Richard Cordray Named To Head CFPB

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We support reforms to the financial marketplace that protect consumers from unscrupulous banks and lenders.

By Consumers Union on Monday, July 18th, 2011

President Obama announced the nomination of former Ohio attorney general Richard Cordray to head the Consumer Financial Protection Bureau (CFPB). Cordray currently serves as the CFPB’s director of enforcement. Here is our official statement:

“We’re very pleased the President is moving forward with an excellent nominee to head this critically important bureau. We need a watchdog to protect consumers from being ripped off by shady lenders and other financial firms when they break the law, and Mr. Cordray is a great pick to get this watchdog up and running. He has the knowledge and experience to get the job done. We also want to commend Elizabeth Warren for her outstanding leadership in envisioning and shaping this bureau.”

Click here for our press release.

The President had this to say:
“American families and consumers bore the brunt of the financial crisis and are still struggling in its aftermath to find jobs, stay in their homes, and make ends meet,” Obama said in a statement. “That is why I fought so hard to pass reforms to fix the financial system and put in place the strongest consumer protections in our nation’s history. Richard Cordray has spent his career advocating for middle class families … and looking out for ordinary people in our financial system.”

Elizabeth Warren also had glowing remarks about the nominee and the need for a quick bipartisan confirmation in order to quickly help American families facing unfair financial practices:

“Today, the President announced his intent to nominate Richard Cordray to serve as the first Director of the CFPB. Rich has a proven track record of fighting for families during his time as head of the CFPB enforcement division, as Attorney General of Ohio, and throughout his career. He was one of the first senior executives I recruited for the agency, and his hard work and deep commitment make it clear that he can make many important contributions in leading this agency. He will make a stellar director. I am very pleased for Rich and very pleased for the CFPB.

I remain hopeful that those who want to cripple this consumer bureau will think again and remember that the financial crisis – and the recession and job losses that it sparked – began one lousy mortgage at a time. I also hope that when those Senators next go home, they ask their constituents how they feel about fine print, about signing contracts with terms that are incomprehensible, and about learning the true costs of a financial transaction only later when fees are piled on or interest rates are reset. I hope they will ask the people in their districts if they are opposed to an agency that is working to make prices clear or if they think budgets should be cut for an agency that is trying to make sure that trillion-dollar banks follow the law. I hope they will ask their constituents if they are opposed to the confirmation of someone who saved $2 billion for retirees, investors, and business owners as Ohio Attorney General and who has worked hard on the front lines fighting against fraudulent foreclosures and abusive lending practices.”

The prospects for Corday’s nomination appear uncertain because opponents of the CFPB have pledged to filibuster any nomination to the agency unless President Obama agrees to weaken it.

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