NHPIRG Applauds President For Bold and Important Recess Appointment of Richard Cordray To Head New Consumer Financial Protection Bureau (CFPB)

NHPIRG

Concord, NH— Today, President Obama took an important step to protect consumers from financial traps by announcing his plan to make a recess appointment of his well-qualified nominee, Richard Cordray, to head the new Consumer Financial Protection Bureau. Senate opponents who pledged to block any director unless the bureau is first weakened delayed the appointment until now. Addie Shankle, Consumer Advocate for NHPIRG said in a statement, “Wall Street insiders and bank lobbyists worked hard to prevent Cordray’s nomination, but the public strongly supports the work of the Consumer Financial Protection Bureau and the overwhelming majority of Attorneys General from both sides of the isle have formally endorsed Richard Cordray for the role. President Obama did the right thing here.” The confirmation of a director grants the bureau, which has been running since July, all of its new powers to protect consumers. We applaud President Obama for standing up to Wall Street and its backers on Capitol Hill on behalf of families, seniors, service-members, students and other consumers who need protection from unfair financial practices. Fortunately, the President’s action guarantees that the CFPB, the first federal financial regulator with only one job, protecting consumers, will have all its powers to guarantee a level financial playing field for both consumers and fair-dealing firms. NHPIRG is a non-profit, non-partisan public interest advocacy group that takes on powerful interests on behalf of all Granite Staters. On the web at NHPIRG.org.