Consumer Experts Urge Senate to Confirm CFPB Director

October 5, 2011
American Banker 
consumer financial protection bureau news

Consumer lending experts urged a Senate panel on Oct. 4 to confirm a director of the Consumer Financial Protection Bureau before the end of the week. The Senate Banking Committee's subcommittee on financial institutions and consumer protection convened the hearing mere days before the entire panel is slated to vote on the nomination of Richard Cordray as the bureau's first director. Although the witnesses spoke about the wealth gap and discriminatory lending practices, the subtext of the hearing and the matter on everyone's mind was the CFPB. In particular, they complained that the bureau's authority is limited until a director is in place. "There are abuses going on that need to be curtailed," said Douglas Fecher, president and CEO of Fairborn, Ohio-based Wright-Patterson Federal Credit Union. "We have a branch near a pawn shop and a payday lender, and the only one that is regulated is us. The CFPB needs to address that fact."
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