NAACP Strongly Supports Richard Cordray and Crucial Work of the Consumer Financial Protection Bureau

(Washington, DC) – The NAACP has released the following statement regarding President Obama’s nomination of Richard Cordray as director of the Consumer Financial Protection Bureau.

“The NAACP strongly urges the swift confirmation of Richard Cordray as director of the Consumer Financial Protection Bureau. After discussions with him, as well as a thorough review of his record, the NAACP is convinced that he will do an excellent job of protecting all Americans as they navigate the sometimes confusing and challenging world of financial services products. We are also convinced that under his leadership the CFPB will be able to provide much needed guidance on issues which may pertain to the special challenges which have plagued and continue to affect face racial and ethnic minorities, including African Americans.”

In January 2012, President Barack Obama placed Cordray in the Director position through a recess appointment.

“We look forward to working closely with the U.S. Senate to expedite Cordray’s confirmation to this crucially important role,” said Hilary Shelton, Senior Vice President for Policy and Advocacy with the NAACP. “The urgency of confirming him to this position cannot be understated: until the Bureau has a Director, the new CFPB cannot gain its full authority to protect and inform consumers, including racial and ethnic minorities, workers, service members and seniors from unfair practices by banks, payday lenders and other financial firms.”

Founded in 1909, the NAACP is the nation's oldest and largest civil rights organization. Its members throughout the United States and the world are the premier advocates for civil rights in their communities, conducting voter mobilization and monitoring equal opportunity in the public and private sectors.

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