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“GOOD NEWS FOR CONSUMERS AND FIRMS THAT WANT TO PLAY FAIR”
- Uncertainty over Consumer Protection in Financial Marketplace Ends –
Statement of Ed Mierzwinski, U.S. PIRG Consumer Program Director, on the Senate Confirmation of Richard Cordray to Full Term as Consumer Financial Protection Bureau (CFPB) Director:
"Today’s expected 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. The CFPB was created to rein in the reckless Wall Street practices that blew up our economy almost five years ago. Big banks that rely on consumer tricks and schemes to make money have wanted to kill the CFPB ever since, and for good reason: The CFPB has been enforcing critical consumer protection laws, and already forced Capital One to return $140 million in unfair credit card fees to consumers.
"Fortunately, Senator Elizabeth Warren (MA), the architect of the CFPB, along with Majority Leader Harry Reid (NV), Senate Banking Committee Chairman Tim Johnson (SD), and other consumer champions never stopped fighting to protect the bureau and ensure that it had a confirmed director. This morning’s 71-29 vote (60 votes needed) to end a possible filibuster is expected to lead to a quick simple-majority final confirmation vote this afternoon.
"Director Cordray and his staff can finally continue the work they've been doing so well, which has already put millions of dollars back into consumers' pockets. Now, the rules are clear. The CFPB can do even more to protect consumers from credit bureaus or payday lenders as well as banks. Consumers have a cop on the beat."
U.S. PIRG, the federation of state Public Interest Research Groups, is a consumer group that stands up to powerful interests whenever they threaten our health and safety, our financial security, or our right to fully participate in our democratic society.
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