Media Contacts

Good News for Consumers


“Today’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.”

“On Tuesday, July 16 the Senate took a 71-29 Senate vote (60 votes needed) to end a possible filibuster and shortly after Director Cordray was confirmed on a 66-34 (51 votes needed) vote.”

“We want to thank Senator Elizabeth Warren, the architect of the CFPB who never stopped fighting to protect the bureau and ensure that it had a confirmed director. Senator Warren was the presiding officer in the chair for the confirmation vote.”

We also want to thank our newest Senator,  Edward Markey whose first 2 votes as a US Senator were to ensure a strong consumer protection agency.  While not at Fenway, Senator Markey hit home runs in his first 2 at bats in the US Senate.”

“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.”


MASSPIRG is a non-profit, non-partisan public interest advocacy organization that takes on powerful interests on behalf of its members, on the web at MASSPIRG is a founding member of Americans For Financial Reform, a 250-group 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.