White House Releases New Report on the Importance of a Consumer Financial Protection Bureau Director

Monday, December 5, 2011

Release Time: 

For Immediate Release

NEC Report Details Real Consequences for Consumers if Congress Fails to Confirm Cordray as CFPB Director

WASHINGTON, DC – Today, the White House released a report from the National Economic Council called Improving Americans’ Financial Security: The Importance of a CFPB Director.  The report is embargoed for 8:00 pm ET Sunday. 

A link to the full report can be found HERE (www.whitehouse.gov/sites/default/files/cfpb_-_master_final_120411.pdf) .

The President signed into law the strongest consumer protections in history in the Wall Street Reform and Consumer Protection Act, which created a single agency, the Consumer Financial Protection Bureau (CFPB), to serve as a watchdog for American consumers with the responsibility of protecting and educating Americans who use financial products.

This week, the United States Senate will vote on the nomination of Richard Cordray to lead the Consumer Financial Protection Bureau.  Cordray has spent his career fighting for middle class families and finding solutions that help consumers, and he has seen bipartisan support from people around the country.  However, some Senate Republicans have vowed to block his nomination without raising question about his qualifications or background – and their opposition puts consumers at risk.

As the White House makes the aggressive case to the American people this week about why Senate Republicans must act to confirm Cordray, this report lays out the ways that the CFPB cannot exercise its full authorities to make good on the consumer protection goals in the law unless a director is in place.

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