Washington, DC — This week, the U.S. Senate is expected to vote on the nomination of former Ohio Attorney General Richard Cordray to lead the Consumer Financial Protection Bureau (CFPB) created by the Dodd-Frank financial reform law. Charging that the bankers’ lobby prevented Elizabeth Warren, who envisioned and designed the Bureau, from being appointed to lead it, the Campaign for America’s Future today called for Senators to overcome the opposition of Senate Republicans, who have vowed to block Cordray’s nomination as well. The CFPB cannot exercise its full consumer protection authority unless a director is in place.
Campaign for America’s Future’s co-director Roger Hickey made the following statement:
“Republicans acting at Wall Street’s direction have made it clear they will not confirm anyone to lead the Bureau unless its powers are weakened, to make the world safer for reckless bankers. While we would have preferred to see Elizabeth Warren in the position, it is clear that Ohio Attorney General Richard Cordray is well qualified to head the bureau. He should be confirmed so that he can begin leading the Bureau in its important mission: Protecting consumers from fraudulent financial practices.
“Americans should not allow Wall Street to block this urgently-needed appointment. The Senate must confirm Richard Cordray so that the consumer bureau can fully execute its critical role as protector of the American consumer.”
In October, dozens of state attorneys generals–including Republicans and Democrats–announced their support for Cordray, calling him a fair and reasonable and well-qualified leader.
The agency was designed to help protect consumers from unfair financial practices involving credit cards and mortgages. Under Dodd-Frank, the bureau cannot supervise non-bank lenders until it has a Senate-confirmed director.
Hickey pointed out that the National Economic Council’s report, “Improving Americans’ Financial Security: The Importance of a CFPB Director,” highlights the fact that the non-bank sector, including credit card companies and mortgage companies (that are unregulated without a CFPB Director) has taken advantage of America’s most vulnerable citizens including seniors and lower income Americans.