Get web site traffic analysis

President Obama’s Speech On Protecting American Consumers Consumer Financial Protection Bureau Washington, D.C. – 17 October 2014 – Transcript Text – (TCP)CHICAGO

Statement From The Chief Editor

Today's Headlines - (TCP)CHICAGO

The Bittersweet Player – Clear your browser cache to hear latest play list.

This is Brian Sidler reporting on 20 OCTOBER 2014 @ 11:55 HRS CST

Remarks by the President on Protecting American Consumers

Consumer Financial Protection Bureau
Washington, D.C.

12:00 P.M. EDT

THE PRESIDENT:  Hello, everybody!  (Applause.)  Hello.  Good job, everybody.  Everybody, please have a seat.  Well, it is good to be back at CFPB.

AUDIENCE MEMBER:  Woo!

THE PRESIDENT:  Yes, this is an enthusiastic and rowdy crowd, this group.  (Laughter.)  That’s what happens when you do good things — you feel good.  And this group is doing great work.

I want to thank your director, Rich Cordray, for hosting me here today, and I want to thank all of you for doing a great job in looking out for the financial security of all Americans.

Now, obviously, right now the news is dominated by Ebola, and we’ve got an all-hands-on-deck approach across government to make sure that we are keeping the American people safe.  But even as we meet that particular challenge, it’s also important that we don’t lose sight of the other challenges that we face as a nation, especially the challenge of making sure that our economy works for every single American.  And that includes the challenge that brings me here today:  protecting Americans from financial fraud and identity theft.

As President, I believe that America is stronger when our middle class can count on things like affordable health insurance, and Medicare and Social Security, where there are rules to protect our kids from dirty air or dirty water; rules to protect consumers from being taken advantage of.  And I know you agree, those of you at CFPB, because that’s your mission.

And that’s why part of the financial reform that we passed in the wake of the worse financial crisis since the Great Depression was the creation of this agency, to make sure that we are looking at every aspect of the financial system and ensuring that the American people have the basic protections that they should be able to count on.  You have one mission:  You’re a watchdog for consumers to make sure that the American people have somebody who’s got their backs.

And because of the good work of many of the people who are here today, Americans have saved millions because they’ve been protected from predatory mortgage practices.  You’ve protected folks from deceptive credit card practices.  You’ve set up “Know Before You Owe” to help college be a little more affordable for young people and to make sure that they know the kind of debt that they’re accruing.  You’ve simplified mortgage forms so homeowners don’t get tricked in the final print.  But all this work, taken together, the reason it’s important is because it’s not an abstraction; it saves people money and time and heartache.

And before you, Americans who had gotten taken advantage of often had no way of achieving some sort of compensation.  Today, you’ve actually secured billions of dollars in relief for victims.  You’ve helped to make people a little more whole after somebody engaged in fraudulent behavior.

Some folks in Congress fought tooth and nail to keep this agency from getting off the ground.  There are some, frankly, who are still fighting to undo the rules we put in place to protect consumers.  But I refuse to back down and go back to the days when mortgage lenders or financial firms could take advantage of consumers, and consumers had no recourse.  We’re moving forward.  America is better because of this agency and because of the rules that we’ve put in place.

And the good news is, is that we’ve got more work to do.  And today, we’re building on the progress that’s already been made by announcing new measures to protect America from identity theft and fraud.

Now, we’ve all experienced the benefits of new technologies that let us buy and sell things faster and more efficiently than ever before.  But there are risks that come with these technologies as well.  Last year, millions of Americans became victims of identity theft.  Millions were victims of this kind of fraud.  More than 100 million Americans had information that was compromised in data breaches in some of our largest companies.  And identity theft is now America’s fastest-growing crime.

These crimes don’t just cost companies and consumers billions of dollars every year, they also threaten the economic security of middle-class Americans who have worked really hard for a lifetime to build some sort of security.  The idea that somebody halfway around the world could run up thousands of dollars in charges in your name just because they stole your number, or because you swiped your card at the wrong place in the wrong time, that’s infuriating.  For victims, it’s heartbreaking.  And as a country, we’ve got to do more to stop it.

