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CU statement on Richard Cordray to head CFPB

July 18, 2011

Consumers Union Statement on Nomination of Richard Cordray to Head Consumer Financial Protection Bureau

WASHINGTON — Pamela Banks, senior policy counsel for Consumers Union, the nonprofit publisher of Consumer Reports, made the following statement today in support of the nomination of former Ohio attorney general Richard Cordray to head the Consumer Financial Protection Bureau (CFPB). Cordray currently serves as the CFPB’s director of enforcement:
“We’re very pleased the President is moving forward with an excellent nominee to head this critically important bureau. We need a watchdog to protect consumers from being ripped off by shady lenders and other financial firms when they break the law, and Mr. Cordray is a great pick to get this watchdog up and running. He has the knowledge and experience to get the job done. We also want to commend Elizabeth Warren for her outstanding leadership in envisioning and shaping this bureau.”

Contact: David Butler, 202-462-6262