Corker: Ball Is In White House’s Court On Proposing Necessary Changes At CFPB To Confirm Full Time Director

Monday, February 25, 2013

To clarify a Politico report Monday about him “angling to broker a compromise” with the administration over reforms to the Consumer Financial Protection Bureau, Senator Bob Corker, (R- Tn.), a member of the Senate Banking Committee, said that after conversations over the past few weeks with a number of stakeholders, the ball is the White House’s court to propose necessary changes at the bureau in order to get enough support for Senate confirmation of a full time director.  

Richard Cordray is currently serving as head of the CFPB in a temporary appointment that may be in legal jeopardy given a federal appeals court’s challenge to the constitutionality of similar presidential appointments to the National Labor Relations Board that also bypassed Senate confirmation.

“I made some suggestions to people at Treasury and the White House as to how they might go about resolving this issue and getting Richard Cordray confirmed.  We actually had some success in a similar situation with Carol Galante at the FHA, and there seemed to be an opportunity to do something along those lines here as well.  But at this point, the ball is entirely in the White House’s court.  By making some modest and reasonable changes to the structure of the CFPB, I think we could have a strong Senate vote confirming Cordray as leader of the organization.  But that will require the White House showing a willingness to move the process forward,” Sen. Corker said.

 

In December 2012, Corker secured a commitment from FHA Commissioner and Assistant Secretary for Housing Carol Galante to make substantial changes to FHA underwriting requirements in order to begin restoring financial stability at FHA after substantial losses, primarily from a flawed reverse mortgage program.  Galante sent Corker a letter on December 18, committing unequivocally to the implement these reforms by January 31, and her nomination was later confirmed by the Senate on December 30.  The FHA announced the agreed upon reforms on January 30.  Galante’s letter and the list of reforms are available here.

 


SmartFinancial And Cornerstone Bancshares Announce Merger Completion

SmartFinancial, Inc., parent company of SmartBank, and Cornerstone Bancshares, Inc., parent company of Cornerstone Community Bank, announced the closing of the merger of their two holding companies, with the combined company to carry the name of “SmartFinancial, Inc.”   The company also intends to change the trading symbol of its common stock to “SMBK” (OTCBB: SMBK) from ... (click for more)

Chattanooga Ranks 3rd In South And 51st Overall On 11th Annual “Allstate America’s Best Drivers Report”

Allstate Insurance Company released its 11th annual “Allstate America’s Best Drivers Report”. Chattanooga ranked 51st out of America’s 200 largest cities and third in the Southern Region (defined as Tennessee, Kentucky, Mississippi, Arkansas and Louisiana) in terms of car collision frequency. According to the report, the average driver in Chattanooga will experience an auto collision ... (click for more)

Hutcheson Medical Center May Get Bankruptcy Trustee Who Would Focus On Sale Of Fort Oglethorpe Hospital

Hutcheson Medical Center may be headed for appointment of a bankruptcy trustee, who would focus on the sale of the financially-strapped Fort Oglethorpe hospital. An attorney told a bankruptcy court judge in Rome, Ga., on Wednesday afternoon that a buyer is discussing paying over $20 million for all the assets of the community hospital. Attorney Rob Williamson ... (click for more)

Hutcheson Medical Center Unsecured Creditors Committee Asks Trustee Be Appointed For Fort Oglethorpe Hospital; Asks Bankruptcy Not Be Dismissed

The Unsecured Creditors Committee of Hutcheson Medical Center is opposing a motion by U.S. Trustee Guy Gebhardt for a bankruptcy judge to dismiss the bankruptcy for the financially-ailing Fort Oglethorpe hospital.   Instead, the group is asking Judge Paul Bonapfel to appoint a trustee to oversee the Hutcheson finances. In a 16-page motion, the committee said if the bankruptcy ... (click for more)

Who's Responsible For East Ridge's Stadium? - And Response

There just can be no excuse for East Ridge High School's stadium being in such dangerous condition that it has been condemned.   Where is responsible for this? I know there are a few other stadiums like this as well. And there is no excuse for this.  Building new and beautiful schools, state of the art technology. Top athletic facilities as well. Yet, East Ridge ... (click for more)

Roy Exum: The Barners Trounce Who?

There is a website known as Grammarly that just completed a profound study. An automated proof-reading company (who I hope never finds out about me) collected 100 comments that each included over 50 words from the comment blogs of the nation’s preseason Top 25 college football teams. Then they fed them into the company’s huge algorithm computer and checked each fan base for punctuation, ... (click for more)