And that’s why today we are launching an initiative called “Buy Secure” — because you should be able to buy the things that you need without risking your identity, your credit score, or your savings.

First, starting next year, we’re going to begin making sure that credit cards and credit-card readers issued by the United States government come equipped with two new layers of protection:  a microchip in the card that’s harder for thieves to clone than a magnetic strip, and a pin number you enter into the reader just as you do with an ATM.  We know this technology works.  When Britain switched to a chip-and-pin system, they cut fraud in stores by 70 percent.  Seventy percent.

Of course, no one security measure, no matter how powerful, can stop fraud on its own.  So today, I’m also directing federal law enforcement to share more information with the private sector when they discover identity theft rings.

Folks here at the CFPB are working with banks to help make it easier for consumers to discover if fraudulent charges have been made to their account.  The Federal Trade Commission will add new features to IdentityTheft.gov, and they’re going to work with credit bureaus to dramatically cut down on the time it takes for victims to recover their stolen identities.  And in the coming months I’ll be bringing together industry leaders and consumer advocates for a cybersecurity summit focused on protecting consumers using the next generation of mobile payment systems and devices.

And I’m happy to say that the private sector is already deeply engaged in this effort.  Today, a group of retailers that include some of our largest — Home Depot, Target, Walgreens, Walmart — and representing more than 15,000 stores across the country, all of them are pledging to adopt chip-and-pin technology by the beginning of next year.  American Express is pledging $10 million to replace outdated card readers at small businesses.  MasterCard is pledging to provide its customers with free identity-theft monitoring and resolution support.  And Citi is joining other financial institutions in making free FICO scores available to customers, because a sudden drop in your credit rating is one of the clearest signs that you’ve been hit by fraud.

So I want to thank all the business leaders who are choosing to protect their companies and their customers from the kind of hacking that we saw too many times this past year.  I want to encourage every retailer, every bank, and every credit card company to join them in this effort.

And even though I’m taking action today without Congress, Congress needs to do its part, as well.  Today, data breaches are handled by dozens of separate state laws, and it’s time to have one clear national standard that brings certainty to businesses and keeps consumers safe.

Let me just close by saying this.  Last week, I saw a survey that asked folks from all over the world what they thought of the idea that “success in life is pretty much determined by forces outside of our control.”  Of all the advanced economies on Earth, Americans, as you might expect, were the least likely to agree with that.  We think our fate is in our own hands.  We think that if we work hard, that we can get ahead.  For all the challenges of the 21st century, for all the tough, grueling work that’s been required to rebuild this economy and people rebuilding their individual lives after a terrible recession, we still believe that our destiny is written by us — not for us.  We believe that this is a country where hard work should pay off and responsibility should be rewarded.

That’s the principle all of you here at the Consumer Financial Protection Bureau deeply believe in.  That’s what you’re fighting for every single day.  That’s what I’m going to keep fighting for as long as I have the opportunity to be President.  And the executive order I’m signing and the great work that the companies are doing who are participating here today is going to just be one more brick in that bridge that we provide to hopefully all Americans so that they can translate their dreams into reality.

So good job, everybody.  Let me sign this.  (Applause.)

(The executive order is signed.)

THE PRESIDENT:  Rich, I should mention, by the way, that I went to a restaurant up in New York when I was there during the General Assembly, and my credit card was rejected.  (Laughter.)  It turned out I guess I don’t use it enough.  So they thought there was some fraud going on.  (Laughter.)  Fortunately, Michelle had hers.  And I was trying to explain to the waitress, no, I really think that I’ve been paying my bills.  (Laughter.)  Even I’m affected by this.

Thank you very much, everybody.  (Applause.)

END
12:10 P.M. EDT

-&-

Today's Headlines - (TCP)CHICAGO
Donate to The Critical Post

1 comment to President Obama’s Speech On Protecting American Consumers Consumer Financial Protection Bureau Washington, D.C. – 17 October 2014 – Transcript Text – (TCP)CHICAGO

Leave a Reply

Calendar

October 2014
S M T W T F S
« Sep   Nov »
 1234
567891011
12131415161718
19202122232425
262728293031  

Staff Notes To Readers

We are continually looking to improve our performance for this readership. Please leave suggestions in any particular comment box for any article.

