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FOR IMMEDIATE RELEASE
Contact:
Julian Teixeira
jteixeira@nclr.org
(202) 776-1812
Strong leader will help protect Hispanic consumers
Washington—NCLR (National Council of La Raza) applauds President Obama’s decision today to appoint Richard Cordray as the Director of the Consumer Financial Protection Bureau (CFPB) through a recess appointment. NCLR has long advocated for this nomination to be confirmed. President Obama made a bold but necessary move in response to the Senate’s prior obstruction of this highly qualified nominee. Cordray will be the first director of the newly established CFPB, which was created to protect the consumer rights of Americans.
“Cordray’s appointment is a new day for America’s consumers,” said Janet Murguía, NCLR President and CEO. “Having such a strong leader at the helm of the CFPB will not only protect our community from predatory lending practices, it will also help provide Latino consumers with the necessary information and services needed to make the best financial decisions for themselves and their families.”
The CFPB was created to help protect American consumers from dishonest lenders, who have lured many borrowers into unfair and faulty mortgages, payday loans, credit cards, and other abusive financial products. As a result of those practices, thousands of Latino families and other communities of color have been disproportionately affected by the economic crisis. With a director now in place, the agency can move forward on efforts such as new simplified disclosures for mortgages and credit cards, research and monitoring of financial institutions, and effective rules that prohibit unfair practices.
“Cordray brings to the position a history of fair and sensible enforcement practices. He has a proven record of holding lenders accountable and will be an ally for America’s Latino families,” Murguía added. “We at NCLR look forward to working with Mr. Cordray to help improve the lives of America’s consumers.”
NCLR—the largest national Hispanic civil rights and advocacy organization in the United States—works to improve opportunities for Hispanic Americans. For more information on NCLR, please visit www.nclr.org or follow along on Facebook and Twitter.
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