NCRC Supports Richard Cordray to Head the Consumer Financial Protection Bureau

 Washington, DC — President Obama is expected today to nominate the former Ohio state Attorney General Richard Cordray as Director of the Consumer Financial Protection Bureau (CFPB). In 2010, the National Community Reinvestment Coalition (NCRC) gave Cordray its prestigious 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.”

“Richard Cordray has a distinguished record of public service, and he is a strong and prudent choice to lead the Consumer Financial Protection Bureau. A strong CFPB will strengthen the financial system and protect the taxpayers by ensuring that lenders do not carry on the malfeasant and abusive lending that brought oureconomy into a prolonged recession,” said John Taylor, President & CEO of NCRC. “Cordray’s experience protecting the taxpayers and citizens of Ohio demonstrates his leadership in defense of the public interest.”

With the one-year anniversary of the Dodd-Frank Wall Street Reform and Consumer Protection Act and the formal launch of the Consumer Financial Protection Bureau coming on July 21st, it is critical that the Senate act quickly to confirm Richard Cordray as Director of the CFPB. One year ago, Taylor made this statement on the passage of the bill, still relevant today:

“…serious work remains; the proof of the bill’s worth will come not from what is written in the bill, but how the regulators interpret the bill, write the rules and then enforce them. Based on the job they did for the past decade, I will believe reform is here when I see it…It’s critical that this agency [the CFPB] get a strong director whose professional devotion is to protecting consumers, and that it remains independent from the [bank] regulators.”

 

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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One comment

  • Elaine Grimes July 21, 2011  
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    I recently applied for EMA through Eastside Community Development Corporation and was denied. The denial letter indicated contacting your office for assistance.

    Please see my letter of hardship.

    Any assistance is greatly appreciated.

    Thank you.
    PLEASE CONSIDER MY REQUEST FOR HARDSHIP DUE TO THE FOLLOWING REASONS:

    Mortgage Status:

    ? Now 6payments behind in the amount of $7,000.
    ? Applied for the State of Maryland Emergency Mortgage Assistance loan and was denied
    ? Applied for a hardship loan with PNC and was denied
    ? My last mortgage payment was made in February 2011. I submitted a partial payment for March, PNC Mortgage returned the amount, withheld “fees” from the amount submitted and returned the payment indicating that a full payment needed to be made. Made a full payment in May, it was returned indicating that I need the full amount of $5,000+ (not sure of exact figure, will find paperwork and submit)

    ? Two additional household members, with no additional income.
    1) Unemployed son is now residing in my home.
    2) Unemployed ex-sister in-law is now residing in my home. She is currently applying for disability benefits and social service benefits, but to date has not received any.
    ? As you are already aware, my income has been reduced from February 11, 2009 through June 30, 2011.
    1) It is mandated that I take 4 furlough days per year (leave without pay) plus receive a temporary reduction in pay.
    2) In 2008 and 2009 I worked an additional part time job (average of 20 hours a week at $8.50/hour) to supplement my income. Due to the rapid decline in my father’s health, I became the primary caregiver and had to resign from my position.
    ? Court order to pay debt of $6,500 to ex-husband.
    ? Personal Loan in the amount of $1,000 to Charles Grimes.
    ? All financial resources have been exhausted with no savings left.
    ? I owe $45,000.00+ in credit card debt –one has garnished my wages at $100/bi-weekly. Another garnishment is in place once the current one is paid in full. Two more are currently petitioning the court for action.
    ? According to Credit Counseling Service, I am not eligible for debt consolidation or debt settlement as my income does not meet my debt ratio. Certification Number 02068-MD-CC-007841171.
    ? Unpaid medical bills in the amount of $675.

    JUSTIFICATION FOR SEEKING ASSISTANCE:

    ? Beginning July 1, 2011, my salary will resume to the 2008 payscale. I will no longer have a salary reduction or furlough days.
    ? After reviewing my budget, I have made additional cutbacks (i.e. cancel cell phone, eating out, etc)
    ? I will begin working 15-25 hours a week at a Royal Farm Store effective July 22, 2011 as well as continuing my full time job.
    ? I have been actively seeking part-time employment.
    ? I am currently seeking free workshops for personal Financial Development in the areas of Budgetary Management, Financial investment, Credit Counseling, etc.
    ? Since my son was discharged from the Army, he has been unemployed and depressed. I have finally convinced him to seek medical help.
    ? My ex-sister-in-law will begin contributing financially once she receives financial assistance.
    ? Bringing my mortgage up to date would enable me to begin putting a positive perceptive on handling all aspects of my financial situation.

    Any assistance is greatly appreciated. Thank you for your consideration.