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NCL applauds appointment of Richard Cordray to head CFPB

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January 4, 2012

Contact: NCL Communications, (202) 835-3323, This email address is being protected from spambots. You need JavaScript enabled to view it.

Washington, DC--The National Consumers League today applauded President Obama’s recess appointment of Richard Cordray to head the Consumer Financial Protection Bureau. The following statement is attributable to Sally Greenberg, Executive Director of the National Consumers League:

“Over more than two decades of public service, Richard Cordray has built a sterling record as a advocate for the nation’s consumers. We can think of few better candidates to be the first head of the Consumer Financial Protection Bureau. In reaction to the worst financial crisis since the Great Depression, Congress created the CFPB to protect American consumers from the financial tricks and traps that contributed to the near-destruction of our economy in 2008 and 2009. Through sensible regulation, the CFPB will ensure that consumers are treated fairly in the marketplace and financial firms compete on a level playing field.

The urgent need for a strong CFPB should not fall victim to political bickering. Unfortunately, Congressional opposition -- backed in large measure by the very financial industry whose irresponsibility cost consumers trillions of dollars -- has delayed the implementation of the CFPB’s legal mandate. Congressional delay has forced the President’s hand and we believe he rightly chose to exercise his recess appointment authority in this case.

We look forward to working with Director Cordray to protect the nation’s consumers and put an end to predatory lending practices that have hurt consumers for far too long.”

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About the National Consumers League

The National Consumers League, founded in 1899, is America's pioneer consumer organization. Our mission is to protect and promote social and economic justice for consumers and workers in the United States and abroad. For more information, visit www.nclnet.org.