WASHINGTON, DC-- Congresswoman Marcia L. Fudge (OH-11) made this statement regarding the Senate, today, blocking the nomination of Richard Cordray to head the Consumer Financial Protection Bureau (CFPB).

"It's disgraceful that Republicans are obstructing the confirmation of Richard Cordray, a leader and a strong advocate for consumers, because they disagree with regulation of the financial industry.  As Ohio Attorney General, Rich Cordray was a strong, bipartisan voice for holding big banks accountable for abusive servicing practices that have led to unfair and unlawful foreclosures.  Cordray recovered over $2 billion wrongly looted by Wall Street banks and returned it to Ohio homeowners, taxpayers, pension funds and municipalities.  He is clearly fit to lead the CFPB.”

"Deceptive mortgage lending was a fundamental cause of the financial crisis and of the worst recession since the Great Depression.  It is a great loss for the nation that Republicans in the Senate can get away with impeding the confirmation of Rich Cordray, at a time when consumers are being taken advantage of every day.  Whether it's credit cards, student loans, or overdraft fees, working families and middle class Americans are suffering because of the lack of oversight.  We fought for and won a new consumer bureau, so the public interest would be first priority.  Leadership committed to the public interest should have been the Senate’s top priority today, as well."

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