2012 has already brought a tremendous victory for students and families.
Today the President appointed Richard Cordray as the director of the new Consumer Financial Protection Bureau (CFPB). The CFPB will rein in the bad business practices of banks, lenders, and credit card companies.
The president is doing the right thing for students and consumers.
Cordray’s nomination had been caught up in partisan bickering and stalemate in Congress. Without a director, the CFPB wouldn’t have full authority to regulate private student lenders like Sallie Mae or the Wall Street banks that destroyed the economy. The President used his constitutional authority to announce this recess appointment so the CFPB could get to work.
With a director in place, the CFPB can protect students and citizens from the financial tricks of private student loan lenders, big banks, debt collectors, credit bureaus, mortgage companies, payday lenders and others.
Join me and take a minute to celebrate — this is an exciting victory.