nejra: nathan, i want to talk about the consumer financial protection bureau.came about as a result of dodd-frank, and the drama there just astonishing. who is going to prevail out of english and mulvaney? >> the trump administration. with this fight going on in washington, it is interesting, but from a compliance perspective, it is delaying the inevitable. theythe administration, will take control of the consumer financial protection bureau either today or early next year. a lot of this is a great headline, but for our clients, it's just delaying the inevitable. you're going to see the cfpb changed dramatically as a result. nejra: so we're talking about interim director. who could finally leave the see cfpb, and what does it mean for the industry? >> it will be a conservative who at the core of his mission will disagree with what the cfpb is. a couple of names, former congressman randy not empower, but the new director, whoever he or she may be, they are going to and a look at the cfpb will not roll back a lot of existing regulations, it is set in stone. they

have happened since the crisis four years and probably the biggest i would say is the consumer financial protection bureau has implementation of the so-called qualified mortgage rules which really dramatically changed the underwriting all of the requirements for underwriting that is of home mortgages in other words if you look at the quality of loans being done today versus ten years ago it's dramatically different these are very very low risk assets again and they are the nontraditional mortgages that we want saw and many would say contributed to the crisis in fact that coupled with other improvements better oversight of fannie mae and freddie mac. even though both are in conservatorship. along with other measures have gone a long way to really make sure that what we saw in two thousand and eight two thousand and nine very unlikely to happen again on on our watch for quite some time dr clippard rafi a professor of finance at the smith's will and business at the university of maryland thanks so much for your time today thank you. time now for a quick break but stick around because when we were turning reg

make the final decision i think the argument is that the statute that created the consumer financial protection bureau provides for a succession plan in the absence of the director and that would be the. the woman in this case lee and english there is a complete there is a default law federal vacancies act that provides that in the absence of such a clear statute then the president can name somebody that is confirmed by the senate and that's what the president did with mick mulvaney i personally believe that though the law is clear on that that's what the attorney for ms english argued before the courts that judge appointed by trump differed. yeah and i agree with you i mean when there's a specific language in the wall street reform and consumer protection act of two thousand and ten that's. says this is what happens and i want to get to the independence of the c.f.p. be in a moment but for planning purposes let's just assume that theoretically at least mick mulvaney stays at the c.f.p. be for the forseeable future he clearly hates this thing a president trump says the agency is a sick joke so what do

. >> lou: what about the low lives over in the consumer financial protection bureau.f by cardray and english who was install would by the new acting director in one day. his last day and go to a federal court, why didn't that judge throw them both in gile for being frivolous and subversive. >> i am with you on that and here's why. cordray knew it was illegal. he isap experienced lawyer. experienced lawyer. i correct myself. lou corrects me all of the time off camera just so you know. he knew. >> lou: you want to go through the list? it is it a long list. >> he knew what he was doing is illegal. it was a silly stupid lawsuit and the stunt she pulled and we talked about it last night. the president has the authority and cordra doesn't. >> lou: i would have preferred he somehow bring in the u.s. martials to esdort them out of court. the deep state and obama hold overs, they think they are in a stage play of some kind. >> the judge could have done it. if you abuse the court process, you could be held in contempt in court. bring the toothbrush and you will spend the night

talking about consumer financial protect bureau. there it is, mick mulvaney, congressman then, said a wonderful example how a bureaucracy could function, if it has no accountability to anyone, it turns up being a joke, that is who the cfpb really is. you are now the acting director. and has our out look or agency itself improved. >> no. i want to make it clear, i think many people who work there are very professional, first week has been smoothly, i have had great meetings, the structure is fundamentally flawed. authority that i have now, really should frighten people, you can sit down in a room with 3 or 4 people, and say let's do this, there is no awo accountaby to congress, i could set the budget without congress. on one hand people call it independent, but bottom line it is unaccounaccountable. this is how i explain it. if they end up shortened. there is nobody they can complain to, they cannot complaint to president, senators or members of the house. that is wrong, i am hopeful it will change. until it does we'll limit as much

