Rich Cordray Confirmed As Director Of The Consumer Financial Protection Bureau By The Full Senate
HIGHLY QUALIFIED NAACP-SUPPORTED NOMINEE HAS A PROVEN RECORD OF PROTECTING CONSUMERS; FULL CONFIRMATION MEANS THAT HE WILL SERVE FOR THE NEXT 5 YEARS
On July 16, 2013, the United States Senate broke a stalemate which had tied up the process for more than 2 years and voted to confirm Rich Cordray to serve as the Director of the nascent Consumer Financial Protection Bureau (CFPB) for the next 5 years. Mr. Cordray has served in this position, and done a tremendous job, since January 2012 when President Obama gave him a “recess appointment,” which is a temporary, (2 years) position, because the U. S. Senate, led by extremist Senators, could not muster the 60 votes needed to break a filibuster and bring up the nomination for an up-or-down vote. At that time, obstructionist Senators made it clear that they did not object to the qualifications of the candidate; their opposition was to the mission and structure of the CFPB.
Rich Cordray has done an outstanding job this past year as the Director of the CFPB, and the NAACP is tremendously pleased with his confirmation. He has a proven track record of providing the CFPB with the leadership and the direction it needs to serve as a watchdog against unsustainable, exploitative lending and to advocate for American consumers everywhere, and to carefully monitor and protect racial and ethnic minorities who for years have been the victims of reckless, unscrupulous predatory lenders. He is a champion for the unbanked, the underbanked, and for every American who dreams of building wealth and economic security through honesty and hard work. Under Director Cordray’s leadership, the CFPB has not abused its powers, has not harmed the markets, and has clearly cooperated with Congressional oversight. The CFPB was created in 2010 by the NAACP-supported Dodd-Frank Wall Street Reform and Consumer Protection Act to help Americans everywhere navigate the often treacherous world of financial services, and to solve financial service problems unique to our diverse communities. Opposition to Mr. Cordray’s nomination was just another attempt to weaken the CFPB’s ability to carry out its mandate and undermine its effectiveness. The recent housing crisis resulted in the largest exodus of wealth ever recorded in African American and Latino communities. Keeping Director Cordray in his role will ensure that a steady, thoughtful and proven effective problem solver continues to monitor and regulate these industries and allow individuals, families, and communities to rebuild assets.