Washington, D.C. – Today, in a 53-45 vote, the Senate failed to confirm Richard Cordray as Director of the Consumer Financial Protection Bureau.
“A fully functioning CFPB is critical to protecting consumers from predatory financial practices,” said Lisa Hasegawa, Executive Director for National CAPACD. “Not confirming Richard Cordray to lead the agency means that low-income families, students and older adults will not have the full protections that we fought for in the Dodd-Frank Wall Street Reform and Consumer Protection Act.”
The CFPB is tasked with making markets for consumer financial products and services work for Americans. Unfortunately, without a director, the CFPB does not have full authority to protect consumers and address abuses in the consumer financial marketplace.
“Rampant predatory lending has contributed to AAPIs losing over 50% of their wealth between 2005-2009, primarily through the loss of wealth in property,” added Hasegawa. “It is unacceptable that Congress is allowing our communities to remain at risk at a time when assistance is needed more than ever.”
In a statement as the Housing Taskforce Chair for the Congressional Asian Pacific American Caucus, Congressman Al Green stated that “the CFPB needs a Director just as the American people need a fully operational CFPB. Richard Cordray has a proven record of consumer protection and would make a strong director for the bureau. We must not allow partisan politics to impede progress towards financial protection and financial literacy. Communities of color are not the only communities who stand to benefit from a robust CFPB, as every American deserves an agency focused on consumer financial protection.”
National CAPACD will continue to support the confirmation of a director to ensure that the CFPB has the necessary tools to protect consumers.
For more information on the Consumer Financial Protection Bureau, click here.
National CAPACD’s mission is to be a powerful voice for the unique community development needs of AAPI communities and to strengthen the capacity of community-based organizations to create neighborhoods of hope and opportunity.