Obama Going to Bat for Cordray

Last night the White House released a new report, “Improving Americans’ Financial Security: The Importance of a CFPB Director.”

The Senate is expected to vote on Richard Cordray’s nomination later this week, a welcome sign of progress even if his nomination is expected to be filibustered by Senate Republicans. Mr. Cordray might end up nothing more than a political football in the near term, and the new report for the White House might be seen by many as little more than a campaign document.

That’s unfortunate if it comes to pass. The points raised by the White House report are true. It boils down to this: millions upon millions of Americans utilize and/or are affected by non-bank financial service providers. Without a CFPB Director in place, that market remains without uniform oversight and the potential for abuse and wealth stripping among our most financially vulnerable citizens remains.

For a first-hand account of working Mr. Cordray, here’s our own David Rothstein:

While Cordray has a history of working with others, negotiating deals and gives the “cool as a cucumber” persona…those that rip-off, mislead, and harm consumers should beware. He is no shrinking violet (the Columbus Dispatch shows that here). Cordray will take this role very seriously and not tolerate a “business as usual” attitude.