Richard Cordray is Confirmed as Head of CFPB
CLEVELAND, OH – After a two-year battle, which ended this evening, the Senate confirmed Richard Cordray as Director of the Consumer Financial Protection Bureau by a vote of 66-34. This is a major victory for American consumers and common sense financial reform in the wake of the financial crisis.
“It’s about time that Congress got out of its own way to confirm Richard Cordray,” said Roslyn Quarto, Executive Director of Empowering and Strengthening Ohio’s People.
“The only part of Dodd-Frank with any meaningful impact to date was the creation of the CFPB and Cordray has been doing an exceptional job as Acting
Director under incredibly challenging circumstances.”
“We are thrilled that after more than two years we were able to bring this to a positive close---with the confirmation of Cordray,” said ESOP Board President Barbara Anderson. “This is a major win for the people!”
Both Ohio Senators Sherrod Brown and Rob Portman voted to confirm Cordray. We thank them for standing with Ohio consumers and advocates. Sen. Portman was instrumental in ending the two-year stand off between Republicans and Democrats, in which twelve Republican senators broke ranks to vote in favor of Cordray.
The CFPB was created in the Dodd-Frank financial reform act. The bureau is finally taking some of the lessons learned from the financial crisis and using them to institute sound and consistent rules that protect American consumers without unduly burdening responsible players in the financial industry. In less than two years since the bureau began its work it has made great strides:
Returning more than $400 million to nearly six million consumers cheated by credit card companies.
Standing up for students and families trapped in high-cost education loans
Protecting military families against illegal foreclosures and deceptive education-loan practices
Enabling consumers to finally know just how much they are charged for sending money overseas, and how much their family members actually receive
Going after fraudulent companies that collect up-front fees for help they don’t deliver to desperate borrowers
Beginning to monitor the out-of-control world of credit reporting and debt collection
Giving financial consumers an effective way to complain about errors and misdeeds
Now Cordray and the bureau can continue the valuable work it started, protecting American consumers.