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Jan-04-2012 22:20printcomments

Richard Cordray's Appointment as CFPB Chief Applauded by Many

Advocates say Cordray brings strong pro-consumer credentials to this important job.

Richard Cordray
Richard Cordray photo courtesy:

(SALEM) - "Today I’m appointing Richard as America’s consumer watchdog," U.S. President Barack Obama said today at Cleveland, Ohio's Shaker Heights High School.

Richard Cordray, an American politician, is the former Attorney General of Ohio. President Barack Obama announced he would nominate Cordray to lead the United States Consumer Financial Protection Bureau today.

Obama says he’ll be in charge of one thing:

"...looking out for the best interests of American consumers. His job will be to protect families like yours from the abuses of the financial industry. His job will be to make sure you’ve got all the information you need to make important financial decisions. Right away, he’ll start working to make sure millions of Americans are treated fairly by mortgage brokers, payday lenders and debt collectors."

Obama says his agency is opening a 1-800 number people can call to make sure they’re getting a fair deal on their mortgage, and hold banks and brokers accountable if they’re not.

Oregon’s Senator Jeff Merkley released the following statement on Richard Cordray’s appointment to the Consumer Financial Protection Bureau:

"American families deserve a cop on this beat – someone to keep the marketplace fair and protect against the financial scams and predatory schemes that have resulted in millions of Americans losing their homes and livelihoods. Unfortunately, a minority of senators are so committed to gutting the new Consumer Financial Protection Bureau that they have resolved to block an up-or-down vote on any nominee to lead the agency."

Merkley says this obstruction has persisted despite clear majority support for Richard Cordray and bipartisan agreement on his strong qualifications.

"Given the importance of ending predatory schemes aimed at working families across America, I am pleased that the President is appointing Richard Cordray and giving the American people a fully up-and-running Consumer Financial Protection Bureau."

Senator Merkley is a member of the Senate Banking Committee.

Attorney General Kamala D. Harris today released the following statement on the appointment of Richard Cordray as Director of the Consumer Financial Protection Bureau:

"American families finally have the consumer advocate we've needed for so long: Richard Cordray, the director of the Consumer Financial Protection Bureau. I applaud the President's decisive action in appointing Richard to this important position."

Harris says she has heard countless stories from California families who have been victimized by mortgage brokers, payday lenders, and debt collectors.

"We're at a critical moment for the middle-class in America, and we urgently need strong oversight of our financial institutions and accountability for wrongdoing. Richard Cordray is the right person at the right time to get this job done and be a strong partner with state attorneys general."

The Greenlining Institute was among many groups today applauding President Obama’s expected recess appointment of Richard Cordray as director of the Consumer Financial Protection Bureau. Greenlining Institute Executive Director Orson Aguilar commented:

“President Obama did absolutely the right thing, and the senators who blocked Mr. Cordray’s confirmation all year in an attempt to weaken protections for consumers should be ashamed of themselves. Creation of CFPB as a tough, independent consumer protection agency was best thing to come out of the financial crisis, and no one needs that protection more than the communities we represent. Communities of color got hammered by predatory and dishonest lending, and we’re relieved that the cop on the beat we’ve needed for so long is finally able to get to work."

What’s been frustrating in all of this, Aguilar says, is that a majority of senators supported Cordray’s confirmation, but a minority was able to block the Senate from voting.

"It’s time for the Senate’s leadership to address the growing misuse of the filibuster. It is simply undemocratic to require a super-majority for everything, and it’s not what the framers of the constitution intended."

With regard to the Republican Senate member's attempt to block the package, Obama said, "The only reason Republicans in the Senate have blocked Richard is because they don’t agree with the law setting up the consumer watchdog. They want to weaken it. Well that makes no sense at all. Does anyone think the reason we got in such a financial mess was because of too much oversight?"

In a prepared statement, Lisa Woll, CEO of US SIF: The Forum for Sustainable and Responsible Investment said:

"We strongly support the decision made today by President Barack Obama to appoint Richard Cordray, the highly regarded and well-qualified former Ohio Attorney General, to be the first director of the new Consumer Financial Protection Bureau. This appointment was long overdue and is essential to helping restore the frayed sense of confidence that Americans have in many financial institutions and consumer financial products."

Woll says Attorney General Cordray brings strong pro-consumer credentials to this important job, adding that his background will help ensure that consumer financial products and services are fairer for all Americans.

"US SIF and its members supported the creation of the CFPB and look forward to working with Mr. Cordray and staff at the CFPB to create a more equitable and sustainable economy."


Tim King, summer 2008, covering the Iraq War

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Tim King has more than twenty years of experience on the west coast as a television news producer, photojournalist, reporter and assignment editor. In addition to his role as a war correspondent, this Los Angeles native serves as's Executive News Editor. Tim spent the winter of 2006/07 covering the war in Afghanistan, and he was in Iraq over the summer of 2008, reporting from the war while embedded with both the U.S. Army and the Marines. Tim is a former U.S. Marine.

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