74 Percent of Consumers Support Approval of a CFPB Director
By Consumers Union on Monday, July 15th, 2013
The Senate poised for a vote on confirming Richard Cordray as Director of the CFPB tomorrow. We have released a new survey that finds consumers want the bureau to continue its work without interruption.
- 74 percent said that they support approval of a CFPB director to ensure that the bureau’s work is not interrupted.
- 55 percent of respondents said that interrupting the CFPB’s work would harm consumers.
From our coalition partners at Americans for Financial Reform and Center for Responsible Lending:
- 80 percent of respondents said they supported the CFPB
- 83 percent said Wall Street financial companies should be held accountable with tougher rules and enforcement for the practices that caused the financial crisis.
These separate surveys come as the Senate heads toward a preliminary vote on Cordray’s confirmation this week. The nomination has been stalled due to opposition by Senators who have refused to consider any nominee unless changes are first made to the CFPB that would weaken its ability to protect consumers.
Cordray was named director of the CFPB in January 2012 through a recess appointment. He was renominated for the position earlier this year. Under his tenure, the CFPB enforcement actions have resulted in $425 million in refunds to approximately 6 million consumers who were subject to deceptive financial practices. The CFPB has also helped resolve over 133,000 financial services complaints involving a wide variety of financial issues including credit cards, mortgages, student loans, and bank account services.