A day after President Obama’s recess appointment, Cordray, in his first speech as the new director of the Consumer Financial Protection Bureau, said the agency will begin by scrutinizing lenders outside the banking sector, according to Reuters.
“The consumer bureau will make clear that there are real consequences to breaking the law,” Cordray said on Thursday at the Brookings Institution in Washington, D.C.
President Obama installed Cordray on Wednesday as the head of the CFPB via recess appointment after Senate Republicans blocked a vote on his nomination last month. Earlier, Cordray recorded a video message for the CFPB’s blog. Here is an excerpt:
“The stakes are high. Consumers need to be able to fully understand the costs and risks of borrowing and they need to be able to comparison shop for the best deal. Consumers deserve to have someone who will stand on their side, who will protect them against fraud, and who will ensure they are treated fairly. The new Consumer Bureau was created to make sure that these things are achieved for all Americans. The good news is that we have already gotten started. Over time, we’ll judge the success of our efforts by whether consumers are being treated more fairly and with more clarity and candor in the financial marketplace.”
