Consumer Financial Protection Bureau - Obama Presidency Oral History Back Consumer Financial Protection Bureau Index / Organizations Transcripts Ollie Parham ...administration did was, it set up this Consumer Financial Protection Bureau [CFPB]. And we were like, Who are th... ...Consumer Financial Protection Bureau [ CFPB ]. And we were like, Who are the peopl... ...into all the different people that the CFPB connected with and the stories abou... Lisa Konwinski ...In 2011 she moved to the newly created Consumer Financial Protection Bureau [CFPB], where she stood up the Offic... ...Consumer Financial Protection Bureau [ CFPB ], where she stood up the Office o... ...director for External Affairs at the CFPB , where she served through 2016. I... ...passed, creating this new bureau, the Consumer Financial Protection Bureau . While that hadn't been a piece o... ...of the work that you were doing at the CFPB . I just want to ask two fina... ...this great, exciting opportunity at the CFPB . Was it difficult to leave the Whit... ...there was nothing at the time like the CFPB . It was like the coolest littl... ...dig into your work at the CFPB . What were your big priorities whe... ...in addition to using the data that the CFPB was collecting in order to help the... ...that you were pursuing in your time at CFPB ? Because we were an independen... Show more... Elizabeth Warren ...She then worked to establish the Consumer Financial Protection Bureau [CFPB], serving as its first specia... ...Consumer Financial Protection Bureau [ CFPB ], serving as its first special advise... ...for what becomes, spoiler alert, the Consumer Financial Protection Bureau and the basic idea around it. And I go... ...like thirty-five pages long when the CFPB took over. Now they're down t... ...if they do get cheated. And that's the CFPB . And for that, I will always b... ...presidency that you ended up with the CFPB that you ended up with? Yes. Ther... ...and the special adviser to the CFPB to becoming a US senator. I know, i... ...oversight over these agencies, over the CFPB , over the financial regulators and th... Show more... Wally Adeyemo ...chief of staff at the newly created Consumer Financial Protection Bureau [CFPB] from 2010 to 2011. He was deput... ...Consumer Financial Protection Bureau [ CFPB ] from 2010 to 2011. He was deput... ...what led me to go take the job at the CFPB . So before we get to CFPB, I did wan... ...job at the CFPB. So before we get to CFPB , I did want to touch on the globa... ...do want to talk about your move to the Consumer Financial Protection Bureau . How did that come about? Yo... ...And the one thing I mentioned was CFPB . I said that I have a personal stak... ...personal stake in making sure that the CFPB is a success. And after some time, an... ...asking me what I'd want to do at the CFPB , they asked me if I wanted to be, a... ...look like for us to actually create the CFPB . It wasn't anything special. But t... ...Elizabeth Warren to come run the CFPB . And in the back of my head, when tha... ...do. And she asked me to remain at the CFPB with her, which was unexpected, bu... ...the political pressure that was on the CFPB from the long time it had taken to pas... ...the team that came to work at CFPB , if that's something you were involve... ...of people were attracted to work at CFPB , or were interested in taking thos... ...Capital One to come do the job at the CFPB . And then instead of getting a head o... ...people around the country, that the CFPB was going to be a real thing, staffe... ...them and transition them into the CFPB , build a culture within th... ...the biggest concern we had at CFPB was how do we build the culture o... ...standpoint, in terms of the politics on CFPB were incredibly difficult, given wher... ...So it was no surprise to me that at CFPB , there were definitely tensions wit... ...authorities were coming over to CFPB , they were still going to have to wor... ...of a financial institution, while the CFPB is in charge of the consumer elements... ...of the biggest tension probably for CFPB with the other agencies was the fac... ...move financial institutions. And while CFPB did a great deal of supervision, the... ...people were looking for out of the CFPB that they didn't have already i... ...some of the Republicans who opposed the CFPB , they found value in giving the numbe... ...found value in giving the number of the CFPB to their constituents who called to as... ...people