Contact: Kristin Lawton, 202.408.9788
Jan 4, 2012
CFED Applauds Appointment of Richard Cordray to Head the Consumer Financial Protection Bureau
Director Enables Agency to Assume Full Powers to Protect Consumers in the Financial Marketplace
Washington, D.C. — The Corporation for Enterprise Development (CFED), a national nonprofit dedicated to financial security and opportunity, praised President Barack Obama for appointing Richard Cordray to head the Consumer Financial Protection Bureau (CFPB).
Despite the near financial collapse caused in part by the failure of regulators to stop unfair and deceptive lending, efforts to implement a fully functioning, independent agency have been stymied because of a lack of a permanent director. The CFPB must have a Director in place to assume its full powers.
CFED is eager to see improvements that enable working families to fully participate in the financial mainstream so they can buy homes, attend college, start and grow businesses and achieve financial self-reliance.
CFED urges the CFPB to move quickly to enact regulations that
- Regulate non-bank lenders, including private student loan providers, payday and auto title lenders and manufactured home dealers who provide financing.
- Implement new regulations, including those that would simplify home mortgage disclosures and prohibit loan steering.
- Bring transparency to the consumer credit scoring industry and small business lending sector.
Richard Cordray is an excellent choice to lead CFPB. His years of public service have led him to develop deep expertise in consumer protection. As the Attorney General of Ohio, Cordray was a national leader in fighting foreclosure scams. He has won praise from consumer advocates and bankers alike and will provide a much needed "financial cop on the beat" to protect consumers, grow our economy and avoid another financial collapse.
# # #
CFED expands economic opportunity by helping Americans start and grow businesses, go to college, own a home and save for their children’s and own economic futures. We identify promising ideas, test and refine them in communities to find out what works, craft policies and products to help good ideas reach scale, and develop partnerships to promote lasting change. We bring together community practice, public policy and private markets in new and effective ways to achieve greater economic impact.
Established in 1979 as the Corporation for Enterprise Development, CFED works nationally and internationally through its offices in Washington, DC; Durham, North Carolina; and San Francisco, California.