Durbin Meets with Nominee to be First-ever CFPB Director

Source: durbin.senate.gov

7/21/2011

[WASHINGTON, D.C.] – On the one year anniversary of President Obama signing legislation that created the Consumer Financial Protection Bureau (CFPB) into law, Assistant Senate Majority Leader Dick Durbin (D-IL) met with former Ohio Attorney General Richard Cordray, the President’s nominee to be the Bureau’s first-ever Director. Attorney General Cordray was one of the first senior executives recruited at the CFPB, and currently serves as the head of its enforcement division, where he is tasked with helping ensure that lenders play by the rules.

“Rich Cordray has a long record of fighting for families and consumers, and he will be a strong leader for this important bureau,” said Durbin. “Under his leadership, the CFPB will empower consumers to choose between mortgages and credit cards that are designed to win their business by offering consumers a good deal, not one that’s only good for the banks.

I also want to thank Elizabeth Warren for her tireless efforts to get the CFPB off the ground—more than any other person in this country, she was the driving force behind its creation.”

In 2008, Durbin introduced legislation to create an agency whose sole purpose was to protect consumers from the tricks, traps, shadowy markets and fine print of Wall Street. That bill was added to the Dodd-Frank Wall Street Reform and Consumer Protection Act and resulted in the creation of today’s Consumer Financial Protection Bureau. Harvard Law School Professor and consumer advocate Elizabeth Warren has overseen the CFPB’s development and launch over the last several years.

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