it is irman and members, important to understand why we have a consumer financial protection bureau and why it is the centerpiece of the dodd-frank reforms. prior to the consumer financial protection bureau, we did not have anybody looking out for consumers. and so that led us into the crisis that this country experienced in 2008, that took use in a recession and almost a depression. when i come before you with opposition to this kind of legislation, it is because i know and understand and we should all understand what we can do to protect our consumers and how we can work with community banks and what that means when we're talking about a bill like this, where real community banks of $2 billion or less are dealing with populations that i've alluded to over and over again in the presentation of my opposition to this bill. the rural communities and those communities that are underserved and where these are riskier oans and where they need not only the attention of the small community banks, but the services -- servicers who service these loans. and knowing that the servicers who service

ultimately the consumer financial protection bureau is part of how wells got nailed for that and ceo had to resign and paid fines and fees and apologized. but that was then. now the trump administration has taken over the consumer financial protection bureau, put one of their own guys in charge who says the agency should not exist. and wells is due to get one of the biggest windfalls of all out of the republican tax bill. other six biggest banks in the country getting average 14% increase due to this bill, wells due to get 18%. gajillions of dollars. biggest telecom companies also expected to get bathed in money due to this bill. described as enormous boost from this bill. yes, we are owned by comcast. they said would give lots of employees $1,000 bonus thanks to the tax bill and wells said would give minimum wage to lowest paid employees, when companies come up with ideas for the money that was dumped on them, that's how you know it's a huge amount of money dumped on them. effects of the tax bill started to reverberate as wealthiest people and corporate corporations in this country

i will do everything in california to make sure that the consumer financial protection bureau continues forward in a robust fashion protecting the rights of consumers, and what it means defending the provisions in the statute that we prescribe who would take over with mr. cordray is absence, whether it means making sure that is not an agency that leaves the playing field when people are right now in need of people who know how to quarterback on selected issues. we are going to be there. they are just too important of an agency. we work worked hand-in-hand wim on so many cases, and we've had success working with them on any number of matters in court and outside of course. so we will continue whatever form that takes. [inaudible] >> are you going to file a -- >> stay tuned. >> i wanted to piggyback on the question, like what leverage do you think the dreamers have to shut down the government? like what you think they can actually do? >> so the leverage is with the dreamers. the only folks that can shut down government are those who have the votes to keep the government from securing the

housing bill is actually part of a multipronged attack on safeguards implemented by the consumer financial protection bureau. president trump has placed o.m.b. director, economic mulvaney, at the cfpb to destroy it from within while republicans in congress are chipping away at consumer protections from the outside. americans deserve better. i really urge my colleagues to stand up for consumers and vote no. it's easy to go after those people who live in these trying parks, who are to make their way, who are struggling to have -- make ends meet, and this bill adds another layer of problem for them by allowing for higher interest rates. it's just wrong. trying to make we should be voting no. i yield back. the speaker pro tempore: the gentlelady yields back. the gentlelady from california reserves. the gentleman from texas. mr. hensarling: mr. speaker, i'm now pleased to yield 1 1/2 minutes to the gentleman from maine, land of moose, maple syrup, and lobster, a distinguished member of the financial services committee, mr. poliquin. the speaker pro tempore: the gentleman is recognized. mr. poliquin: thank you mr

in his final act as director of the consumer financial protection bureau, richard cordray appointed aector. she then declared herself acting director once cordray left. the move preempted president trump's appointment of mick mulvaney as acting director, who was promptly sued by english in federal court. in the confusion, cfpb employees received two introductory e-mails from two acting directors but a trump nominated judge sided with the president and his pick. mulvaney has been a vocal critic of the cfpb and called it a joke in the sick, sad way. >> not the transition, the actual agency. >> in a sick, sad way but he promised not to blow up the agency under his watch although he has put in place a freeze on new rules and new hires. it doesn't matter if he calls it sick and hates the agency. president trump won. he has the -- he's going to put someone in place, whether it's mick mulvaney now or appoint someone later who is most likely going to dismantle the cfpb. sort of a foregone conclusion. >> right. that came with the election of donald trump. >>> crazy time to own bitcoin. the hig

