President Gives Consumer Watchdog the Teeth it Needs

Media Contacts
Elizabeth Weyant

MASSPIRG Applauds Bold and Important Recess Appointment of Richard Cordray to Head New Consumer Financial Protection Bureau


Statement of MASSPIRG Staff Attorney Lizzi Weyant:

“Today, President Obama is taking a bold and important step to protect consumers from financial tricks and traps by announcing a recess appointment of his well-qualified nominee, Richard Cordray, to head the new Consumer Financial Protection Bureau.  The appointment bypasses Senate opponents who have who pledged to block any director unless the bureau is first weakened in a manner approved by Wall Street. Both Bay State Senators support Cordray, united in their agreement that consumers need to have protection from financial fraud and scams.

The confirmation of a director grants the bureau, which has been up and running since July, all of its new powers to protect consumers. We applaud President Obama for standing up to Wall Street and its backers on Capitol Hill on behalf of families, seniors, servicemembers, students and other consumers who need protection from unfair financial practices.

The President’s action guarantees that the CFPB, the first federal financial regulator with only one job, protecting consumers, will have all its powers to guarantee a level financial playing field for both consumers and fair-dealing firms.”