Senators Should Confirm Cordray

September 29, 2011
Lakeland Ledger  
consumer financial protection bureau news

U.S. senators contemplating President Obama's preference to lead the Consumer Financial Protection Bureau have an easy decision before them, according to a pair of consumer advocates. The choice is clear, write Alice Vickers of Florida Legal Services and Brad Ashwell of the Florida Public Interest in their editorial: confirm Richard Cordray or give payday lenders an edge over other banks. The CFPB has been up and running since July 21, but the former attorney general for Ohio has yet to be confirmed by the Senate Banking Committee. Obama officially nominated him on July 18 as the new enforcement chief of the bureau, created to protect consumers against banks, nonbanks, and payday lenders. While Cordray has received strong support, 44 Republican senators wrote a letter to the president saying the would not confirm any nominee unless the bureau's powers were reduced significantly. Without a director, the bureau cannot fully protect consumers.
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