make the final decision i think the argument is that the statute that created the consumer financial protection bureau provides for a succession plan in the absence of the director and that would be the the. the woman in this case lee and anguish there is a compete there is a default law federal vacancies act that provides that in the absence of such a clear statute then the president can name somebody that is confirmed by the senate and that's what the president did with mick mulvaney i personally believe that the law is clear on that that's what the attorney for ms anguish argued before the court that judge appointed by trump deferred. yeah and i agree with you i mean when there's a specific language in the wall street reform and consumer protection act of two thousand and ten that. says this is what happens and i want to get to the independence of the c.f.p. be in a moment but for planning purposes let's just assume that theoretically at least mick mulvaney stays at the c.f.p. be for the forseeable future he clearly hates this thing president trump says the agency is a sick joke so what do you thin

the consumer financial protection bureau, to undermine that, to undermine dodd-frank, initiatives to prevent what happened in 2008 from ever happening again, they want to get rid of that. they say they're getting rid of regulation. they're getting rid of protections. they make it easier to pollute the air our children breathe and the water our children drink. they eve d they've dismantled net neutrality and given isps to sell your information to anyone without your consent. republicans voted six times to attack women's health and tried to tear away women's access to affordable contraception. months trying to kick tens of millions off health insurance, destroy protections for preexisting conditions and impose an age tax on people 50-64. now the president is under some other illusion he's repealed the affordable care act. he's damaged it, but he hasn't repealed it. i don't know if he knows that. but no infrastructure bill. where's that famous infrastructure bill that was going to be the first thing out of the gate? not a single bill to raise wages and create jobs for hard working ameri

. >> there is a case going on with the consumer protection financial bureau or is it california or any other states x. >> a number of us worked very closely with the bureau to do everything in california to make sure the consumer protection financial bureau continues forward to kneeling with the rights of consumers defending the provisions of the statute to prescribe who would take over or to make sure it isn't an agency for those who want to quarterback on those issues they are just too important of an agency. and we have success working on any number of matters. [inaudible] >> state tuned. >> the only full second shutdown government to secure the money that it needs the only folks that can do that in congress to have a party system the only one second shutdown the government are part of the power when you have a majority of the votes you determine what fails and passes. they can never kill a bill because they don't have enough votes you always require with the membership in the majority to participate by definition it is a democracy people should remove the fog very simply in congres

week in washington, the trump administration is working to diminish the power of the consumer financial protection bureau, thus limiting the oversight of big banks on wall street. in our long cannabis discussion, we have barely acknowledged that cannabis is currently an all cash business, cash payroll, no banking, vaults of bills in the floors -- on the floors of retailers, and so a municipal task force will begin to bring a formal public discussion to how money is invested. it will help keep us -- it will help us understand how to get greater transparencicy in the banking system, and would help us protect the new cannabis industry. i look forward to working with supervisor fewer over the next several weeks and possibly months, and i'm excited to see that we can -- what we can accomplish through this ongoing proprocess and again want to thank you all for your incredible commitment to passing ground breaking cannabis legislation. congratulations to us all. >>president breed: thank you, we don't have many other options for banking services that meet the financial needs and are socially responsible. the bud

the president's new head of the consumer financial protection bureau is reviewing whether the bank shouldy the fines. >>> just when you thought you were safe with the newest iphone. apple is expected to release three more next year. according to to business insider, one of the phones will be a larger version of the iphone 10. another will be a so called midrange version. with a less expensive screen to lower the cost. the new phones may pack larger batteries. apple is close to purchasing the music recognition the deal maybe worth 4 h$400 million. >> a steep increase in flu activity. the this according to to the center for disease control latest data. since november the rate of flu activity is jumped and now higher than usual. especially in the south. there have been over 800 flu related hospitalizations over all. recommends everybody six months and older get vaccinated. only injectable flu shots are recommendation for use this season. bad news for people who sit around a lot at work. new research indicates too much sitting down can be bad for you. even it you exercise regularly. the more

we'll do everything in california to make sure that consumer financial protection bureau continues forward in a robust fashion protecting the rights of consumers. and whether it means defending the provisions in the statute that would prescribe who would take over with mr. cordray's absence. or whether it means making sure that it's not an agency that leaves the playing field when people right now need people who know how to quarterback on so many good issues. we're going to be there. they're just too important an agency, we work hand in hand with them on so many cases and we have had success working with them on any number of matters in court and outside of court. so we're going to continue whatever form that takes. >> the court briefs are due friday. are you going to file a friend of court case? >> stay tuned. >> question in the middle in the back. >> i wanted to piggy back on her question. like what leverage do you think that the dreamers have to shut down the government? like what do you think they can actually do? >> so the leverage is not with the dreamers. the only folks that can sh

