Senate Republicans Hold Consumer Financial Protection Agency Hostage to Political Agenda

Washington, D.C. – Wade Henderson, president and CEO of The Leadership Conference on Civil and Human Rights, issued the following statement in response to continuing Republican efforts to block the confirmation of Richard Cordray — or any director — to lead the Consumer Financial Protection Bureau (CFPB):

“We are profoundly troubled by the unprecedented threat by a minority of the Senate to filibuster the confirmation of any nominee to lead the CFPB unless the Dodd-Frank bill is gutted to drastically weaken the CFPB. By refusing to confirm any potential agency leader, these senators are giving license to the most predatory pay day lenders, private student loan providers, and debt collectors to continue to squeeze the most vulnerable among us.

What makes this filibuster so incomprehensible is that – as we predicted – Wall Street has learned that it can co-exist with Director Cordray. Under his leadership, the CFPB has not abused its powers, has not harmed the markets, and has not shunned Congressional oversight.

It’s clear that the senators filibustering Director Cordray haven’t fully considered the ramifications of the precedent they are setting, which may come back to haunt them in future administrations.

The civil and human rights community is determined to see an effective leader like Cordray continue to head the CPFB so it can fulfill its essential mission.”

Wade Henderson is the president and CEO 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.