YOU KNOW. KIND OF LIKE THE CONSTITUTION!
A company’s obligations don’t stop with the law. It also needs to be fair and upfront with customers.
That’s the message from Richard Cordray, who was named by President Barack Obama as the first director of the Consumer Financial Protection Bureau.
“Frankly there’s a lot of fraud that’s committed in the marketplace that is not on its face necessarily technically illegal,” Cordray said in an interview with The Associated Press. Such practices will now be a target for the CFPB
Just so you know…..swine!
Payday lenders? Really? One of the greatest threats to the nation, one which was so dire that it forced President Obama to act in violation of the Constitution to appoint Cordray to the post, is …….payday lenders? Pray tell what evil will the Feds have to tackle next? Pawn brokers? Blackjack dealers? Carnival barkers? What, there are no “renewable energy” scamsters to go after? Oh, that’s right – protected class and all that.
Hundreds of thousands of pages of civil and criminal law, at both the state and federal level, plus more agencies, commissions, bureaus and bureaucrats than the House leadership can keep track of, but Richard Cordray is going the extra mile for the consumer. Going beyond mere ‘technicalities’ to root out his definition of “fraud”. Fraud, apparently, is now going to be in the eyes of the beholder, and the beholder is going to be Richard Cordray.
Lest you think Richard Cordray’s bona fides are that he sprang directly from the Occupy movement, or the Third Reich, rest assured that he is a scholar of the highest order, a former clerk to Supreme Court Justice Arthur Kennedy and former Attorney General of Ohio. Did we mention he used to play Jeopardy ? He knows what law is ………and he doesn’t care. Some of you may recall an article we posted last week about the affairs of Justice and the practice of Law in the State of Indiana, where the Chief Justice considers it a vital function of his office to assure social outcomes. The point being that Richard Cordray is not a lone wolf. In fact, it is often the case these days that it is the jurists and the barristers and the prosecutors who are most dismissive of sticking to the facts and instead find great delight in encouraging the gullible public that the “spirit” is paramount over the “letter” of the law. This is not at all comforting.
One puzzling aspect of the Cordray affair is how it came to be that Cordray was able to hold “field hearings” in Birmingham, Alabama on the Great Payday Lending Scandal of 2012. We had been told by the Republican leadership that Cordray would be a paper tiger, one without power because his office was not going to be funded, in protest over Obama’s unconstitutional recess appointment of him to head the CFPB. Did Cordray pay for the trip and the dog-and-pony show out of his own pocket? Did the DNC chip in to cover the tab? Who cut the check for Cordray to be able to go to Alabama with his publicity stunt and to get the puff piece written about him and his department to be splashed over Page One of the Business Section?
On a totally unrelated note, funding for all aspects of the dreaded Obamacare, which the Republican House leadership professes to hate with all their hearts and all their souls and all their might, and supposedly consider unconstitutional, is flowing freely in torrents these days. Curious as well, isn’t it?
Tyranny has many faces, and it can have as it’s ultimate objective, besides power itself, outcomes previously unimaginable. When the history of early 21st century America is written, it would not be surprising for our descendants to read phrases like “First, they came for the payday lenders.” (Note to self: Look up the lineage and backgrounds and surnames of players in the payday lending industry and compare them with those of certain shopkeepers and practitioners of finance in early 1930’s Germany).
Are there instances where this won’t be enough and more aggressive regulatory action will be required?
“There we have to enforce the rules and we have to do it fairly, even handedly, but with rigor so that everybody understands that they have to follow and respect the law.”
Yes, yes. Follow the law, technically, but more imortantly, you payday lenders and carnival barkers out there be very careful to accurately gauge the mood and the “fairness” calculations of, as well as to anticipate the definition du jour of fraud used by, Minister Cordray.
And yes, we are well aware that many of the things we say about those who take our money and presume to govern us aren’t technically illegal either. But that’s just a technicality, isn’t it?
The question is, will we be the ones they come for next?