SENATE CONFIRMS CFPB DIRECTOR CORDRAY

Uncertainty over Consumer Protection in Financial Marketplace Ends

Georgia PIRG

Statement of Laura Murray, Georgia PIRG Program Associate, on the Senate Confirmation of Richard Cordray to Full Term as Consumer Financial Protection Bureau (CFPB) Director:

“Yesterday’s confirmation of Richard Cordray to head the CFPB for a full term is good news for consumers, and for firms that want to play fair in the financial marketplace. The CFPB was created to rein in the reckless Wall Street practices that blew up our economy almost five years ago. Big banks that rely on consumer tricks and schemes to make money have wanted to kill the CFPB ever since, and for good reason: The CFPB has been enforcing critical consumer protection laws, and already forced Capital One to return $140 million in unfair credit card fees to consumers.

Yesterday the Senate took a 71-29 Senate vote (60 votes needed) to end a possible filibuster, and Director Cordray was confirmed on a 66-34 (51 votes needed) vote.

We applaud our Senators, Johnny Isakson and Saxby Chambliss, for voting correctly on both votes.

We also want to thank Senator Elizabeth Warren (MA), the architect of the CFPB, along with Majority Leader Harry Reid (NV), Senate Banking Committee Chairman Tim Johnson (SD), and other consumer champions who never stopped fighting to protect the bureau and ensure that it had a confirmed director.

Director Cordray and his staff can finally continue the work they’ve been doing so well, which has already put millions of dollars back into consumers’ pockets. Now, the rules are clear. The CFPB can do even more to protect consumers from credit bureaus or payday lenders as well as banks. Consumers have a cop on the beat.”

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GeorgiaPIRG is a non-profit, non-partisan public interest advocacy organization that takes on powerful interests on behalf of its members. GeorgiaPIRG is a founding member of Americans For Financial Reform, a 250-member coalition of labor, consumer, community, senior, civil rights and other organizations that led the fight for Wall Street reform in 2010 and continues to lead the fight to protect it. www.georgiapirg.org