“People in the US send more than $400 billion in remittances each year, hard earned dollars that are crucial for their families overseas. We applaud the CFPB for a rule that will provide clarity and confidence for consumers. This rule lets people compare prices and shop for the best service, and defend remittance senders’ rights if companies do not fulfill their obligations or if money is not delivered as promised.”

“The final rules on swaps dealer business conduct approved by the CFTC today represent a significant weakening of the Commission’s initial proposed rules in this area. The Dodd-Frank Act created a significant set of new protections for public entities and pension funds in the derivatives markets. These rules, unlike the initial proposal, are simply not sufficient to fully implement the Dodd-Frank protections.”

Consumers won today when President Obama defied Wall Street interests to make a recess appointment of Richard Cordray to head the Consumer Financial Protection Bureau. President Obama stood with consumers and families in making this crucial decision.

With this morning’s vote on General Cordray’s nomination to lead the Consumer Financial Protection Bureau (CFPB), Senators faced a choice. Would they stand up for fair rules of the road in the consumer financial marketplace, or would they side with the big Wall Street banks, and the bottom feeders in the lending industry?

Unfortunately, 45 Senators chose the latter. With unemployment still above 8.5%, and millions of foreclosures devastating families and communities, they chose to defend the status quo that allowed the deceptive and abusive lending at the heart of the financial crisis to flourish. With people struggling to make ends meet in hard times, they chose to protect payday lenders making 300% ‘debt trap’ loans. Now they are on the record. We do not think their constituents will be pleased.

FOR IMMEDIATE RELEASE 
December 7, 2011
For Interviews: John Carey at 202-466-1854 or john@ourfinancialsecurity.org

Updated: 200 Organizations sign on to letter in support of Cordray nomination. National, State, and Local Organizations Call On U.S. Senators to Protect Consumers. …

An overwhelming majority of Americans—Republican, Democratic, and Independent—favor strong, sensible oversight of the financial services industry, including a strong and independent Consumer Financial Protection Bureau, the poll finds.