Washington, D.C. — The Consumer Federation of America (CFA) applauds the U.S. Senate for voting (71-29) to proceed to a vote to confirm Richard Cordray as Director of the Consumer Financial Protection Bureau (CFPB). The Senate is expected to vote on Richard Cordray’s nomination later today. Sixty votes were needed for the cloture motion to pass.
“With today’s vote to agree to proceed to confirm Richard Cordray as Director of the CFPB, the Senate prioritized the interests of consumers,” stated Rachel Weintraub, Legislative Director and Senior Counsel at Consumer Federation of America. “Consumers need a confirmed director at CFPB to make sure that the Bureau’s work to date is not compromised and to ensure that consumers can make decisions about their financial future knowing that consistent and predictable safeguards are in place.”
When the CFPB was created, it was charged with ensuring that consumers were protected from financial abuses, levelling the playing field in the financial services market, and ensuring that financial institutions that offered safe and sustainable products and services were not placed at a competitive disadvantage.
“We thank the 71 Senators who voted to ensure a level playing field for consumers in the financial marketplace,” stated Weintraub. “We look forward to continue working with the confirmed Director of the CFPB and the CFPB staff for a more fair and equitable financial marketplace.”
Contact: Rachel Weintraub (202) 387-6121; Tom Feltner (202) 618-0310
Consumer Federation of America is an association of nearly 300 non-profit consumer organizations that was established in 1968 to advance the consumer interest through research, education and advocacy.