Americans Can't Afford to Lose Richard Cordray or the CFPB
"At the height of the financial crisis in 2008, an estimated one out of every 54 homeowners lost their homes. Workers and seniors lost lifetimes’ worth of savings or retirement accounts, small businesses went under, and vulnerable consumers fell victim to toxic and manipulative financial products offered by Wall Street and the big banks. It was the deepest recession our country had faced since the Great Depression, and it was spurred by splintered, ineffective consumer financial protection practices. In a meaningful step to protect hardworking Americans and to stop the next crisis before it started, Congress passed a pragmatic law in 2010 that created the Consumer Financial Protection Bureau (CFPB). The CFPB’s sole purpose was—and continues to be—to make financial markets work better for consumers and responsible financial services providers. At the helm of the bureau is Director Richard Cordray, who has proven to be a tireless and effective leader. Under his watch, the CFPB has cracked down on the tricks and traps of payday lenders, credit cards companies, debt collectors and bad actors in the industry from taking advantage of unsuspecting Americans. In its five years as an agency, the CFPB has recovered more than $11 billion for 27 million consumers harmed by illegal practices of financial institutions. The bureau has secured relief in more than 100 cases, directly putting money back in the pockets of American consumers who have been victimized by companies that refuse to follow the law. In just the last three months, the CFPB has stopped Wells Fargo from opening fraudulent accounts without customers’ knowledge, halted three companies from taking advantage of seniors through reverse mortgages sales, and shut down a scam ripping off lead poisoning victims who were being tricked into signing away their legal settlements."
