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.
³American 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.
³With 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.
³I 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.²