If you're a reporter, we'd enjoy hearing from you.

We appreciate your continued support and visitations.

Thank You - (TCP)CHICAGO Staff

  • MainStreet Bancshares, Inc. Reports Good Earnings Trend January 23, 2019
    FAIRFAX, Va., Jan. 23, 2019 /PRNewswire/ -- MainStreet Bancshares, Inc. (OTCQX: MNSB) (the "Company") reported a strong quarter-on-quarter earnings trend. Fully adjusted earnings per share for both common and diluted shares was $0.45 for the fourth quarter of 2018, compared to $0.14 for...
  • OnlyBoth Inc. Rethinks Healthcare Benchmarking to Deliver on Distinct Evaluation Needs January 23, 2019
    PITTSBURGH, Jan. 23, 2019 /PRNewswire/ -- OnlyBoth Inc. has launched three new evaluation engines, complementing its original benchmarking engine, designed to meet the healthcare industry and consumer demand for comprehensive provider comparisons. Artificial Intelligence (AI)-based...
  • PlayUp Ltd and 123Gaming dissolve acquisition deal January 23, 2019
    SYDNEY, Jan. 23, 2019 /PRNewswire/ -- PlayUp has decided to terminate its acquisition of US gaming platform 123gaming. PlayUp held concern over the ownership of IP, commercial viability, supplier agreements, payment gateways, and profitability. PlayUp Ltd CEO Mr Daniel Simic provided the...
  • Top IoT Platforms Announced in MachNation's 2019 IoT Application Enablement Scorecard January 23, 2019
    BOSTON, Jan. 23, 2019 /PRNewswire/ -- MachNation announces the availability of its IoT Application Enablement Platform (AEP) ScoreCard for 2019, a detailed rating of 20 Internet of Things (IoT) platform vendors. According to MachNation forecasts, worldwide IoT application enablement and...
  • Bhargav Shah Joins One Technologies as Chief Technology Officer January 23, 2019
    DALLAS, Jan. 23, 2019 /PRNewswire/ -- One Technologies, LLC announces that Bhargav Shah has joined the firm as Senior Vice President and Chief Technology Officer. Mr. Shah, who is based in Dallas and reports to Chief Executive Officer Sanjay Baskaran, will lead creating a customer-centric ...
  • Elevation Financial Group Announces Sale Of Louisiana Property For $15.5 Million January 23, 2019
    ORLANDO, Fla., Jan. 22, 2019 /PRNewswire/ -- Elevation Financial Group, provider of senior and multifamily affordable housing, is pleased to announce the disposition of Serenity Apartments at Baton Rouge, an Elevation Real Property Fund V asset. The 328-unit multifamily community sold for ...
  • Major Streaming Companies Threatened by Fortnite as Gaming Communities Capitalize on eSports Explosion January 23, 2019
    NEW YORK, January 23, 2019 /PRNewswire/ -- FN Media Group Presents Microsmallcap.com Market Commentary Analysts are now calling eSports and egaming the greatest investment opportunity of the past few years, and the proof is in the threat it poses to competitors. In a recent letter to...
  • "How-To-Gamble" Videos on YouTube Surpass 27 Million Views - Best-Selling Author/Expert Gives FREE Tips For Casino-Goers to Become Smarter Gamblers January 23, 2019
    DANIA BEACH, Fla., Jan. 23, 2019 /PRNewswire/ -- There's little doubt that gambling is a hobby that many Americans hold dear to their hearts. In fact, whole cities have even been built around it, and some of the games have been elevated to the level of a televised sport. With all that...
  • Access Fixtures Expands Line of No UV Products January 23, 2019
    WORCESTER, Mass., Jan. 23, 2019 /PRNewswire/ -- Access Fixtures has added new high bay LED luminaires to its No UV - No Light Below 450nm product lineup. Until now, it was a challenge for facilities that required no UV high bay lighting to meet corporate and OSHA footcandle requirements....
  • RYU Apparel Announces Non-Brokered Private Placement January 23, 2019
    VANCOUVER, Jan. 23, 2019 /PRNewswire/ - RYU Apparel Inc. (TSXV: RYU, OTCQB: RYPPF) ("RYU" or the "Company"), creator of urban athletic apparel, is pleased to announce that it proposes a non-brokered private placement offering (the "Offering") to raise up to $6,000,000 by the issuance of...

