Today, President Obama announced he would nominate Richard Cordray to continue as Director of the Consumer Financial Protection Bureau.
The Consumer Financial Protection Bureau, established by the Wall Street Reform Act President Obama signed into law in 2010, is charged with overseeing the federal financial laws that specifically protect consumers—people who keep their money in banks and credit unions, pay for goods and services with their credit cards, and rely on loans to buy homes or pay for college, among other services.
“Over the last year, Richard has proved to be a champion of American consumers,” President Obama said.
Thanks to his leadership, we’ve made it tougher for families to be tricked into mortgages they can’t afford. We’ve set clearer rules so that responsible lenders know how to operate fairly. We’ve launched a “Know Before You Owe” campaign to help parents and students make smart decisions about paying for college. We’ve cracked down on credit card companies that charge hidden fees, and forced those companies to make things right. And through it all, Richard has earned a reputation as a straight shooter and somebody who’s willing to bring every voice to the table in order to do what’s right for consumers and our economy.
Have questions about how the Wall Street Reform Act is helping protect consumers? Watch the video below, or check out this handy explainer, Consumer Financial Protection Bureau 101: Why We Need a Consumer Watchdog.
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