reuters reported the head of the new consumer financial protection bureau is whether they should have today publicly released the policy of sexual harassment in the workplace. the post written by cheryl andberg was meant to help other companies be transparent about rules and encourage them to create guidelines. today facebook stock was good thanks to a strong american jobs report and with record on brexit. the dow and nasdaq both rose as well. >>> getting stuff out of storage. it is not just for holiday decorations but for fire equipment. reinstating fire season with just a few weeks left in the year. >>> and next a story of resilience. meet a couple who lost something in both the north bay and southern cal has crazy low prices. do you know how we do it? - how? - bargainomics! say, if california has a bumper crop and produces too many oranges. or a winemaker in sonoma suddenly has 1000 bottles too many. we've got name-brand, top-quality groceries priced 40-70% off every day. bargainomics. that's our business model. and our business model is... delicious. ♪ grocery outlet bargain marke

) ( cheers ) but there were also less sexy scandals this week, like the one at the consumer financial protection bureau. the c.f.p.b. was designed to regulate the reckless behavior that lead to the stock market collapse of 2008. but people on wall street and republicans hate the c.f.p.b., including director of the office of management and budget and losing his harry potter, mick mulvaney. >> it is to me, sir, one of the most offensive concepts i think in a representative government, which is an almost completely unaccountable government bureaucracy, government regulatory agency. it turns up being a joke, which is what the c.f.p.b. really has been in a sick, sad kind of way. and guess who trump appointed to take over the c.f.p.b. it's mick mulvaney. despite what he said in the past he takes his new job seriously. >> this agency will stay open. rumors that i am going to set the place on fire or blow it up or lock the doors are completely false. >> stephen: no one said anything about fire or explosions. laugh "uh, thank you for hiring me. i take this position seriously. rumors that i'm going to embezzle a

this is a hit to president trump who has named mick mulvaney acting director of the consumer financial protection bureaull of the ongoing investigations and suspended a fine against a small mortgage servicer that had driven it out of business under richard cord ray, his predecessor. paul: so things getting done. kate? >> this is a bit of a hit and a miss for pat gone that that used its web site to broadcast the message the president stole your land. they were basically referring to a trump decision to scale back a huge national monument out west that had been taken in an obama land grab last year. but i would say it's nice to hear that corporations have speech rights from. the left we've been told for years that corporations don't have those. paul: all right. bill. >> paul, a hit to the nfl players who have been taking a knee during the national anthem. for years, reformers have been arguing against federal subsidies for stadiums usually down through tax-exempt municipal bonds, now the republican and democratic congressmen who put it there say it's partly because of the attention that the kneelers broug

reuters reported the head of the new consumer financial protection bureau is whether they should havee fine. >>> and facebook today publicly released the policy of sexual harassment in the workplace. the post written by cheryl andberg was meant to help other companies be transparent about rules and encourage them to create guidelines. today facebook stock was good thanks to a strong american jobs report and with record on brexit. the dow and nasdaq both rose as well. >>> getting stuff out of storage. it is not just for holiday decorations but for fire equipment. reinstating fire season with just a few weeks left in the year. >>> and next a story of resilience. meet a couple who lost something in both the north bay and southern califor >>> the road to recovery is long and hard. but we'll get there. >> optimism and grit in the face of tragedy faced not once, but twice. a bay area couple that lost their home in the north bay fires watched in horror as the home they recently left in ventura also burned to the ground. >> laura anthony has the story from santa rosa. >> it is very overwhelmi

cordray's stepped down as head of the consumer financial protection bureau last month.rney general and treasurer. whether tol decide people can be extradited from belgian to spain a week before a key election in catalonia. the group has refused to return to face embezzlement charges that can be punished with decades in prison under madrid's criminal laws. are marking the first anniversary of fidel's burial in castro.ernmost city of -- of san paolo. dominated the island for most of their lives. he is buried in an historic cemetery alongside revolutionary notables. news 24 hours a day powered by more than 2700 journalists and analysts in over 120 countries. im am mark crumpton. this is bloomberg. breaking news. the supreme court has allowed donald trump's travel ban to take full effect. it will apply while appeals go forward. this is take three, i believe. chad, iran, libya, north korea, .yria, venezuela, somalia supreme court saying the ban can go into effect while appeals take place. we will bring you further headlines. what did you miss? the house is working on comprom

