We knew that deregulation of the financial industry and short-term profit-seeking through toxic loan products had led to the disaster, but we didn’t know how we were going to help people in foreclosure and make our financial system more just and sustainable.
Richard Cordray was confirmed today by the full Senate as the Director of the Consumer Financial Protection Bureau on a 66-34 vote. Both Illinois Senators Mark Kirk and Richard Durbin voted in favor allowing the confirmation to proceed to an up-or-down vote, but unfortunately only Sen. Durbin voted to confirm Director Cordray.
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.
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.