Business News
SACRAMENTO – California Attorney General Xavier Becerra on Friday joined attorneys general from 17 other states in calling on the Trump Administration to respect the independence of the Consumer Financial Protection Bureau.
The CFPB protects consumers from fraud, abuse and unfair business practices, and has returned $12 billion to American consumers since being created in the wake of the financial crisis. It was carefully crafted by Congress to be an independent agency.
On Nov. 24, CFPB Director Richard Cordray stepped down and Deputy Director Leandra English became acting director pursuant to the law governing the CFPB, 12 USC s. 5491(b)(2), which states: “There is established the position of Deputy Director, who shall - (A) be appointed by the Director; and (B) serve as acting Director in the absence or unavailability of the Director."
That same day, President Donald Trump moved to politically appoint a known antagonist of the CFPB, Mick Mulvaney, the Office of Management and Budget director, as the acting CFPB Director.
"Sick, sad joke" are the words Mulvaney has used to describe the agency which protects consumers, veterans and loan borrowers.
“Under the leadership of Richard Cordray, the CFPB set new standards for protecting mortgage and student borrowers, brought landmark actions against big banks, and proposed critical reforms to payday lending practices, mandatory arbitration, and bank overdraft fees,” said Attorney General Becerra. “President Donald Trump, however, is attempting a hostile takeover of this independent agency by contravening the Dodd-Frank Act and installing as acting director a man who has repeatedly sided with Wall Street instead of Main Street. It is an absolute insult to hardworking Americans.
"In California and the Attorney General's Office, we are committed to moving forward, and we will do everything in our power to defend this critical agency," added Attorney General Becerra. “The CFPB must remain independent of Wall Street and politics. Its job is to protect and empower consumers.”
In the amicus brief filed Friday, Attorney General Becerra and 17 attorneys general argue that while there is a legal mechanism for President Trump to nominate a new director for the CFPB – an appointment subject to the advice and consent of the Senate – President Trump has not taken that path here.
Undermining the statutory structure of the agency harms the States’ ability to enforce myriad consumer financial laws that protect their residents.
Attorney General Becerra joins the attorneys general of Washington D.C., Connecticut, Delaware, Hawai'i, Illinois, Iowa, Maine, Maryland, Massachusetts, Minnesota, New Mexico, New York, Oregon, Pennsylvania, Rhode Island, Vermont, And Washington in filing this amicus brief.
Since taking office, Attorney General Becerra has supported and worked with the CFPB. Among other actions, he stands with the agency for issuing its Payday Lending Rule, which will prevent the worst harms associated with short-term payday lending, and for launching its Arbitration Rule, which would have allowed people to pursue justice against financial services companies had it not been overturned by Republicans in Congress.
In addition, Attorney General Becerra, joined by 12 attorneys general and the Consumer Financial Protection Bureau, secured a settlement with Aequitas Capital Management Inc., a private equity firm, to provide over $51 million in debt relief to Californians who attended Corinthian Colleges and $183 million nationwide.
The CFPB protects consumers from fraud, abuse and unfair business practices, and has returned $12 billion to American consumers since being created in the wake of the financial crisis. It was carefully crafted by Congress to be an independent agency.
On Nov. 24, CFPB Director Richard Cordray stepped down and Deputy Director Leandra English became acting director pursuant to the law governing the CFPB, 12 USC s. 5491(b)(2), which states: “There is established the position of Deputy Director, who shall - (A) be appointed by the Director; and (B) serve as acting Director in the absence or unavailability of the Director."
That same day, President Donald Trump moved to politically appoint a known antagonist of the CFPB, Mick Mulvaney, the Office of Management and Budget director, as the acting CFPB Director.
"Sick, sad joke" are the words Mulvaney has used to describe the agency which protects consumers, veterans and loan borrowers.
“Under the leadership of Richard Cordray, the CFPB set new standards for protecting mortgage and student borrowers, brought landmark actions against big banks, and proposed critical reforms to payday lending practices, mandatory arbitration, and bank overdraft fees,” said Attorney General Becerra. “President Donald Trump, however, is attempting a hostile takeover of this independent agency by contravening the Dodd-Frank Act and installing as acting director a man who has repeatedly sided with Wall Street instead of Main Street. It is an absolute insult to hardworking Americans.
"In California and the Attorney General's Office, we are committed to moving forward, and we will do everything in our power to defend this critical agency," added Attorney General Becerra. “The CFPB must remain independent of Wall Street and politics. Its job is to protect and empower consumers.”
In the amicus brief filed Friday, Attorney General Becerra and 17 attorneys general argue that while there is a legal mechanism for President Trump to nominate a new director for the CFPB – an appointment subject to the advice and consent of the Senate – President Trump has not taken that path here.
Undermining the statutory structure of the agency harms the States’ ability to enforce myriad consumer financial laws that protect their residents.
Attorney General Becerra joins the attorneys general of Washington D.C., Connecticut, Delaware, Hawai'i, Illinois, Iowa, Maine, Maryland, Massachusetts, Minnesota, New Mexico, New York, Oregon, Pennsylvania, Rhode Island, Vermont, And Washington in filing this amicus brief.
Since taking office, Attorney General Becerra has supported and worked with the CFPB. Among other actions, he stands with the agency for issuing its Payday Lending Rule, which will prevent the worst harms associated with short-term payday lending, and for launching its Arbitration Rule, which would have allowed people to pursue justice against financial services companies had it not been overturned by Republicans in Congress.
In addition, Attorney General Becerra, joined by 12 attorneys general and the Consumer Financial Protection Bureau, secured a settlement with Aequitas Capital Management Inc., a private equity firm, to provide over $51 million in debt relief to Californians who attended Corinthian Colleges and $183 million nationwide.
