Thursday, October 06, 2011

White House Posting Urges Senate to Confirm Richard Cordray as CFPB Director

A posting today on the White House blog urges the Senate Banking Committee to vote today to confirm Richard Cordray to be the Director of the Consumer Financial Potection Bureau. A cnformation vote is viewed as critical to implementing this Title V of the Dodd-Frank Act so that it fully protects consumers from hidden fees and abusive practices. The Administration said that today’s vote, and the subsequent vote by the full Senate to confirm Richard Cordray, is so important because without a Director the CFPB is hamstrung in its ability to protect consumers. Without a Director, the CFPB will be unable to ensure that banks, debt collectors, private student loan providers and payday loan providers are properly supervised and that consumers are not put at risk of falling prey to the same kinds of abusive practices that helped cause the worst financial crisis since the Great Depression.

But despite these important protections, noted the White House posting, Senate Republicans have pledged to oppose the nomination, choosing to support special interests at the expense of consumers. Republicans on the Senate Banking Committee have admitted that their opposition has nothing to do with Cordray’s credentials. He is the former Attorney General and Treasurer of Ohio with a solid track record of cracking down on companies that break the rules while supporting companies that play by them.

Throughout his career, said the Administration, Mr. Cordray has tackled problems by partnering with others, regardless of party affiliation or ideology. to craft pragmatic and sensible solutions. He addressed Ohio’s foreclosure crisis head-on with his “Save Our Homes” initiative working with bankers, businesses, onprofits, and government officials to help responsible homeowners stay in their homes. And he has been endorsed by elected officials on both sides of the aisle, consumer advocates and business leaders alike and editorial boards across the country.