The United States Senate today failed to confirm White House nominee Richard Cordray as director of the new Consumer Financial Protection Bureau (CFPB) by a vote of 53 to 45. The CFPB is the first federal agency specifically charged with protecting consumers from predatory financial practices. It was created under 2010’s Wall Street Reform and Consumer Protection Act. Without a director, the CFPB is unable to fully regulate lenders or target abusive practices by banks and non-bank financial institutions.
“I am deeply disappointed that Senate Republicans would vote to protect Wall Street at the expense of Hawaii’s families,” said Congresswoman Mazie K. Hirono (D-Hawaii). “The CFPB needs a director so it can do its job: write clear rules of the road that protect the little guy and even the playing field for honest businesses. How can we rebuild the economy if we’re not willing to stand up for small businesses and consumers to make sure they’re getting a fair shake?”
The CFPB protects credit card users from abusive practices, polices bank loans so borrowers aren’t taken advantage of, and provides military families with a dedicated financial protector.
Consumer protection has long been a priority for Congresswoman Hirono. She chaired the Committee on Consumer Protection and Commerce for six years in the Hawaii State Legislature. In the 111th Congress, she voted to enact the Wall Street Reform and Consumer Protection Act. Since the beginning of the 112th Congress in January, Congresswoman Hirono has cosponsored several bills aimed at protecting American consumers, including the Seniors Financial Fraud Prevention Act, the Health Insurance Rate Review Act, and the Arbitration Fairness Act.
