Today, Americans for Financial Reform (AFR) and the Center for Responsible Lending (CRL) released statements following the suggestion of the National Economic Council Director that the Consumer Financial Protection Bureau’s Director Richard Cordray would be replaced.
These developments threaten to leave consumers prone to the types of abusive financial practices that were rampant in the run-up to the Great Recession. Director Cordray was confirmed to a five-year term with the bipartisan support of 66 Senators in 2013. His term ends in July 2018.
AFR and the CRL made the following statements:
"Richard Cordray and the CFPB have won back $12 billion that big banks and predatory lenders ripped off from America's consumers -- and are making borrowing fairer and safer. Some in the financial industry don't like having to play by the rules, and they are urging President Trump to fire Director Cordray so they don't have to follow the rules. Listening to them would be a betrayal of the American people and an egregious breach of the rule of law," said AFR Executive Director Lisa Donner.
"Director Richard Cordray has proven to be a tireless and effective leader, and consumers deserve to have him serve out the rest of his term working on their behalf. Under Cordray’s watch, the CFPB has cracked down on the tricks and traps of payday lenders, credit card companies, debt collectors and bad actors in the industry from taking advantage of hardworking people. For the first time in history, consumers across the country have a vigilant watchdog, yet the CFPB’s opponents — financial predators and banks that want less regulation — and their allies in Congress have worked nonstop over the past five years to undercut it. Today, the Trump Administration said it plans to make common cause with that effort and deliberately put families at risk of financial abuse," said CRL Executive Vice President Debbie Goldstein.
For more information, or to arrange an interview on this issue, please contact