Result

CoPIRG applauds President Obama for standing up for consumers by making a recess appointment of former Ohio Attorney General Richard Cordray to head the new Consumer Financial Protection Bureau. The President’s action means that the CFPB indisputably now has all its powers to protect the public from unfair financial practices, whether by banks or other financial firms, such as payday lenders and credit bureaus.

The CFPB is the nation’s first federal financial regulator with only one job—protecting consumers -- including seniors, students and servicemembers -- from unfair financial practices. Now, with a director in place, the CFPB has additional abilities that kick in—including the right to supervise payday lenders, mortgage companies, credit bureaus, debt collectors, private student lenders and other non-banks. It also now has additional powers over banks and credit card companies.