Woodstock Institute agrees with Antonakes that strong, reliable data are critical to understanding how financial markets affect consumers and ensuring that the financial industry is abiding by consumer protection laws. Reliable data are also essential to ensure that CFPB regulations are based on evidence and are carefully targeted at issues those pose risks to consumers.
As we recently noted, a vote to confirm Richard Cordray as the Director of the CFPB is likely to happen this week. Senator Kirk has blocked Cordray in the past, and we need to let him know that voting against Cordray is voting against Illinois consumers.
How can you make your voice heard on Director Cordray’s confirmation?
Sign on letter urging Sen. Mark Kirk to vote for Richard Cordray's nomination as head of the Consumer Financial Protection Bureau. Sen. Kirk previously voted against moving Cordray's nomination forward and has signed a letter indicating he will oppose the confirmation. A vote against Cordray is a vote for fewer protections for Illinois consumers. Without a director the CFPB will not have the authority to rein in some of the worst actors in the financial industry.
It will be crucial to gather as much support for Cordray as possible between now and July.
We will be following up with next steps for how you can communicate with Sen. Kirk about the importance of confirming Cordray. In the meantime, please continue to call his office and let him know why we need a strong leader at the head of the CFPB.
For almost two years, the CFPB has protected consumers from dangerous financial products and returned millions of dollars to those who were victimized by them. Yet these Senators are willing to leave consumers more vulnerable to predatory products not because they have issues with Cordray, but because of objections to the structure of the agency.
The CFPB’s work is too important to be held up by political grandstanding.
Last month fair lending advocates cheered when the Office of the Comptroller of the Currency and Federal Deposit Insurance Corporation proposed new guidance that would require banks under their supervision that offer bank payday or deposit advance products to comply with traditional safe and sound lending practices such as lending only after conducting proper underwriting and considering the borrower's ability to repay the loan.
Bank regulators released proposed rules on April 30 that, at long last, would enact strong consumer protections for “deposit advance products”—essentially, payday loans offered by a mainstream bank. To hear it from the banks, making sure that borrowers can pay back loans and preventing an endless cycle of debt would somehow make consumers worse off (“Banking group says new regs could push consumers into risky payday loans,” April 28).
The petitions were delivered as part of a national movement during which over 160,000 Americans signed a petition from Americans for Financial Reform asking members of Congress to confirm Cordray let the CFPB continue to do its job of protecting consumers.
The CFPB’s database is the largest public database of federal consumer financial complaints, providing information on over 90,000 complaints regarding particular financial institutions or financial products. The database enables the public to see what types of products consumer complained about and how particular financial institutions responded. Products about which CFPB is currently collecting data include mortgages, student loans, credit cards, and other consumer loans.