Consumers and small businesses achieved an important victory today with President Obama’s appointment of Richard Cordray to direct the Consumer Financial Protection Bureau (CFPB). The CFPB was created despite immense opposition from Wall Street and from many Republicans who then also blocked the process for nominating the bureau’s first director. By making a recess appointment, the President has solidly affirmed his commitment to protecting American households and small businesses from predatory and deceptive financial products and services.
With a director in place, the CFPB can fully pursue its mandate to protect consumers from a range of abusive practices, be they from mega-banks, payday lenders, or mortgage companies. As individuals, families, and businesses continue to reel from the 2008 financial crisis, the Consumer Financial Protection Bureau is needed more than ever to put a halt to financial products and services that strip wealth from our communities and enrich the big banks.
Green America applauds the President’s commitment to a strong, independent CFPB and his appointment of Richard Cordray whose pro-consumer track record as Ohio Attorney General makes him an ideal candidate to serve as the CFPB’s first director. This appointment was long overdue, but with a strong and active CFPB there is now real opportunity to get our financial system on firm and fair footing, and to prevent future financial collapses.
Green America and our Green Business Network of 4,000 green companies, working with Americans for Financial Reform and the American Sustainable Business Council, promoted the creation of the CFPB and Cordray’s nomination. Much work lies ahead to ensure that the CFPB lives up to its potential — and the consumers, businesses, and investors in Green America’s membership will remain engaged in the work needed to create an economy that works for all.