The National Fair Housing Alliance and the Consumer Federation of America are adding to the chorus of supporters urging Congress to renominate Richard Cordray as director of the Consumer Financial Protection Bureau for a second term.
Cordray will protect homebuyers and deal fairly with a lending industry which will also benefit when the rules of the road are enforced properly and bad actors are sanctioned promptly for wrongdoing, stated Shanna L. Smith, president and CEO of the National Fair Housing Alliance, in anticipation of today’s Senate
The National Fair Housing Alliance sees Cordray as “a forceful advocate for consumers” who during his first year as head of the CFPB lead the agency’s efforts to minimize the negative effects of the nation’s foreclosure crisis, especially on communities of color whose wealth losses amounted to $1 trillion.
The Consumer Federation of America is another supporter urging the Senate Banking Committee to confirm his renomination.
Rachel Weintraub, CFA legislative director and senior counsel, said Cordray “has consistently used a balanced, fair and responsible approach in addressing how consumers are treated in the financial system.”
She argued that his renomination will help “make sure that the bureau’s work to date is not compromised” and that consistent and predictable safeguards are in place.
“We urge the Senate to reject conditioning Director Cordray’s confirmation to a full term on changes to the structure and funding of the CFPB,” said Weintraub. “Proposals to alter the CFPB’s leadership structure and funding are unprecedented, unnecessary and put consumers at risk.”