that I talk to about the CFPB . I think the bigger challenge that w... ...to their mortgage. And because the CFPB didn't exist when the crisis started... ...read the Republican opposition to the CFPB ? Dodd-Frank is passed, but in th... ...but in the creation and standing up the CFPB , there's a fair amount of Republica... ...interesting, because ultimately, the CFPB proved to be a bad boogeyman, jus... ...from it. I think the reality was, the CFPB was probably less of a constraint upo... ...anti-government spending movement. But CFPB didn't fit well within that... ...we saw it. Because fundamentally, the CFPB was going to be a regulatory agenc... ...American people about, “This is how the CFPB helps you. Here's the money that we'r... ...the very beginning. So you were at CFPB until sometime in 2011. Is tha... ...Date was going to be the acting head of CFPB until he was confirmed by the Senate... ...even though you departed the CFPB , I did just want to ask, because o... ...any policy actions or efforts that the CFPB made when it was stood up, or i... ... One of the things that I thought that CFPB did effectively, that was not only goo... ...that was not only good for the CFPB but was good for the federa... ...I also think the addition of the CFPB has helped improve the regulation o... ...The challenge that we faced before CFPB was that each agency did a part o... ...I think that despite the fact that the Consumer Financial Protection Bureau is one of the smaller agencies when i... ...skills. So despite the fact that at CFPB , I was applying a number of the skill... ...put me in a position to do the job at CFPB in a way that was effective but als... ...when—when you think about it, I went to CFPB , and I was the chief of staff there... ...regulatory reform, based on my time at CFPB . While there at the White House, th... ...deputy executive secretary. I did it at CFPB . I did it back at Treasury. And whil... ...in many ways, my time at Treasury and CFPB had prepared me for the job, and i... ...in the Treasury Department first, at CFPB , then at the White House, and no... ...the administration, working on the CFPB ? I just wonder, were you able to stil... Show more... Rob Nabors ...Cordray to serve as director of the Consumer Financial Protection Bureau [CFPB]. Republicans in the Senate hel... ...Consumer Financial Protection Bureau [ CFPB ]. Republicans in the Senate held u... ...generally, they objected to the CFPB structure. Were you involved i... Richard Cordray ...served as the first Director of the Consumer Financial Protection Bureau . In this interview, we will not b... ...understanding the work you did at the Consumer Financial Protection Bureau , and throughout your career. When di... ...you think of him in your work at the CFPB [Consumer Financial Protectio... ...think of him in your work at the CFPB [ Consumer Financial Protection Bureau ]? Well, I think all of my mentors... ...brought all of that background to the CFPB . As solicitor general of Ohio in th... ...was really attractive to me about the CFPB was, as Elizabeth [A.] Warren, wh... ...to lead the Enforcement Division of the CFPB implementation team— Right. —whic... ...of the Bureau's structure, how was the CFPB 's approach to examination an... ...head of the Enforcement Division, the CFPB was without a Director. What kinds o... ...of limitations were there, what the CFPB could do without a Director? Well... ...was leading the effort to build the CFPB , which is what we were doing for th... ...been unable to stop the creation of the CFPB —the tried, but they had ultimatel... ...rather than a board, lead the CFPB . In your opinion, why was it importan... ...used to that style of leadership at the CFPB . But given that we were creating ... ...on the power of the Director of the CFPB ? Yes. That argument was alway... ...that the financial regulators—and the CFPB is not at all unique in this regard... ...are sources of independence for the CFPB , but they're not unique to it. But i... ...in response to those reports. The CFPB 's funding came from the Federa... ...with President Obama for the job of CFPB Director in the summer of 2011. In tha... ...be the case. So in some cases, as the CFPB got underway, responsibility for rul... ...was moved from other agencies to the CFPB . Did that create tension with othe... ...regulated prior to the creation of the CFPB ? Well, sure. And remember, you know... ...also if you think the existence