Dear Majority Leader Reid, Minority Leader McConnell, Chairman Johnson, and Ranking Member Shelby:
I am writing to express my strong support for Richard Cordray’s nomination to serve as the Director of the Consumer Financial Protection Bureau (CFPB), and I encourage the Senate to confirm his nomination as soon as possible.
As Ranking Member of the House Committee on Oversight and Government Reform, I have consistently underscored the importance of the consumer protections in the Dodd-Frank Wall Street Reform and Consumer Protection Act, and I have pressed for prompt action to ensure that our financial system is fair and transparent for American consumers.
The Oversight Committee has conducted considerable oversight of the CFPB, and this oversight has highlighted the critical need for the Bureau to assume its full role, as envisioned under the Dodd-Frank Act, to protect American consumers and taxpayers.
This year, for example, the Oversight Committee has been investigating illegal foreclosures and inflated fees charged against U.S. servicemembers by the nation’s largest banks and mortgage servicing companies. As a result of our ongoing investigation, we have become convinced of the crucial role CFPB currently plays, and will play in the future, in protecting mortgage holders across the nation.
In addition, the Bureau must be able to exercise its supervisory and enforcement authority over non-bank financial institutions, including debt collectors, credit reporting agencies, and payday lenders. As you know, the Bureau cannot exercise its full authority under the Act until a director is confirmed.
We need a CFPB director who will make consumers a top priority, and Mr. Cordray has a proven track record of protecting consumers and holding financial institutions accountable for their actions. For all of these reasons, I respectfully urge you to confirm Mr. Cordray’s nomination as the CFPB’s first director.
Sincerely,
Elijah E. Cummings
Ranking Member
cc: The Honorable Darrell E. Issa, Chairman
Committee on Oversight and Government Reform
