WASHINGTON, D.C. – In response to news that Consumer Financial Protection Bureau (CFPB) Director Richard Cordray will resign from his post later this month, Allied Progress released the following statement from its executive director, Karl Frisch:
“The CFPB’s mission has never been about one person or one administration. Its statutory mission is to protect consumers from the type of reckless practices that led to the economic collapse of 2008. That’s why a vast majority of Americans from across the political spectrum support the CFPB and the important work it does to protect them from the worst practices of big banks, credit card companies, and other financial predators.”
“Moving forward, President Trump will have the opportunity to nominate a new director. He has a choice. Will he pick a champion of consumers in the mold of Richard Cordray or a champion of big banks and Wall Street? His rumored short list is not encouraging. That’s why Allied Progress will fight to ensure that the next director follows the law and continues to hold powerful financial institutions accountable for fraudulent activities and abusive practices.”
Since its founding in 2010, the CFPB has returned more than $12 billion to 29 million Americans who have been taken advantage of by banks, credit card companies, payday lenders, debt collectors and other predatory financial industries. The agency has a clear statutory mandate to protect consumers, a mission that cannot be changed without breaking the law.