The President used his Constitutional authority today to recess-appoint former Ohio Attorney General Richard Cordray as head of the Consumer Financial Product Bureau – America’s first-ever consumer watchdog created by the President’s Wall Street reform. ·
As America’s consumer watchdog, Richard Cordray will have one job – looking out for the best interests of consumers. His job will be to protect families from the abuses of the financial industry, and make sure you’ve got all the information you need to make important financial decisions. ·
Right away, he’ll start working to make sure millions of Americans are treated fairly by mortgage brokers, payday lenders and debt collectors. ·
Just this week, the CFPB is launching a simple phone number – 1 (855) 411-CFPB – you can call to make sure you’re getting a fair deal on your mortgage, and hold banks and brokers accountable if you’re not. ·
If you’re a veteran, the Bureau will help make sure you aren’t taken advantage of when you come home from serving our country. If you’re a senior, they’ll keep you from losing your home or your retirement because someone saw you as an easy target. ·
The President is taking this executive action because Republicans have refused to confirm Richard Cordray, who the President nominated last summer. By refusing to confirm Richard Cordray, Congressional Republicans stopped the consumer watchdog bureau from doing its job. Until a director is in place, the consumer watchdog cannot stand up to payday lenders, debt collectors, credit-reporting agencies and private student lenders. ·
Despite having strong bipartisan support across the country and a record of protecting consumers from dishonest lending practices and recovering billions of dollars in things like pension funds on behalf of retirees, Republicans in the Senate won’t give him an up or down vote. It’s not because they don’t support Cordray – it’s because they don’t believe America needs a consumer watchdog at all. ·
The President disagrees. He believes that everyone should play by the same rules so that hard work pays off and responsibility – not recklessness – is rewarded. Today’s announcement means the end to the era of two rulebooks: one for big banks on Wall Street and another for businesses on Main Street. ·
Wall Street’s recklessness affected nearly every American – those of us with credit cards, student loans, mortgages and home-equity lines, as well as those of us saving for emergencies, a down payment, college and retirement. For too long, there was no place where families or small business could turn when fine print changed the terms of their loans, or when they were hit with hidden charges, new fees, or penalties on their credit cards or debit cards. ·
The American people work hard and are fighting to reclaim the security they lost in the financial collapse. They simply demand that Wall Street and the big financial institutions follow the rules, live up to their agreements, and are held accountable. That’s what Richard Cordray will do every day as America’s consumer watchdog.
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