The Center for Responsible Lending (CRL) lauded congressional leaders from the U.S. House of Representatives and U.S. Senate for calling on President-elect Donald Trump to reject attempts to weaken the Consumer Financial Protection Bureau (CFPB) by removing CFPB Director Richard Cordray.
Democrats from the House Financial Services Committee, led by Congresswoman Maxine Waters (D-Calif.), Ranking Member of the Committee on Financial Services, and U.S. Senator Sherrod Brown (D-Ohio), Ranking Member of the Senate Banking, Housing, and Urban Affairs Committee, underscored to the president-elect that under Director Cordray’s leadership, the Bureau has returned nearly $12 billion to consumers across the country and has cracked down on bad financial actors like Wells Fargo and payday lenders.
“Weakening the CFPB by removing Director Richard Cordray would be a disservice to consumers and hardworking families across the country,” said CRL Policy Counsel Yana Miles. “Under Director Cordray’s leadership, the Bureau has worked to prevent the tricks and traps of banks, payday lenders, credit cards, debt collectors, and many other financial services. Maintaining a strong and independent CFPB, as Congress intended, is critical in preventing the financial industry from unnecessarily siphoning money from people’s pockets. CRL applauds the leaders in the House and Senate for standing up for consumers and will continue to support the CFPB so the Bureau can continue to carry out its mission.”