Senate Should Act Quickly on CFPB Nomination


Center for Responsible Lending
July 18, 2011

When the Consumer Financial Protection Bureau officially opens its doors this Thursday, Americans will finally have a watchdog to ensure that financial products provide value—not landmines—to consumers.  

But opponents of financial reform are trying to hamstring the CFPB to make it ineffective; one example is the threat by 44 Senators to block nomination of any CFPB Director unless the Bureau is significantly weakened and power is given back to the banking agencies that led us to the financial crisis.  The economy will not get back on track without a robust and independent Consumer Financial Protection Bureau, and we hope that today’s Director nomination will get lawmakers  to stop the political gamesmanship that uses Americans’ pocketbooks as the football.

Even without a Director, the CFPB already has begun several key initiatives to help consumers, such as testing clearer mortgage disclosure forms and looking at ways to protect military service members from predatory loans.   But the lack of a Director limits what the Bureau can do in important areas, such as setting rules for non-bank financial firms like payday lenders.  

Mr. Cordray has a strong track record in dealing with consumer finance issues and is a proven leader. We hope the Senate acts quickly to confirm him as Director of the CFPB.

For more information: Kathleen Day at (202) 349-1871 or kathleen.day@responsiblelending.org; or Charlene Crowell at (919) 313-8523 or charlene.crowell@responsiblelending.org.

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About the Center for Responsible Lending

The Center for Responsible Lending is a nonprofit, nonpartisan research and policy organization dedicated to protecting homeownership and family wealth by working to eliminate abusive financial practices. CRL is affiliated with Self-Help, one of the nation's largest community development financial institutions.