Following the President’s appointment of Richard Cordray to lead the Consumer Financial Protection Bureau and help rein in predatory lenders, state and local officials across the country, including many of Cordray’s former Attorneys General colleagues, spoke out about the decision.
Maryland Governor Martin O’Malley:
“The CFPB now possesses the authority to ensure that payday lenders, debt collectors, and others no longer have free rein to deplete the financial health of our communities. With Richard Cordray's appointment, our states finally have a strong partner at the federal level to combat predatory and discriminatory lending.”
Massachusetts Governor Deval Patrick:
“Americans can’t wait any longer for protection from abuses in the financial markets. I applaud President Obama for taking action and appointing Richard Cordray to lead the Consumer Financial Protection Bureau. Richard Cordray is a highly qualified leader who has support from members of both parties and the credentials needed to protect homeowners, seniors and veterans from financial abuse. I wish him the best in this new position.”
California Attorney General Kamala Harris:
"American families finally have the consumer advocate we've needed for so long: Richard Cordray, the director of the Consumer Financial Protection Bureau…We're at a critical moment for the middle-class in America, and we urgently need strong oversight of our financial institutions and accountability for wrongdoing. Richard Cordray is the right person at the right time to get this job done and be a strong partner with state attorneys general."
New York Attorney General Eric Schneiderman:
"This is a major victory for American families seeking justice with the banks and other lending agencies at the heart of the financial crisis. The repeated procedural roadblocks that have blocked Richard Cordray's appointment represent the worst sort of partisan politics in Washington, and President Obama must be commended for taking action in the pursuit of meaningful protection for American consumers.
Iowa Attorney General Tom Miller:
“We desperately need a Consumer Financial Protection Bureau watchdog, not the continuous partisan bickering we’re seeing in Washington. I applaud the President’s appointment. Richard Cordray is as qualified as anyone. As Ohio’s attorney general he looked out for consumers in his state, and as the head of the CFPB he’ll look out for consumers all across the country.”
Maryland Attorney General Doug Gansler:
By creating a new financial protection bureau, the federal government is building on state-led consumer protection efforts in critically important ways. And I can think of no person better qualified to spearhead that mission than Richard Cordray -- someone who can make tough decisions, provide vision and be accountable for the bureau’s performance. With Cordray at the helm of the CFPB, the bureau can now do the hard work of holding the financial services industry accountable to consumers nationwide.”
State and local officials also took to Twitter to express their support for the President’s actions to appoint Richard Cordray:
Massachusetts Attorney General Martha Coakley:
“We can’t wait any longer to have Richard Cordray fully at the helm of the @CFPB”
Columbus, Ohio Mayor Michael B. Coleman:
“Richard Cordray is a great choice for the @CFPB. Rich will stand up for our consumers. Great selection by @BarackObama”
Los Angeles Mayor Antonio Villaraigosa:
“Pres. Obama's appt of Richard Cordray to lead @CFPB is a win for Wall Street accountability. LA looks forward to strong consumer protections”
Connecticut Attorney General George Jepsen:
“Pres. Obama's appointment of Richard Cordray as the first head of @CFPB is a historic step toward protecting consumers”