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LAKE COUNTY, Calif. – The American Red Cross cites statistics from the U.S. Fire Administration showing nearly 47,000 fires occur during the winter holidays, claiming more than 500 lives, causing more than 2,200 injuries, and costing $554 million in property damage.
SERVPRO franchise owners in the Lakeport area caution homeowners to follow some important American Red Cross guidelines for holiday decorating and entertaining to make sure that the glow in their holiday celebrations is from twinkling lights and not a costly and potentially deadly fire.
– Place Christmas trees and other holiday decorations at least 3 feet away from heat sources like fireplaces, portable heaters, radiators, heat vents, and candles.
– Purchase flame-retardant metallic or artificial trees. If you purchase a real tree, make sure that it has fresh, green needles that aren’t easily broken. Keep live trees as moist as possible by giving them plenty of water.
– Make sure that light strings and other holiday decorations are in good condition. Do not use anything with frayed electrical cords and always follow the manufacturer’s instructions.
– If you are celebrating Hanukkah or Kwanzaa, keep flammable items, including curtains and holiday decorations, at least three feet away from your candles. Place your menorah or kinara on a non-flammable surface, such as a tray lined with aluminum foil, to catch the melting candle wax. Never leave lit candles unattended.
– Ensure all candles and smoking materials are properly extinguished after guests leave and always unplug tree and holiday lights before leaving home or going to bed.
“If, in spite of all your precautions, a fire does break out, the most important thing you can do to help save lives is to install and maintain smoke alarms throughout your property,” said Sue Steen, Servpro Industries Inc., chief executive officer. “Having a working smoke alarm reduces everyone’s chances of dying in a fire by nearly half.”
Steen said that the American Red Cross is joining with fire departments and community groups nationwide to deliver and install a limited number of free smoke alarms in homes for those in need. Contact your local American Red Cross chapter for more information.
The disaster response professionals at SERVPRO, a leader and provider of fire and water cleanup and restoration services, witness the devastation that home fires can cause far too often. They also know that when fire causes a loss of life, there is no “remediation” possible.
To keep the focus on fire prevention, rather than fire restoration, SERVPRO has teamed up with the American Red Cross by supporting the ARC Disaster Responder program, and in particular the Home Fire Preparedness Campaign.
As a Disaster Responder, SERVPRO pledges dollars and support in advance to help the American Red Cross develop and distribute educational materials and respond immediately when they are needed.
“SERVPRO professionals know that even the most diligent fire prevention planning can’t prevent all home fires. That’s why fire safety planning, like installing and maintaining smoke detectors and having a family escape plan, is also important,” said Steen. “If a fire does break out in your home this holiday season, make sure all your family members follow this life-saving advice from the American Red Cross: Get Out, Stay Out, and Call for Help.”
For more fire prevention and fire safety tips and information about fire and water damage restoration services, please visit www.servpro.com.
SERVPRO franchise owners in the Lakeport area caution homeowners to follow some important American Red Cross guidelines for holiday decorating and entertaining to make sure that the glow in their holiday celebrations is from twinkling lights and not a costly and potentially deadly fire.
– Place Christmas trees and other holiday decorations at least 3 feet away from heat sources like fireplaces, portable heaters, radiators, heat vents, and candles.
– Purchase flame-retardant metallic or artificial trees. If you purchase a real tree, make sure that it has fresh, green needles that aren’t easily broken. Keep live trees as moist as possible by giving them plenty of water.
– Make sure that light strings and other holiday decorations are in good condition. Do not use anything with frayed electrical cords and always follow the manufacturer’s instructions.
– If you are celebrating Hanukkah or Kwanzaa, keep flammable items, including curtains and holiday decorations, at least three feet away from your candles. Place your menorah or kinara on a non-flammable surface, such as a tray lined with aluminum foil, to catch the melting candle wax. Never leave lit candles unattended.
– Ensure all candles and smoking materials are properly extinguished after guests leave and always unplug tree and holiday lights before leaving home or going to bed.
“If, in spite of all your precautions, a fire does break out, the most important thing you can do to help save lives is to install and maintain smoke alarms throughout your property,” said Sue Steen, Servpro Industries Inc., chief executive officer. “Having a working smoke alarm reduces everyone’s chances of dying in a fire by nearly half.”
Steen said that the American Red Cross is joining with fire departments and community groups nationwide to deliver and install a limited number of free smoke alarms in homes for those in need. Contact your local American Red Cross chapter for more information.
The disaster response professionals at SERVPRO, a leader and provider of fire and water cleanup and restoration services, witness the devastation that home fires can cause far too often. They also know that when fire causes a loss of life, there is no “remediation” possible.
To keep the focus on fire prevention, rather than fire restoration, SERVPRO has teamed up with the American Red Cross by supporting the ARC Disaster Responder program, and in particular the Home Fire Preparedness Campaign.
As a Disaster Responder, SERVPRO pledges dollars and support in advance to help the American Red Cross develop and distribute educational materials and respond immediately when they are needed.
“SERVPRO professionals know that even the most diligent fire prevention planning can’t prevent all home fires. That’s why fire safety planning, like installing and maintaining smoke detectors and having a family escape plan, is also important,” said Steen. “If a fire does break out in your home this holiday season, make sure all your family members follow this life-saving advice from the American Red Cross: Get Out, Stay Out, and Call for Help.”
For more fire prevention and fire safety tips and information about fire and water damage restoration services, please visit www.servpro.com.
- Details
- Written by: Editor
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