January 24, 2013
Pamela Banks, senior policy counsel for Consumers Union, said, “In just a little over a year, Richard Cordray has done an excellent job leading the CFPB in taking many important steps to protect consumers from unfair and deceptive financial practices. Under his direction, consumers can be sure that there is somewhere to turn to so they’re not taken advantage of by shady deals or unscrupulous financial firms. From clearer credit cards, to student loans, simplified mortgages and even reining in credit bureaus for the first time, he has continued to work for a fairer, more responsible banking community. Richard Cordray deserves to continue as the voice for consumers in the financial world.”
The CFPB was created by the Wall Street reform law passed by Congress in 2010. The bureau opened its doors in July 2011. It was established to make sure financial companies provide consumers with the information they need to understand the true costs and risks of different financial products. The bureau is charged with identifying and stopping unfair, deceptive, and abusive financial practices and keeping the rules governing financial service products up-to-date.
Cordray’s nomination will move to the Senate for confirmation.