Victory: CFPB Director Confirmed

On July 16, 2013, the U.S. Senate confirmed Richard Cordray as the director of the Consumer Financial Protection Bureau, giving the bureau its full authority to protect consumers in the financial marketplace and to oversee payday lenders, mortgage companies, private student lenders and credit bureaus.

Created in response to the financial crisis, the Consumer Financial Protection Bureau (CFPB) has become a powerful guardian for consumers. In its short history, the CFPB has already protected consumers from illegal foreclosures and deceptive mortgages, and forced the credit card companies to give $400 million back to cardholders that they had cheated.

“The Senate’s confirmation of Richard Cordray to head the CFPB for a full term is good news for consumers, and for firms that want to play fair in the financial marketplace,” said WISPIRG Director Bruce Speight.

“ Big banks that rely on consumer tricks and schemes to make money have wanted to kill the CFPB ever since, and for good reason. ”

On July 10, WISPIRG staff delivered the signatures of 5,180 Wisconsinites to Sen. Ron Johnson in Milwaukee, urging him to support the confirmation of the CFPB Director. While Sen. Tammy Baldwin, a longtime CFPB supporter, backed Cordray, we were disappointed in Sen. Ron Johnson’s votes against him.

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