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Today’s confirmation of Richard Cordray to head the CFPB for a full term is good news for consumers, and for firms that want to play fair in the financial marketplace. The CFPB was created to rein in the reckless Wall Street practices that blew up our economy almost five years ago. Big banks that rely on consumer tricks and schemes to make money have wanted to kill the CFPB ever since, and for good reason: The CFPB has been enforcing critical consumer protection laws, and already forced Capital One to return $140 million in unfair credit card fees to consumers.
This morning the Senate took a 71-29 Senate vote (60 votes needed) to end a possible filibuster and this afternoon Director Cordray was confirmed on a 66-34 (51 votes needed) vote.
We applaud our Senators, Murray, and Cantwell, for voting correctly on both votes. They have been steadfast CFPB supporters.
We also want to thank Senator Elizabeth Warren (MA), the architect of the CFPB, along with Majority Leader Harry Reid (NV), Senate Banking Committee Chairman Tim Johnson (SD), and other consumer champions who never stopped fighting to protect the bureau and ensure that it had a confirmed director.
Director Cordray and his staff can finally continue the work they've been doing so well, which has already put millions of dollars back into consumers' pockets. Now, the rules are clear. The CFPB can do even more to protect consumers from credit bureaus or payday lenders as well as banks. Consumers have a cop on the beat.
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