On Wednesday, 61 mayors from 32 states wrote a letter to Congressional Leaders calling on them to confirm Richard Cordray as Director of the Consumer Financial Protection Bureau (CFPB). In the letter, the mayors explain:
In the wake of the financial crisis, the CFPB is intended to help the marketplace operate more effectively by ensuring that consumers have the information they need to understand the terms of their agreements with financial companies, many of which are currently unregulated. Without a Director, the new CFPB is hamstrung in its ability to hold these firms accountable and to rein in some of the financial practices that contributed to the economic downturn, hurting communities across America…
…Too much is at stake for this nomination to fall prey to politics as usual in Washington. We urge you to end this gridlock and confirm Richard Cordray as Director of the Consumer Financial Protection Bureau.
The mayor’s letter follows a letter from 37 Attorneys General across the country in October urging a swift confirmation for Mr. Cordray:
The CFPB is intended to make basic financial practices such as taking out a mortgage or a loan more clear and transparent. It is also charged with ferreting out unfair lending practices. Mr. Cordray knows that such actions will not only protect consumers but will also assist community bankers and other financial companies that are committed to honest dealing and quality customer service. He is determined to use a balanced approach to the financial services industry. As head of the CFPB, Mr. Cordray will be an honest broker and strong advocate for both businesses and consumers that are committed to following the rules.
You can read more about the CFPB at http://www.consumerfinance.gov/.