“Rich Cordray is the LeBron James of regulators, it makes no sense to fire him.” Our consumer program director, Ed Mierzwinski, is right. We need to maintain a strong and independent Consumer Financial Protection Bureau, free from political and outside-industry influence. And to do that, we need to ensure Richard Cordray remains the Bureau’s director until the end of his term.
What is the Consumer Financial Protection Bureau?
The Consumer Bureau is a federal agency formed under the Dodd–Frank Wall Street Reform and Consumer Protection Act, in the aftermath of the financial crisis. The Consumer Bureau makes sure banks, lenders and other financial companies treat you fairly.
Since 2011, the Consumer Bureau has restored order to the financial marketplace, reining in abusive practices. Director Richard Cordray has brought much-needed transparency to industries that sorely lacked it, including remittance transfers, credit cards, student loan servicing and payday loans.
“We have a job to do. In my view, it’s a law enforcement job,” Mr. Cordray said on MSNBC’s “Morning Joe.” “We’re trying to hold companies accountable for abusing or mistreating consumers.”
In total, the Bureau has returned nearly $12 billion to 29 million consumerswronged by companies that have broken the law. Efforts to roll back important consumer protection provisions will only put our economy and middle class at risk of another financial crisis.
We’re defending the successful Consumer Bureau and Director Richard Cordray
We stand ready to do our part to protect the structure of the CFPB and ensure Richard Cordray remains the Bureau’s director until the end of his term.
Sen. Jack Reed (D-R.I.), a senior member of the Banking Committee, said Tuesday that he believes the CFPB has functioned effectively with the single-director structure.
“Don’t change something that works,” Reed said. “It’s an agency that has demonstrative, positive results for American consumers.”
We need Congress to allow the CFPB to do its job, not betray American consumers in favor of Wall Street and other financial interests. Please oppose any proposals to change the CFPB’s structure, remove its independent funding, or take away any of its powers to protect consumers.