Before the vote, more than 200 organizations, led by Americans for Financial Reform, sent a letter to senators warning that the CFPB’s ability to regulate and protect consumers would be severely restricted without a director.
‘Some senators are taking the extreme step of demanding that the law be reopened and refusing to allow him an up or down vote,’ said Americans for Financial Reform Director Lisa Donner. ‘If they continue, we will urge the president to make a recess appointment.’
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.
Together with more than 200 national, state, and local organizations, AFR signed a letter urging the Senate to confirm Richard Cordray as Director of the Consumer Financial Protection Bureau (CFPB.)
The Consumer Federation of America, Americans for Financial Reform, and the AFL-CIO, hosted a conference call with reporters and bloggers on Tuesday, December 6th to discuss threats to a key Dodd-Frank provision designed to protect municipalities, pensions and other vulnerable swaps market participants from predatory industry practices of the kind that just last month drove Jefferson County, Alabama to declare the nation’s largest ever municipal bankruptcy.
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. *A Letter of support for General Cordray’s
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.
Click here to view this week’s highlights and lowlights in Wall Street Reform – November 25, 2011 – December 2, 2011.
As early as today, the House of Representatives is expected to vote on the “Regulatory Accountability Act (RAA) of 2011” (H.R. 3010) and the “Regulatory Flexibility Improvements Act” (H.R. 527). The “Regulations from the Executive in Need of Scrutiny (REINS) Act of 2011” (H.R. 10) is expected to come to the House floor for a vote early next week. All three of these bills attempt to grind the rulemaking process to a halt, thereby placing corporate interests ahead of public health, safety, environmental protection and a secure economy.