Senators Should Vote for American Consumers NOT Bad Business

For Immediate Release                                                         

December 7, 2011                                                                 



Senators Should Vote for American Consumers NOT Bad Business

Cleveland, OH – This week Senators will vote on the nomination of Richard Cordary for Director of the Consumer Financial Protection Bureau.   The CFPB is the first agency dedicated to protecting consumers from being taken advantage of by unfair financial products and services.  


This is an opportunity for Senators to show the American people that they can rise above partisan politics in order to protect American consumers from unfair and deceptive financial practices. 


Empowering and Strengthening Ohio’s People has seen the impact that unfair financial practices have on families and neighborhoods.  This organization began as a few residents concerned about their neighborhood on Cleveland’s east side.  That neighborhood of minority and low income households became the target of predatory mortgage lending practices.  Now, like so many others, it is ravaged by foreclosures, vacant properties, rock bottom home values and unemployment. 


No one has disputed Richard Cordray’s qualifications for this job.  He has a record of being fair, pragmatic and balanced while looking out for the best interest consumers.  “Corday is not and has never has been out to ‘get’ the banks or big business,” said Mark Seifert, Executive Director of ESOP.  “He’ll try to find solutions that are fair for everyone - consumers, investors and banks.”  In fact, confirming a director for the CFPB will create a level playing field for banks and non-banks which is good for everyone.  Without a director, the CFPB does not have full authority to supervise payday lenders, private student lenders, non-bank mortgage lenders, debt collectors, and credit reporting agencies.


On Sunday, the White House released a report entitled “Improving Americans’ Financial Security: The Importance of a CFPB Director”, which concluded “[w]e cannot afford a system in which consumers are left in the dark about the risks they face when making financial decisions. And while Congress, the President, and the American public have made historic progress in establishing a single agency dedicated to protecting consumers, every day that CFPB goes without a Director is another day that American families remain at risk.”


Republican senators’ demands to restructure of the bureau and make it more accountable would only weaken its ability to protect everyday Americans and make it subject to the partisan politics of Congress and the election cycle.  Policies protecting Americans’ homes, bank accounts and credit ratings should not be subject to the same political gridlock that has stalled this nomination. 


ESOP urges all Senators to confirm Richard Cordray as Director of the CFPB.