What does Richard Cordray mean to you?

In another power grab, Obama appointed Richard Cordray as the director of his new consumer protection agency. The appointment was made while Congress was not in session (according to Obama), because Obama knew that approval of Congress for this man was not likely. The appointment was probably illegal, but that's an issue for another post.

So what does this mean to you? Under the guise of protecting the consumer, this agency will begin regulating mortgage servicers, student lenders and payday-loan companies. According to the newspaper, some areas of consumer finance will remain outside the bureau's reach, but the very next paragraph in the article belies that statement. ". . .the consumer protection bureau can supervise only non-bank companies it defines as 'larger participants' in their markets." Notice the italics. The bureau, itself, gets to decide who and what it will regulate. We are fast losing our freedoms in the name of "protecting the consumer." The consumer better learn to protect himself before it's too late!

"Appointment expands watchdog's oversight." The Dallas Morning News; January 5, 2012; p. 2A.