Rent-to-own News

Rent-to-own News - Obama appoints first CFPB director

January 4, 2012

In a move that has angered Republicans, President Obama on Wednesday announced he's making a recess appointment of Richard Cordray to be the first director of the Consumer Financial Protection Bureau, sidestepping the Senate confirmation process, according to CNN Money.

Last month, the Senate failed to muster enough votes to take up confirmation of Cordray to run the consumer bureau, with all but one Republican voting against the move. At the time, President Obama hinted that was considering such a recess appointment.

With a recess appointment, Cordray can serve through the end of 2013.

News of the impending recess appointment spurred a flurry of angry statements from GOP leaders who have been trying to block a recess appointment for more than seven months.

But White House Communications Director Dan Pfeiffer defended the move in a White House blog post, insisting the Constitution gives the president powers to make temporary recess appointments despite congressional moves.

At stake are vast new powers the Consumer Financial Protection Bureau can't wield without a director. For example, the bureau can't regulate financial products from non-banks, including student loan providers, debt collectors, payday lenders and check cashers.

Without a chief, the bureau also can't regulate mortgage originators and servicers, which played a big role in the financial crisis by providing subprime mortgages to families who couldn't afford them.

Cordray, who was traveling with the president on Wednesday, told reporters that the first thing on his list was to "begin working to expand our program to non-banks, which is an area we haven't been able to touch up until now," he said.

See full story.

About APRO
The Association of Progressive Rental Organizations is the official voice of the rent-to-own industry and the most accurate and trustworthy source of rent-to-own news in the industry. Founded in 1980, APRO is the national, nonprofit trade association advocating and representing the rent-to-own industry before the U.S. Congress, state legislatures, courts, media and the public.

For more information, visit www.rtohq.org.

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RTOHQ: The Magazine
RTOHQ: The Magazine is the Association of Progressive Rental Organizations' award-winning rent-to-own industry magazine, and it's available here.

CLICK HERE FOR OUR DIGITAL RTOHQ: THE MAGAZINE

RTOHQ: The Magazine’s upgraded digital format

APRO's new, mobile-ready magazine is now available in addition to our print edition. The digital format provides the same informative content as our printed magazine, but also offers tools to make the reading experience more enriching. Access the table of contents page with one click or tap. Get additional information from advertisers by clicking on the links in their ads. The interface is easy to navigate and requires no special app—read our magazine on your computer, digital table or smartphone. Click here to access the digital version of RTOHQ: The Magazine March-April 2012.

A New Rent-to-Own Experience

by Neil Ferguson

Here’s the lowdown on APRO’s 2012 Convention and Trade Show, July 24-26 in Memphis. The RTO industry’s big event will offer many valuable experiences, including insights on how to turn your stores into “experiences”–the good kind for consumers

Who Is Your Competition?

by Bill Keese

In order to expand your customer base, you can learn a lot by observing your competitors. But first, you need to figure out just who they are. If you think your only competition is the rent-to-own store down the street, you’re not considering the bigger picture. APRO’s executive director offers a big-picture perspective.

A Review of Online Customer Complaints

by Ed Winn III

While rent-to-own companies have not cornered the market on negative reviews posted on consumer complaint websites, it’s no surprise that there are cyberspace beefs against RTO. APRO’s general counsel reviews some of them in search of a pattern and he considers appropriate response to online complaints.

Rent-to-Own Families, Part VIII

by Kristen Card

Our series of family-run rent-to-own businesses continues with profiles of the Homeiers in Kansas and two Texas-based sets of kindred colleagues, the Spangles and the Weisblatts.

Future issues of APRO's magazine will be available in this same new format. Click here to access past issues that are not yet archived in the new interface.

Association of Progressive Rental Organizations
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