Confirmation Battle Expected this Week Over NAACP-Supported Nominee Rich Cordray
Confirmation Battle Expected this Week Over NAACP-Supported Nominee Rich Cordray to Head Consumer Financial Protection Bureau
NOMINATION IS BEING STALLED BY SENATE EXTREMISTS WHO OBJECT TO THE CRUCIAL MISSION AND STRUCTURE OF THE CFPB, NOT THE CANDIDATE
In January, 2013, President Obama re-nominated Rich Cordray to serve as Director of the crucial Consumer Financial Protection Bureau (CFPB), a position he has held very effectively since January 2012 when President Obama gave him a “recess appointment.” The President was forced to give him this temporary (2 year) position when the U. S. Senate, led by extremist Senators, could not muster the 60 votes needed to break a filibuster and bring up the nomination for an up-or-down vote. His nomination is expected to come to the Senate floor again as soon as the week of May 20, 2013. Last time, obstructionist Senators made it clear that they did not object to the candidate; their opposition was to the mission and structure of the CFPB. If confirmed, Mr. Cordray would lead the CFPB for a 5 year term.
Sadly, at a hearing on his nomination before the Senate Banking Committee in March, 2013, these obstructionist Senators made it clear that not much has changed, despite the fact that Director Cordray now has a proven record of effective leadership which has drawn support from organizations throughout the financial services community. During the committee hearing, one of the CFPB’s strongest critics, Senator Tom Coburn (OK), said “…I will compliment you. I think you’ve done a wonderful job so far in carrying out your duties.” Director Cordray’s nomination was approved of by the Senate Banking Committee on March 19, 2013, and sent to the full Senate floor with a positive recommendation.
Rich Cordray has done an outstanding job this past year as the Director of the CFPB, and he deserves an up-or-down vote by the full U.S. Senate on confirmation. He has a proven track record of providing the CFPB with the leadership and the direction it needs to serve as a watchdog against unsustainable, exploitative lending and to advocate for American consumers everywhere, and to carefully monitor and protect racial and ethnic minorities who for years have been the victims of reckless, unscrupulous predatory lenders. He is a champion for the unbanked, the underbanked, and for every American who dreams of building wealth and economic security through honesty and hard work. Under Director Cordray’s leadership, the CFPB has not abused its powers, has not harmed the markets, and has clearly cooperated with Congressional oversight. The CFPB was created in 2010 by an Act of Congress to help Americans everywhere navigate the often treacherous world of financial services, and to solve financial service problems unique to our diverse communities. Opposition to the Cordray nomination is just another attempt to weaken the CFPB’s ability to carry out its mandate and undermine its effectiveness. The recent housing crisis resulted in the largest exodus of wealth ever recorded in African American and Latino communities. Keeping Director Cordray in his role will ensure that a steady, thoughtful and proven effective problem solver continues to monitor and regulate these industries and allow individuals, families, and communities to rebuild assets.
THE NAACP STRONGLY SUPPORTS RICH CORDRAY AND THE CFPB AND URGES THE U.S. SENATE TO SWIFTLY CONFIRM HIM TO BE DIRECTOR OF THE YOUNG AGENCY SO THAT IT CAN CONTINUE AND STRENGTHEN ITS MISSION OF HELPING SUPPORT AND PROTECT AMERICAN CONSUMERS.