Greenlining Letter of Support for Richard Cordray as CFPB Director

Senator Tim Johnson, Chairman
Sen. Committee on Banking, Housing &Urban Affairs
136 Hart Senate Office Building
Washington, DC 20510

Senator Richard C. Shelby, Ranking Member
Sen. Committee on Banking, Housing & Urban Affairs
304 Russell Senate Office Building
Washington, DC 20510

Urge Your Support for Richard Cordray as CFPB Director

Dear Senators Johnson and Shelby,

The Greenlining Institute strongly supports the confirmation of Richard Cordray as Director of the Consumer Financial Protection Bureau.

As you already know, predatory lending devastated communities all across the country, but particularly so in communities of color.  This predatory lending led to the foreclosure crisis and the subsequent economic meltdown.  It is in all of our best interests to have a leader of the new CFPB who stands strong to protect consumers and to ensure that a crisis like this never occurs again.

As Attorney General of Ohio, Richard Cordray had a track record as a strong, but fair, enforcer who worked on a non-partisan basis to protect the people of Ohio. He has demonstrated that he can be fair to banks, but at the same time, never lose sight of the need to protect consumer interests.

The CFPB was created to finally protect consumers, the people of the United States. Amidst the tail end of the worst financial crisis in American history, we hope that our Senate leaders representing the public still have a vested interest in the well being of their constituents.

We urge you to vote to confirm Richard Cordray to direct the CFPB and to urge your colleagues to do the same.  Until you act, the new CFPB will not be able to exert its full authority to protect consumers and to ensure that all Americans have access to safe and fair financial products.

Sincerely,

Orson Aguilar                                                              Preeti Vissa
Executive Director                                                    Community Reinvestment Director