JAN 24, 2013 3:59pm ET

President Nominates Richard Cordray, Calls for Quick Confirmation

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President Obama called on the Senate to confirm Richard Cordray so he can remain at the Consumer Financial Protection Bureau for several years and continue to protect consumers from abuses by mortgage lenders, credit card issuers and others financial services providers.

At a White House event, the president noted that Cordray can only serve as the acting CFPB director until the end of this year because his confirmation was blocked last year.

“Financial institutions have plenty of lobbyists looking out for their interests and the American people need Richard to keep standing up for them. There is absolutely no excuse for the Senate to wait any longer to confirm him,” the president said Thursday afternoon.

In nominating Cordray, the president noted that he has a done a good job as the acting director. “Richard has earned a reputation as a straight shooter and somebody who is willing to bring everyone to the table to do what is right for consumers and our economy. He cannot stay on the job unless the Senate finally gives him the vote that he deserves,” President Obama said.

Mortgage Bankers Association president and chief executive David Stevens called Cordray balanced, opened minded and accessible.

“The rules and regulations that the CFPB has released, and those still to come, will forever shape housing finance in this country. As the housing market continues to recover, we need a steady, consistent voice at the helm, and Director Cordray has demonstrated a willingness and ability to listen and learn,” Stevens said.

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