The Leadership of the CFPB
Yesterday, I spoke on the Senate floor in support of Rich Cordray to head the newly created Consumer Financial Protection Bureau (CFPB). Sadly, the Senate rejected the nomination. Created by the Dodd-Frank Act, the CFPB, and the oversight that it will provide, is desperately needed. Mr. Cordray is a fair and reasonable choice to be Director of the Consumer Financial Protection Bureau and to provide the protection consumers in Connecticut and across the country deserve.
The CFPB needs the leadership of Mr. Cordray to empower and protect consumers by providing the knowledge and tools they must have to make responsible financial decisions and level the playing field by fighting the actions of unscrupulous banks and financial institutions. These bad actors, though only a minority of the industry, can have a devastating effect on consumers.
Unfortunately, without a director, the CFPB is unable to extend its oversight to parts of the financial services industry that most desperately require reform. So-called “non-bank financial institutions” like payday lenders, private student lenders, and debt collectors cannot be reformed by the CFPB without a director in place. The White House has prepared a helpful document that illustrates why the CFPB needs a director to be fully equipped to protect consumers.
The CFPB needs a strong leader so that it can get to work protecting consumers.