Cummings Urges Senate to Confirm Richard Cordray As Director of Consumer Financial Protection Bureau

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Cummings Urges Senate to Confirm Richard Cordray As Director of Consumer Financial Protection Bureau

Cummings Urges Senate to Confirm Richard Cordray As Director of Consumer Financial Protection Bureau

Washington, DC (Dec. 6, 2011) – Today, Rep. Elijah Cummings, Ranking Member of the House Committee on Oversight and Government Reform, sent a letter to Senators Harry Reid, Mitch McConnell, Tim Johnson, and Richard Shelby expressing strong support for Richard Cordray to serve as the first Director of the Consumer Financial Protection Bureau (CFPB).  President Obama nominated Cordray on July 18, 2011, and the Senate Banking Committee subsequently approved his nomination.  Yesterday, Senate Majority Leader Harry Reid filed cloture on the nomination, and a vote could occur this week.

The full letter follows:

December 6, 2011

The Honorable Harry Reid                    The Honorable Tim Johnson
Majority Leader                                         Chairman
United States Senate                                Senate Committee on Banking,
S-221 United States Capitol                  Housing and Urban Affairs
Washington, DC 20510                         136 Hart Senate Office Building
                                                                        Washington, DC 20510

The Honorable Mitch McConnell            The Honorable Richard C. Shelby
Minority Leader                                             Ranking Member
United States Senate                                    Senate Committee on Banking,
S-230 United States Capitol                     Housing and Urban Affairs
Washington, DC 20510                              304 Russell Senate Office Building
                                                                             Washington, DC 20510

Dear Majority Leader Reid, Minority Leader McConnell, Chairman Johnson, and Ranking Member Shelby:

I am writing to express my strong support for Richard Cordray’s nomination to serve as the Director of the Consumer Financial Protection Bureau (CFPB), and I encourage the Senate to confirm his nomination as soon as possible.

As Ranking Member of the House Committee on Oversight and Government Reform, I have consistently underscored the importance of the consumer protections in the Dodd-Frank Wall Street Reform and Consumer Protection Act, and I have pressed for prompt action to ensure that our financial system is fair and transparent for American consumers.

The Oversight Committee has conducted considerable oversight of the CFPB, and this oversight has highlighted the critical need for the Bureau to assume its full role, as envisioned under the Dodd-Frank Act, to protect American consumers and taxpayers.

This year, for example, the Oversight Committee has been investigating illegal foreclosures and inflated fees charged against U.S. servicemembers by the nation’s largest banks and mortgage servicing companies.  As a result of our ongoing investigation, we have become convinced of the crucial role CFPB currently plays, and will play in the future, in protecting mortgage holders across the nation. 

In addition, the Bureau must be able to exercise its supervisory and enforcement authority over non-bank financial institutions, including debt collectors, credit reporting agencies, and payday lenders.  As you know, the Bureau cannot exercise its full authority under the Act until a director is confirmed.

We need a CFPB director who will make consumers a top priority, and Mr. Cordray has a proven track record of protecting consumers and holding financial institutions accountable for their actions.  For all of these reasons, I respectfully urge you to confirm Mr. Cordray’s nomination as the CFPB’s first director.

                        Sincerely,

                        Elijah E. Cummings
                        Ranking Member

cc:    The Honorable Darrell E. Issa, Chairman
    Committee on Oversight and Government Reform

[ipaper docId=74953033 access_key=key-24w8bajml24eocsmm2vq height=600 width=600 /]

source: http://democrats.oversight.house.gov

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