of the CFPB changed the way other regulator... ...And in the legislation that created the CFPB , there were much more explici... ...informed that part of the work at the CFPB , how you thought about it? ... ...as well that was my attitude at the CFPB . In January of 2012, President Obam... ...people are attracted to working at the CFPB ? When I first was there, I was on... ...would, quote, “help establish the CFPB 's legitimacy and quiet its critics.... ...month. Why was it important for the CFPB to take on mortgages as a first orde... ...to the constitutionality of the CFPB , the mortgage bankers actually wen... ...was that another example of how the CFPB could be helpful in the industry? I... ...It was another example of how the CFPB could be helpful to consumers and th... ...of businesses who were resistant to the CFPB , and there were some number o... ...in that context. On the one hand, the CFPB wanted to prevent consumers fro... ...in 2012, the CFPB partnered with the Education Departmen... ...student loans prior to going to the CFPB , other than people in society knowin... ...student loans during the time at the CFPB ? Well, yes and no. I mean, ther... ...going to be beyond our power at the CFPB . We couldn't hold down the cost o... ...perhaps the biggest problem that the CFPB had to deal with. You said, quote, “Th... ...one of the things we tried to do at the CFPB . Can you talk a little bit about th... ...bit about the other things that the CFPB did to try to protect groups that wer... ...enforcement. Under your leadership, the CFPB leveled fines against numerou... ...place by the Federal Reserve before the CFPB came into existence, so we wer... ...you came across while you were at the CFPB ? It's hard to pick just one, to b... ...enforcement tools were available to the CFPB ? So we had the ability to sto... ...everything that we were saying. The CFPB partnered with state Attorneys Genera... ...support for the actions taken by the CFPB ? I think it did both of thos... ...team up on any number of matters. The CFPB became a strong partner to the stat... ...you to serve as Director of the CFPB . And this time you were confirmed by ... ...that ruled that the structure of the CFPB was unconstitutional, but proposed ... ...Review Act to turn back the CFPB 's ban on forced arbitration clauses, ... ...look, we don't need this, because the CFPB 's in place, and they're bringing thes... ...least a whitepaper on the role of the CFPB during covid-19. I wanted to ask you i... ...has illuminated any areas of the CFPB that you hadn't thought about befor... ...during your tenure as Director of the CFPB , did you think often about the peopl... Show more... Neal Wolin ...in the standing up, with the CFPB [Consumer Financial Protection Bureau]... ...in the standing up, with the CFPB [ Consumer Financial Protection Bureau ], in all the rulemaking activity tha... ...2013 rolled along, now there was a real CFPB that existed, and there was a Volcke... ...of the world. The creation of the CFPB was obviously a very controversia... ...campaign that was directed right at the Consumer Financial Protection Bureau . They were making all kinds o... ...over at the US Chamber. As you saw the CFPB eventually stand up and start to do th... ...some new institutions were created; the Consumer Financial Protection Bureau , which is a member of the FSOC; th... ...rules, empowering the Consumer Financial Protection Bureau to write rules in this area and t... Show more... Pete Rouse ...reform and regulation, and that is the Consumer Financial Protection Bureau . Senator Elizabeth Warren—not yet ... ...with developing the idea for the CFPB . And I've read that you were involve... ...whatever you want to call it, of the CFPB . This was her idea. It wouldn't hav... ...reality to her. What happened with the CFPB —yes, she wanted to be the chair... ...she could have passed, and got the CFPB off on the right foot, he would hav... ...can fight to strengthen and reinforce CFPB from the inside.” Now, I know [Charle... ...her that she couldn't be nominated for CFPB chair. So I don't think she intende... ...to get her off of being nominee for the CFPB . [Laughs] So I was trying to say... Show more... Load more Transcripts Related Topics go to the Chicago Chicago go to the Gun Control Gun Control go to the Middle East and North Africa Middle East and North Africa go to the Nuclear Nonproliferation Nuclear Nonproliferation go to the Science Science