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Consumers Union Urges Senate Committee to Confirm Cordray

March 11, 2013

Consumers Union Urges Senate Committee to Confirm Cordray

WASHINGTON, DC – Consumers Union, the policy and advocacy division of Consumer Reports, sent a letter to members of the Senate today urging them to confirm Richard Cordray as Director of the Consumer Financial Protection Bureau (CFPB). The letter comes as the Senate Banking Committee prepares to hold a nomination hearing Tuesday morning at 10am.

Pamela Banks, senior policy counsel for Consumers Union, writes in the letter:

“The bureau needs a smart, experienced director who cares about consumers.  Richard Cordray has demonstrated that he is up to the task…Under Corday’s tenure, the CFPB enforcement actions have resulted in $425 million of refunds to approximately 6 million consumers who were subject to deceptive financial practices.  The CFPB has also helped resolve over 133,000 financial services complaints involving a wide variety of financial issues including credit cards, mortgages, student loans, and bank account services.

“The CFPB is a transparent, fully accountable bureau that works…We need a proven highly qualified regulator such as Richard Cordray at the helm of the CFPB to make the financial marketplace work for consumers and provide stability to the financial industry.”

For a copy of the full letter, please contact David Butler or Kara Kelber. For more information on the hearing, visit www.banking.senate.gov.