Pop the bubbly and take a deep breath of relief, Richard Cordray. The Senate finally reconfirmed Cordray today as the director of the Consumer Financial Protection Bureau, a post he’s held since the bureau’s creation in January 2012. It’s about dang time, as the vote had been idling along in light of a stalemate among some lawmakers who wanted changes to be made to the CFPB first before any nominee was even considered.
Those changes would’ve weakened the CFPB and interrupted work already underway, and 74% of consumers surveyed by the Consumer Reports National Research Center were in favor of a director being approved.
Earlier today the Senate voted 71-29 to allow Cordray’s confirmation to come up for consideration, paving the way toward a 66-34 vote that finally confirmed him.
From the esteemed halls of our benevolent benefactors, President and CEO of Consumer Reports Jim Guest says Cordray’s nomination will work in favor of consumers.
“This is a big win for consumers. The Senate did the right thing with a strong bipartisan vote. The CFPB is a real watchdog to help consumers and crack down on financial scams and schemes,” Guest said in a statement. “Under Richard Cordray, the CFPB has been doing a great job on behalf of consumers in the notoriously difficult and confusing financial marketplace. Today’s vote sends a message to consumers that this watchdog is going to be there, looking out for them.”
For those not in the know, the CFPB was first called into being in 2010 as part of the Dodd-Frank Wall Street reform. It works to identify and stop unfair, deceptive and abusive financial practices, and is in charge of keeping the rules governing financial service products up-to-date.
Cordray’s tenure has seen fruitful results, like $425 million worth of refunds that went back to about 6 million consumers who were victimized by deceptive financial practices.
Congratulations, Mr. Cordray.