Today, President Obama acted to protect consumers against some of the worst abuses in the financial marketplace by appointing Richard Cordray the Director of the Consumer Financial Protection Bureau. Senate Republican obstructionism has until now prevented the bureau from fulfilling its mandate from Congress to oversee some of the worse anti-consumer practices of non-bank financial services providers, like payday lenders, debt collectors, and check-cashing outlets.
Richard Cordray has spent his career fighting for consumers, for Main Street, and for America’s middle class. With his appointment, Richard Cordray will bring transparency and accountability to an area of consumer finance long overdue for stronger oversight, and I commend this strong action by President Obama.