November 15, 2017
For Immediate Release:
Statement of Ira Rheingold, Executive Director of National Association of Consumer Advocates (NACA), reacting to the announced departure of Richard Cordray, director of the Consumer Financial Protection Bureau
“Richard Cordray turned an ‘infant’ federal agency, borne out of the financial crisis, into a bulwark for consumers against predatory and unlawful industry practices. During his tenure, he has led a team at the Consumer Financial Protection Bureau committed to reining in the risky, illegal conduct that led to the near-downfall of the economy. Under his leadership, the bureau has worked to implement protections that simultaneously empower tens of millions of consumers, through tools such as its complaint database, and that shield them from future unlawful conduct, such as through its actions to enforce laws against bad actors on Wall Street. Americans would be fortunate if the leaders of all federal agencies were as competent and well-intentioned as Director Cordray. We are grateful to the director for his tireless work.
To be as successful, the next CFPB director must adhere to the agency’s mission: make the financial markets work for consumers and hold wrongdoers accountable.