New CFPB Chief: Consumers Need To Fully Understand Costs & Risks Of Borrowing

Only a day after being appointed — in the face of stalwart Senate Republicans — as head of the new Consumer Financial Protection Bureau, former Ohio Attorney General Richard Cordray took to YouTube to share his vision of the CFPB’s mission.

“The stakes are high,” says Cordray. “Consumers need to be able to fully understand the costs and risks of borrowing and they need to be able to comparison shop for the best deal.

“Consumers deserve to have someone who will stand on their side, who will protect them against fraud and who will insure that they’re treated fairly.

“The new Consumer Bureau was created to make sure that these things are achieved for all Americans…

“Over time, we’ll judge the success of our efforts by whether consumers are being treated more fairly and with more clarity and candor in the financial marketplace. The financial marketplace can be an arena that helps people find and seize opportunity, not condemn them to bewildering failure.

“By working every day to protect consumers, we will help to fashion a more resilient economy and a stronger country.”

The CFPB now has two forms, one for filing official complaints about lenders and loan servicers and another for simply sharing your tale of woe with the bureau.

It should be noted that the below video still does little to convince us that Cordray is not actually 30 Rock star Jack McBrayer.