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Senate confirmation of Richard Cordray as director of the Consumer Financial Protection Bureau is good news for American consumers, said Consumer Action, which has worked tirelessly to ensure Cordray's confirmation.

“It is a welcome day for consumers knowing that an eminently capable, fair and dedicated director can now lead the consumer bureau without looking over his shoulder as the CFPB protects the public from unfair and deceptive financial practices,” said Linda Sherry, director of national priorities for Consumer Action in Washington, DC.
After nearly two years of political gamesmanship, the Senate finally forged a compromise Tuesday to allow a vote on Cordray's nomination. The vote of 66-to-34 means that Cordray will now head the consumer financial watchdog agency for a full five-year term. He has held the post since his interim appointment by President Barack Obama in early 2012.

The CFPB now can continue its excellent work, building on its achievements to date, which include:
  • Returned hundreds of millions of dollars to consumers due to faulty credit card marketing practices.
  • Developed rules of the road for mortgage lending and loan servicing.
  • Created new safety guidelines for money transfers overseas.
  • Exposed payday lending debt traps.
  • Collected and resolved consumer complaints on student loans, credit cards and mortgages.
Sherry added, "We want to thank all of our community-based organizations and grassroots supporters for the thousands of notes and calls they made to Congress on behalf of Director Cordray. The support from all over the country helped convince elected officials to do the right thing."

About Consumer Action
Consumer Action has been a champion of underrepresented consumers since 1971. A national, nonprofit 501(c)3 organization, Consumer Action focuses on financial education that empowers low to moderate income and limited-English-speaking consumers to financially prosper. It also advocates for consumers in the media and before lawmakers to advance consumer rights and promote industry-wide change particularly in the fields of credit, banking, housing, privacy, insurance and utilities.