Date: Wednesday, January 4, 2012
Contact: Matthew Morgan – 202-226-5543
Conyers Applauds Recess Appointment of Richard Cordray as Top Consumer Watchdog
(WASHINGTON) – Today, Representative John Conyers, Jr. (D-Mich.) released the following statement applauding the recess appointment of former Ohio Attorney General Richard Cordray as head of the Consumer Financial Protection Bureau (CFPB):
“President Obama’s decision to appoint Rich Cordray as the first Director of the Consumer Financial Protection Bureau sends a strong message to the American people that the implementation of the historic Dodd-Frank Wall Street Reform Act will not be held hostage by those who oppose accountability for the predatory lenders and irresponsible speculators who caused the financial crisis of 2008,” said Conyers. “Thanks to today’s bold action by the President, the CFPB can move forward with its top cop on the beat.
“As Ohio Attorney General, Rich Cordray was a leader in standing up for consumers struggling to pay their mortgages and stay in their homes. He was a strong - and early - voice for holding big banks accountable for abusive servicing practices that are leading to unfair and unlawful foreclosures. General Cordray recovered over $2 billion wrongly looted by Wall Street banks and returned it to Ohio homeowners, taxpayers, pension funds and municipalities.
“In Rich Cordray, American consumers will gain a have a strong advocate known for his reasoned and reasonable approach, for smart work across party lines to get things done, and for his willingness to stand up to Big Wall Street banks and powerful financial industry special interests.”
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