Washington, DC – U.S. Senator Ben Cardin (D-MD), a member of the Senate Finance and Small Business Committees, praised the long-awaited Senate confirmation today of Richard Cordray to be the first Director of the Consumer Financial Protection Bureau. Three years ago, Congress created the Consumer Financial Protection Bureau, an independent agency focused on protecting consumers – like military families, students, and older Americans – from abusive financial practices.
“American consumers deserve to have a watchdog on their side, focused on standards to protect and inform individuals and families as they use financial products. I am pleased that Richard Cordray finally will be on the job, allowing the CFPB to be fully functional, giving Americans greater confidence in the security and stability of their major and every day finances, including mortgages, credit cards and other products or services. CFPB will work to eliminate tricks and traps that could make proposed products or services unfit for the marketplace. Finally, it will give consumers the tools they need to avoid becoming victims as they purchase homes and prepare for retirement.
“With a strong leader now at the helm, the CFPB will be able to weave together the functions of consumer protection and education so we have a strong foundation to improve the financial literacy of Americans. Maryland has successfully crafted laws that protect consumers from many predatory lending practices, but many states are still working to improve these standards. I believe that the Consumer Financial Protection Bureau, under the leadership of Richard Cordray, will help avoid many of the issues we saw at the height of our economic meltdown – including the mortgage crisis and credit defaults. Every segment of the financial services industry can benefit from improvements to the system of regulation and oversight.
“I am especially pleased that the Senate was able to set aside unproductive posturing and move forward on this nomination in a bipartisan manner, allowing for an up or down vote on the nomination. I hope this is the start of a long-term trend that puts the business of our nation before partisan gridlock.”