Support The Critical Post – – Click This Ad

  • Bill passes allowing electric cooperatives to offer internet January 23, 2019
    JACKSON, Miss. (AP) - Mississippi lawmakers are passing a measure to allow the state's electric cooperatives to offer high-speed internet service. The Senate voted unanimously Wednesday for House Bill 366 , sending it to Gov. Phil Bryant for his signature or veto. The measure would let Mississippi's 25 electric cooperatives ...
    JEFF AMY
  • Union at Audi plant in Hungary to hold week-long strike January 23, 2019
    BUDAPEST, Hungary (AP) - A union of autoworkers at a plant in Hungary of German carmaker Audi says it will launch a week-long strike after unsuccessful negotiations over wages and benefits with the company. The strike to begin Thursday morning follows a two-hour warning strike last week by around 30 ...
  • NASA replaces astronaut on Boeing's 1st crew launch January 23, 2019
    CAPE CANAVERAL, Fla. (AP) - NASA has replaced an astronaut assigned to Boeing's first launch with a crew. Astronaut Eric Boe was pulled Tuesday from the upcoming test flight for unspecified medical reasons, after more than three years of training. Taking his seat will be Mike Fincke, a former space ...
    MARCIA DUNN
  • New building for Pacific Northwest National Lab campus January 23, 2019
    RICHLAND, Wash. (AP) - The federal government's Pacific Northwest National Laboratory will build a new $90 million energy sciences research building on its Richland campus. A contract to design and construct the building has been awarded to a Houston-based team of Harvey Cleary Builders and Kirksey Architecture. The Tri-City Herald ...
  • Little taking applications for Idaho oil and gas commission January 23, 2019
    BOISE, Idaho (AP) - Idaho Gov. Brad Little is accepting applications for a spot on the five-member Idaho Oil and Gas Conservation Commission. Little made the announcement on Tuesday to fill the fifth spot on the commission that oversees oil and natural gas production in the state. The commission is ...
  • State: Nearly $24M in legal pot sales in first 2 months January 23, 2019
    BOSTON (AP) - Pot shops in Massachusetts have racked up nearly $24 million in sales since the first ones opened two months ago. That's according to the Cannabis Control Commission, the state's marijuana regulatory agency. The first retail stores in Massachusetts - and anywhere on the U.S. East Coast - ...
  • Employee? Independent contractor? How to keep it legal January 23, 2019
    NEW YORK (AP) - Small business owners who want to use independent contractors need to be sure these workers really aren't employees. Federal and state government agencies are on the lookout for businesses that use independent contractors, or freelancers, to evade Social Security, Medicare and unemployment taxes and workers compensation ...
    JOYCE M. ROSENBERG
  • The Latest: EU: Irish border still issue in no-deal Brexit January 23, 2019
    LONDON (AP) - The Latest on Britain's exit from the European Union (all times local): 3:30 p.m. The European Union's chief Brexit negotiator says if Britain withdraws without a deal with the EU, he still wants to avoid a hard border between Ireland and Northern Ireland. Michel Barnier said at ...
  • Fire officials: Man fatally run over by own vehicle January 23, 2019
    MIDDLETOWN, Conn. (AP) - Fire officials say a 75-year-old Connecticut man was killed when his own car slid down his icy driveway and rolled onto him. Middletown South Fire District Chief Michael Howley says 75-year-old Rodley Russo died as a result of his injuries Monday afternoon. The Connecticut Post reports ...
  • Forgoing staffers, many businesses turn to freelancers January 23, 2019
    NEW YORK (AP) - It hasn't been lost on small business owners that Uber and other ride-sharing services are enormously successful without having employees doing the work. It's one of the reasons why small companies are forgoing employees in favor of independent contractors. Todd Miller transformed his small business a ...
