshire must now take over his salary.The restructuring is designed to emphasise the ever-growing importance of one-day cricket, with the Champions Trophy to be staged here next summer and the World Cup in 2019.Central contracts have revolutionised English cricket, at times causing friction with the counties as players are rested. Surely key to this structure will be the availability of players for the proposed city-based Twenty20 competition.Test contracts: Moeen Ali (Worcestershire); James Anderson (Lancashire); Jonny Bairstow (Yorkshire); Stuart Broad (Nottinghamshire); Alastair Cook (Essex); Steven Finn (Middlesex); Joe Root (Yorkshire); Ben Stokes (Durham); Chris Woakes (Warwickshire); Mark Wood (Durham)White-ball contracts: Moeen Ali (Worcestershire); Jos Buttler (Lancashire); Alex Hales (Nottinghamshire); Eoin Morgan (Middlesex); Liam Plunkett (Yorkshire); Joe Root(Yorkshire); Jason Roy (Surrey); Adil Rashid (Yorkshire); Ben Stokes (Durham); Chris Woakes (Warwickshire); David Willey (Yorkshire).(BBC Sport)Increment contracts: Gary Ballance (Yorkshire)last_img read more