By Janis Bowdler, Director, Wealth-Building Policy Project, NCLR
A strong leader at the helm of the Consumer Financial Protection Bureau (CFPB) is critical to protecting our community from predatory and unsustainable loans. Yet 44 Senate Republicans had vowed to deny the CFPB a strong leader even before a nominee was selected. These Senators are actively chipping away at the very tenets that help Latino families avoid the asset-draining tactics that have resulted in their owning a mere five cents to every dollar owned by White families.
At the top of the Senators’ list is replacing the leadership position of a CFPB director with a ruling committee. Having to wait for decision-by-committee would greatly impair the bureau’s ability to nimbly respond when coming to the aid of consumers. For this reason, NCLR is fighting to ensure that former Ohio Attorney General Richard Cordray is confirmed as the CFPB director and watchdog.
Cordray has a record of fair and sensible enforcement against dubious financial actors. As Ohio Attorney General he took the big banks and mortgage servicers to task and shed light on their extensive trail of fraudulent “robosigned” documents. He will hold lenders accountable and will be a critical ally for Latino families who commonly are targets of tricks and deception buried in the fine print of mortgages, credit cards, and money transfers. We have joined allies from the nonprofit and business communities to endorse Cordray’s nomination. He is a leader who will overcome opponents’ attempts to maintain the status quo in the financial markets.
Earlier this week, Twitter lit up with support for Cordray during his confirmation hearing before the Senate Banking Committee. While individuals are often crowded out by industry lobbyists and remain an afterthought for many decision-makers, we invite you to participate in this urgent push to confirm Cordray as the CFPB director so that borrowers can get a fair shake. Join us by asking your senators to move beyond today’s partisan hostilities and fight for strong CFPB leadership.
This was first published to Univision News tumblr.