Civil and Human Rights Coalition Urges Swift Confirmation of Richard Cordray to Continue as CFPB Director

WASHINGTON, D.C. — Nancy Zirkin, executive vice president of The Leadership Conference on Civil and Human Rights, issued the following statement on President Obama’s renomination Richard Cordray to lead the Consumer Financial Protection Bureau (CFPB). Cordray was recess appointed last year after Republicans, in an effort to delay or undermine the agency’s authority, campaigned to stop confirmation of any director.:

“We applaud President Obama’s renomination of CFPB Director Richard Cordray, who has proven to be an effective and thoughtful first leader to the agency. We urge the Senate to confirm him without delay.

Cordray, who previously served as an effective attorney general for the people of Ohio, has proven beyond a doubt that he has the temperament, the knowledge, the commitment, and the leadership skills to run the agency and give consumers a strong advocate in today’s highly complex financial environment. He has issued measured rules that, while we don’t always think go far enough, demonstrate a deliberative process to create compromise, which is a process that we have come to trust.

President Obama made the right choice last year when he nominated Cordray for this position and then used his recess appointment powers when Republicans sought to undermine the agency by refusing to consider Cordray – or any nominee to lead the CFPB. And he is right again in renominating Cordray to continue this invaluable work.

No one has a greater stake in the effectiveness of the CFPB than low-income people and communities of color, who face the most risk from predatory lenders and complex financial products.  An abusive mortgage lender can make a family homeless. A predatory payday lender, prepaid debit card company, or money wiring service can swindle swindle the hard-earned assets people need for food, utilities, health care, and building their family’s financial future.  Keeping Director Cordray in his role will ensure a steady and thoughtful problem solver continues to regulate these industries.

We urge the Senate to abandon the obstruction of the past and quickly confirm him to the office.”

Nancy Zirkin is executive vice president of The Leadership Conference on Civil and Human Rights, a coalition charged by its diverse membership of more than 200 national organizations to promote and protect the rights of all persons in the United States. The Leadership Conference works toward an America as good as its ideals. For more information on The Leadership Conference and its 200-plus member organizations, visit www.civilrights.org.