Consumers Score Long Deserved Victory As Obama Appoints Cordray
By Consumers Union on Wednesday, January 4th, 2012
President Obama announced that he was making a recess appointment to name Richard Cordray as head of the CFPB giving the watchdog its full power to protect consumers.
After months of delay and politicking, Richard Cordray was appointed to head the new Consumer Financial Protection Bureau. He’ll start with a full set of powers to stop shady dealings by Wall Street, the banks, mortgage companies, payday lenders, debt collectors and other financial entities who helped tank our economy.
Cordray is a former Ohio Attorney General who went after both Bank of America and AIG in his home state, recovering millions for Ohio residents. Backed by consumer activist Elizabeth Warren, who helped create the bureau, he’s widely considered a great pick to stand up for consumers.
But his nomination was blocked for months by a group of Senators who want to defang the watchdog by transferring its power to the ineffective bank regulators who oversaw our financial crisis, and by controlling its budget.
The President’s appointment means Cordray will serve as the top consumer watchdog for at least two years – and we’ll be pushing hard to make sure he gets the job done!
You were right there with us as we fought for a Wall Street watchdog, so thank you – and celebrate this victory! Please continue to join with us as we fight against scams and schemes that take money from our wallets!