    JOYCE M. ROSENBERG
  • Montana lawmakers take up bills on straws, plastic bags January 23, 2019
    HELENA, Mont. (AP) - Two bills sponsored by a Missoula senator wending their way through the Legislature could change life as some Montanans know it by limiting plastic straws in retail food establishments and charging for plastic bags in stores. And there is a bill by another lawmaker that would ...
    PHIL DRAKE
  • Bill would make it tougher to pass tax hikes in Montana January 23, 2019
    HELENA, Mont. (AP) - Montana may join 15 other states in making it more difficult to pass new or increased taxes. A simple majority of the state Legislature can currently approve new taxes or fees. But House Bill 148 introduced Tuesday would raise that threshold to a two-thirds supermajority, Montana ...
    CORIN CATES-CARNEY
  • Idaho Geological Survey seeks budget increase January 23, 2019
    BOISE, Idaho (AP) - The agency that provides information about Idaho's geology and minerals and makes natural gas and oil production records available is asking state lawmakers to approve a $1.25 million budget. University of Idaho President Chuck Staben made the request for fiscal year 2020 for the Idaho Geological ...
  • Nets minority owner buys WNBA's Liberty January 23, 2019
    NEW YORK (AP) - The New York Liberty have a new owner and get to keep their NBA ties. An investment group led by Brooklyn Nets minority owner Joseph Tsai has bought the Liberty, the WNBA announced Wednesday. Terms were not disclosed. Tsai, co-founder of the e-commerce giant Alibaba Group, ...
    DOUG FEINBERG
  • Federal employees missing work during shutdown could be marked as AWOL January 23, 2019
    Federal workers who are required to work during the partial government shutdown but are failing to do so risk being classified as absent without leave. A memo sent from the director of the Office of Personnel Management to heads of department and agencies on Friday explained that employees ...
    Gabriella Muñoz
  • Owners of former furniture store get manufacturing permit January 23, 2019
    BENNINGTON, Vt. (AP) - The new owners of a former furniture store in Bennington, Vermont, have received zoning for light manufacturing. The new permit will allow Polar Composite Corp., LLC to continue to utilize the 17,000-square foot building, which has gone unused since last January. The Bennington Banner reports the ...
  • Blue Origin shoots NASA experiments into space in test January 23, 2019
    CAPE CANAVERAL, Fla. (AP) - Jeff Bezos' rocket company, Blue Origin, has launched NASA experiments into space on a brief test flight. The New Shepard rocket blasted off Wednesday from West Texas, hoisting a capsule containing the experiments. The eight experiments were exposed to a few minutes of weightlessness, before ...
    MARCIA DUNN
  • Muriel Bowser, D.C. mayor, offers zero-interest loans to workers affected by shutdown January 23, 2019
    D.C. Mayor Muriel Bowser said Wednesday her city will offer zero-interest loans of up to $5,000 to people who might not be able to make their next mortgage payment because of the partial government shutdown. Ms. Bowser, a Democrat, said the $9 million program will be managed by the city's ...
    Tom Howell Jr.
  • Georgia SOS seeks to replace criticized voting machines January 23, 2019
    ATLANTA (AP) - Georgia's new elections chief is asking lawmakers for $150 million to replace the state's aging electronic voting machines, which experts have warned are vulnerable to hacking. Secretary of State Brad Raffensperger told Georgia legislators holding budget hearings Wednesday that a new voting system is his top priority. ...
  • The Latest: Senator argues fertility fraud law isn't needed January 23, 2019
    INDIANAPOLIS (AP) - The Latest on Indiana Legislature's action on fertility fraud bill (all times local): 11:30 a.m. A state senator says he believes Indiana law already allows criminal charges against the fertility doctor who authorities say used his own sperm to impregnate perhaps dozens of women. A Senate committee ...