environmental area, deregulation in other areas, you know, certainly taking over the consumer financial protection bureau and sending mick mulvaney over there is a big change of direction that's going to be meaningful. pulling out of the global agreements, the paris accord, tpp. i think these are wrong decisions for the country, but they're certainly meaningful decisions. if you're on the other side of that discussion, there's something that he can -- there are things that he can point to. why he gets caught up in these things i think is a subject that i'm not qualified to discuss. you'd have to get experts of a different kind to untangle that for you. >> the president entering the new year, wind at the back from the tax bill, in your view how long does political capital like that last? i suppose the obamacare legislative victory for obama, which is something you were involved in, it also has some cautionary tales to it, right, because that like this tax bill was not very popular and that lost seats for obama then and may lose seats for the president this time around? >> yeah, i mean i think it's a littl

it's on knee-capping the consumer financial protection bureau.t's on rolling back protections for students who have been defrauded on student loans. it's rolling back protections for people who might get black lung, for crying out loud. he's supposed to be looking out for coal miners. even in that case he's deregulating. so there are so many policy frontiers on which he has let down his public. but you know what these policies are complicated. and beyond that, again, i think that they just feel like he gets them, he speaks for them, they don't really care what he actually does in office, so long as he makes liberals angry. >> he does not only make liberals angry, talking about me here. he also makes your crowd, michael, your crowd, you take this, right? >> yeah. >>why does every damn -- every darn republican in the senate say yes, sir? they have a different value system than trump. >> because they look back at their states and see where the president is polling in their neighborhoods and they've got to go to over the christmas break and next year

this is a hit to president trump who has named mick mulvaney acting director of the consumer financial protection bureauated all of the ongoing investigations and suspended a fine against a small mortgage servicer that had driven it out of business under richard cord ray, his predecessor. paul: so things getting done. kate? >> this is a bit of a hit and a miss for pat gone that that used its web site to broadcast the message the president stole your land. they were basically referring to a trump decision to scale back a huge national monument out west that had been taken in an obama land grab last year. but i would say it's nice to hear that corporations have speech rights from. the left we've been told for years that corporations don't have those. paul: all right. bill. >> paul, a hit to the nfl players who have been taking a knee during the national anthem. for years, reformers have been arguing against federal subsidies for stadiums usually down through tax-exempt municipal bonds, now the republican and democratic congressmen who put it there say it's partly because of the attention that the kneelers

attentionere is more for the consumer financial protection bureau because republicans are really goingy aggressive way. again, i would be surprised if republicans were so bold to eliminate it completely because i think it does serve an important purpose. university of chicago booth school of business zingales.luigi julie: the irs is issuing its first major guidance under the new tax law, dealing with a one-time tax on companies repatriating offshore earnings and profits. the irs says companies will go a 15.5% tax on cash and 8% on liquid assets. companies had asked for the guidance because the assets have to come home by january 1. goldman sachs says u.s. tax reform will cut earnings this year by about $5 billion. in a filing today, the company attributed roughly 2/3 of the hit to the repatriation tax and cited the territorial tax system and the measuring different assets. several major banks will be taking large write-downs for the same reasons. valid pharmaceuticals and pershing square holdings have agreed to a settlement over insider trading accusations. -- botox of all top maker al

practices that took advantage of people across this country, and now trump's head of the consumer financial protection bureaur not the bank should pay any fines at all. the gripe with the copb was they didn't do enough. that is next on money, power, politics. plus, markets opening on the heels of a new jobs report. i'm going to break down the numbers next. people all across the country lost their savings, their pensions and their jobs. i'm tom steyer and it turned out that the system that had benefited people like me who are well off, was, in fact, stacked against everyone else. it's why i left my investment firm and resolved to use my savings for the public good. but here we are nine years later and this president and the republican congress are making a bad situation even worse. they won't tell you that their so called "tax reform" plan is really for the wealthy and big corporations, while hurting the middle class. it blows up the deficit and that means fewer investments in education, health care and job creation. it's up to all of us to stand up to this president. not just for impeachable offenses, but al