Ever since Richard Cordray was appointed head of the very first Consumer Financial Protection Bureau back in January 2012, he’s rolled up his sleeves as the director and dug into the task of making the financial industry less confusing to consumers. He and the CFPB have addressed credit card companies, credit bureaus, debt collectors, mortgage applications, big banks and their myriad of fees and all matter of consumer complaints. And now he gets to do it again this year!
President Barack Obama will-renominate Cordray to another term, lauding his efforts thus far in a statement from the White House (via Bloomberg News):
“In his first term, the president put in place historic consumer protections and the strongest reforms of Wall Street since the Great Depression,” the White House said in the statement. The two nominations will show “we are effectively implementing these reforms so that Wall Street is held accountable and middle class Americans never again are harmed by the abuses of a few.”
Once he’s nominated again, that appointment will head to the Senate for confirmation. It’s to be hoped that it’s a smoother process than last year, when Obama had to just go ahead and confirm him after Republicans balked.
Our friends over at the Consumers Union, the policy and advocacy division of our Consumer Reports, are pleased as punch that Cordray is back in the director’s chair once again.
“In just a little over a year, Richard Cordray has done an excellent job leading the CFPB in taking many important steps to protect consumers from unfair and deceptive financial practices. Under his direction, consumers can be sure that there is somewhere to turn to so they’re not taken advantage of by shady deals or unscrupulous financial firms,” said Pamela Banks, senior policy counsel for Consumers Union. “From clearer credit cards, to student loans, simplified mortgages and even reining in credit bureaus for the first time, he has continued to work for a fairer, more responsible banking community. Richard Cordray deserves to continue as the voice for consumers in the financial world.”
The CFPB was created during the Wall Street reform law of 2010, and officially got down to business in July 2011. Its goal is to make sure consumers get a fair shake whenever they come into contact with the financial world by helping people to identify and stop any shady practices.
Go get’em (again), Cordray!