By The Woodstock Institute
Nominee Richard Cordray up for confirmation next week
Next week will be an important one for every Chicago area consumer who uses financial services, from the payday loan store on the corner to Wall Street’s biggest banks.
The Senate Banking Committee will hold a hearing September 6th to consider the confirmation of Richard Cordray, President Obama’s nominee as Director of the Consumer Financial Protection Bureau (CFPB). It is crucial that the Senate quickly confirm Cordray, a former Attorney General of Ohio who is well-qualified in consumer issues.
However, 44 senators, including Illinois’ Mark Kirk, have vowed to block any nominee until the CFPB is significantly weakened. The longer the process drags on, the longer the CFPB will lack the authority to regulate some financial service providers which have high potential for abuse – such as payday lenders, independent mortgage lenders that made the majority of predatory subprime loans during the housing bubble, and debt settlement companies.
Posted on August 31, 2011