The Senate Committee on Banking, Housing, and Urban Affairs voted this morning to recommend confirmation of Richard Cordray as Director of the Consumer Financial Protection Bureau.

Americans for Financial Reform issued the following statement:

“The CFPB was created to establish and enforce fair rules of the road for the consumer financial marketplace. Under Richard Cordray’s leadership, it has ably begun to fill that crucial mission. We urge all Senators to support his nomination, and at the very least to bring it to a swift up or down vote. Blocking a vote is tantamount to taking a stand against consumer protection and giving comfort to the most abusive players in the financial services industry. Unfair banking and lending practices helped bring on the financial crisis and the economic free-fall that followed. For the economy’s sake as well as the sake of financial consumers – which is all of us – the country needs a fully functioning CFPB, with a confirmed director.”