After the banking and mortgage collapse that drove our nation to the brink, hundreds of thousands of you demanded a tough financial watchdog, and Congress responded by creating the Consumer Financial Protection Bureau.
Unfortunately, we're fighting the battle all over again. And we need your help to make sure we don't lose our rights.
A minority of Senators are holding hostage the confirmation of the bureau's director, Richard Cordray, until they can significantly weaken its authority to protect the public.
If they succeed, the bureau also may have limited ability to rein in payday lenders, credit reporting bureaus and debt collectors -- the worst of the bunch in the financial marketplace. Tell your Senators to confirm Richard Cordray now, and move forward with real financial accountability!
Dear [Decision Maker],
I urge you to quickly approve the confirmation of Richard Cordray to head the Consumer Financial Protection Bureau, and oppose any attempts to weaken the watchdog's independence or authority. The last thing our nation needs is a repeat of the economic mess created by lax oversight, and delaying Mr. Cordray's confirmation could make us vulnerable again to dangerous financial schemes and tricks.
As you know, Mr. Cordray has successfully led the bureau these past 14 months, working tirelessly on behalf of consumers to make sure we get a fair deal in the financial marketplace.
Among his successes:
- Getting $425 million in refunds for consumers who were duped by large banks' deceptive and misleading advertising.
- Responding and investigating more than 130,000 consumer complaints in every state about unfair financial practices.
- Creating new mortgage rules to make sure consumers have the ability to pay their loans, and to protect us from irresponsible mortgage lending practices and unfair foreclosures.
Without a confirmed director, the CFPB will be hobbled, and possibly have limited ability to rein in payday lenders, credit reporting bureaus and debt collectors -- the most egregious actors in the financial market.
[Your comments here]
Mr. Cordray has proven that he is more than capable of doing the job, and there is no reason to delay his confirmation or change how the bureau does business. I urge you to stand up for consumers like me and quickly confirm his nomination. I deserve a real watchdog who looks out for me and holds the powerful accountable.
Two years after President Obama nominated him to be Director of the Consumer Financial Protection Bureau (CFPB), Richard Cordray was finally confirmed. The CFPB has cracked down on companies' deceptive marketing tactics, worked to improve the regulation of debt collectors and protected military families and the elderly from financial abuse among other things.
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