Reed Calls CFPB Confirmation Vote a Major Victory for Consumers
Full U.S. Senate approves Richard Cordray to lead consumer protection agency on 66-34 vote
WASHINGTON, DC – Ending a nearly two year standoff, the U.S. Senate today voted 66-34 to confirm Richard Cordray to be the Director of the Consumer Financial Protection Bureau (CFPB). U.S. Senator Jack Reed (D-RI), who helped created the CFPB, called the vote a “major victory for consumers that will strengthen our financial marketplace.”
With strong backing from Senator Reed, Congress created the CFPB in 2010 to help ensure the financial products and services that Americans depend on every day —including credit cards, mortgages, and loans—work better for the people who use them. Since the CFPB opened for business in 2011, it has helped hold financial institutions accountable for mistreating consumers and worked in coordination with our federal regulators to return roughly $425 million to consumers. The agency’s Consumer Response center has already heard from more than 100,000 consumers with their individual problems related to their credit cards, mortgages, student loans, and bank accounts.
Senator Reed wrote a key provision of the law creating the Office of Service Member Affairs, a consumer watchdog for military personnel that will help monitor financial scams targeting service members and their families and respond to complaints. Today, Reed, a senior member of the Banking Committee, issued the following statement:
“Today’s vote to confirm a CFPB Director is a small step for Richard Cordray and a giant leap forward for better consumer protection. This is a major victory for consumers that will strengthen our financial marketplace. This agency is dedicated to ensuring consumers have their voices heard and heading off unfair, deceptive, and abusive financial practices and products.
“The CFPB has already returned more than $425 million dollars to 6 million consumers and helped bring balance, clarity, and fairness to mortgage rules. Director Cordray’s confirmation provides a level of certainty to the financial marketplace and ensures consumers will get real protection.
“I also want to recognize and congratulate my colleague, Senator Warren, on her incredible efforts to protect consumers.
“Business leaders recognize what many of my colleagues and I have been saying for years: Promoting a fair, transparent, and competitive financial marketplace is good for both consumers and businesses.
“The bureau has shown it can be effective, and with a Director firmly in place it will be even more effective going forward.”
Now that he has been confirmed, Mr. Cordray will serve a five year term as Director of the CFPB.