Civil Rights Coalition: Appointment of Cordray Is the ‘Right Choice’ for Financial Consumers
January 4, 2012 - Posted by Ron Bigler
Faced with ongoing obstruction by Senate Republicans against the confirmation of qualified nominees, President Obama today made a recess appointment of Richard Cordray to lead the newly created Consumer Financial Protection Bureau (CFPB).
The Leadership Conference on Civil and Human Rights and coalition partners who supported the creation of the CFPB during the fight over financial reform in 2010 welcomed Obama’s decision, which came after Senate Republicans blocked a full vote on Cordray last month.
“By using his constitutional authority to bypass the unprecedented and hyperpartisan obstruction to any nominee to this post, President Obama is putting our nation’s financial well-being before politics,” said Wade Henderson, president and CEO of The Leadership Conference. “This is the right choice for Americans who have been battered in this economy and bamboozled by Wall Street’s more unscrupulous practices, and we celebrate it.”
Henderson also noted the importance of the CFPB to communities that have been hardest hit by unregulated banks and financial service companies.
“Communities of color have always been targets of predatory lenders who created a financial mess that resulted in losses of $194 billion in the African-American community and $177 billion in the Latino community, the largest exodus of wealth ever recorded from these groups,” added Henderson.
President Obama nominated Richard Cordray last July to serve as director of the CFPB, which was created by the 2010 financial reform law to protect consumers from predatory and abusive lending practices like the ones that led to the financial and housing crises. Cordray’s nomination received broad, bipartisan support.
Cordray served as Ohio’s attorney general from 2009 to 2011 and previously served as a member of the state’s House of Representatives, as the state's treasurer, and as the state's first solicitor general, where he earned a reputation for a strong commitment to protecting consumers.