Wednesday, January 04, 2012 01:23 PM

NCRC Supports Appointment of Richard Cordray to Head the CFPB

Obama Appoints Protector of the Taxpayer Interest

Washington, DC -- President Obama will today use his constitutional authority to recess appoint former Ohio Attorney General Richard Cordray to head the Consumer Financial Protection Bureau (CFPB). In 2010, the National Community Reinvestment Coalition (NCRC) gave Cordray its Henry B. Gonzalez Award for outstanding public service, noting that he was a "shining example for state officials everywhere because of the many ways in which he honors his mandate to protect Ohio residents."

Today, NCRC President & CEO John Taylor made the following statement:

"Richard Cordray has a strong record of protecting consumers and taxpayers, making him the right person to carry out the Consumer Financial Protection Bureau's mission."

"The government is full of people and agencies who seem to believe their primary concern is the wellbeing of corporate interests. We have too few leaders in government whose total devotion is to protecting taxpayers and consumers. The appointment of Richard Cordray to head the CFPB is a beacon of hope for consumers and taxpayers to believe that the government will serve their interest."

"It is a sign of the sad state of Beltway politics that appointing a public servant to head an agency designed to protect consumers and taxpayers is considered controversial by anyone. We seem to have forgotten that the financial crisis nearly brought this country to its knees, and at its epicenter were reckless and abusive lending practices."

"Cordray's charge is to ensure the financial industry never again damages millions of Americans retirement savings, home equity and wealth. He is the right person for that job."

About the National Community Reinvestment Coalition (NCRC):
The National Community Reinvestment Coalition is an association of more than 600 community-based organizations that promote access to basic banking services, including credit and savings, to create and sustain affordable housing, job development, and vibrant communities for America's working families.  

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