U.S. Needs Consumer Financial Protection Head ASAP


Center for Responsible Lending
October 6, 2011

While protests on Wall Street have the media spotlight these days, there is an even broader, bipartisan majority of Americans who support financial reform and want a strong Consumer Financial Protection Bureau (CFPB). So it’s good that the Senate Banking Committee today approved the nomination of Richard Cordray as Director of the CFPB.  Mr. Cordray has a strong track record in dealing with consumer finance issues and is a proven leader.

Unfortunately, some Senators have shown they will block the nomination of any CFPB Director unless the Bureau is significantly weakened.  In effect, they are holding Americans’ pocketbooks and our economic recovery hostage until power is given back to the same banking agencies that led us to the financial crisis. 

We call on the Senate to reject this political gamesmanship that endangers American families’ financial security and act quickly to confirm Mr. Cordray.

 

For more information: Kathleen Day at (202) 349-1871 or kathleen.day@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.