News Release

Contact

Jon Fox,
CALPIRG

GOOD NEWS FOR CONSUMERS & FIRMS THAT WANT TO PLAY FAIR

For Immediate Release

San Francisco, CA – "Today’s confirmation of Richard Cordray to head the CFPB for a full term is good news for consumers, and for firms that want to play fair in the financial marketplace. The CFPB was created to rein in the reckless Wall Street practices that blew up our economy almost five years ago. Big banks that rely on consumer tricks and schemes to make money have wanted to kill the CFPB ever since, and for good reason: The CFPB has been enforcing critical consumer protection laws, and already forced Capital One to return $140 million in unfair credit card fees to consumers. 

This morning the Senate took a 71-29 Senate vote (60 votes needed) to end a possible filibuster and this afternoon Director Cordray was confirmed on a 66-34 (51 votes needed) vote.

"We appluad our Senators, Barbara Boxer and Dianne Feinstein, for voting correctly on both votes.  They have been steadfast CFPB supporters." 

"We also want to thank Senator Elizabeth Warren (MA), the architect of the CFPB, along with Majority Leader Harry Reid (NV), Senate Banking Committee Chairman Tim Johnson (SD), and other consumer champions who never stopped fighting to protect the bureau and ensure that it had a confirmed director.

"Director Cordray and his staff can finally continue the work they've been doing so well, which has already put millions of dollars back into consumers' pockets. Now, the rules are clear. The CFPB can do even more to protect consumers from credit bureaus or payday lenders as well as banks. Consumers have a cop on the beat."

# # #

Support us

Your tax-deductible donation supports CALPIRG Education Fund’s work to educate consumers on the issues that matter, and the powerful interests that are blocking progress.

Learn More

You can also support CALPIRG Education Fund’s work through bequests, contributions from life insurance or retirement plans, securities contributions and vehicle donations. 

CLOSE
Poll: Which of these positive changes do you most want to see in 2020?
More restaurant chains commit to stopping their overuse of antibiotics.
Stop using Roundup, which has been linked to cancer, on our parks and playgrounds.
Ban the worst single-use plastics.



CALPIRG Education Fund is part of The Public Interest Network, which operates and supports organizations committed to a shared vision of a better world and a strategic approach to getting things done.