Woodstock Institute issued the following statement today after the failure to secure cloture on the nomination of Richard Cordray as director of the new Consumer Financial Protection Bureau (CFPB):
“Today, Senator Mark Kirk cast his vote in opposition to strong consumer protections for loans made by mortgage brokers, payday lenders, and private student lenders,” said Dory Rand, president of Woodstock Institute.
“The CFPB has begun a highly collaborative, transparent campaign to identify the worst financial abuses, but until there is a director confirmed, the bureau’s ability to move forward with these efforts is limited.”
In October, 37 state Attorneys General–from both parties–sent a letter to the U.S. Senate urging confirmation of Richard Cordray. They call Mr. Cordray “an honest broker and strong advocate for business and consumers that are committed to following the rules.”
But despite strong support, most Republicans Senators, including Senator Mark Kirk, moved to block Richard Cordray’s nomination in a 53-45 vote. They are insisting that the Bureau first be stripped of its independence and be subject to an annual budget process sensitive to financial industry influence that is sure to slash its ability to effectively protect consumers from unsafe products and practices.
“Today’s failure to confirm Richard Cordray shows precisely why we need a straight up-or-down vote on this well-qualified nominee,” said Rand. “We appreciate the efforts of over half the US Senate, including Senator Dick Durbin, to confirm Cordray and look forward to his confirmation in the near future.”