National CAPACD Applauds Cordray Appointment to the Consumer Financial Protection Bureau

National CAPACD Applauds President’s Appointment of Cordray to the Consumer Financial Protection Bureau

Washington, D.C. – Earlier today, President Obama appointed Richard Cordray as Director of the Consumer Financial Protection Bureau (CFPB).

We applaud the President for taking this bold step in appointing Richard Cordray to direct the CFPB. Established in 2010, the CFPB plays a critical role in protecting consumers from predatory and abusive practices in the financial marketplace. The recess appointment ensures that the CFPB is able to use its full authority to oversee and regulate non-bank mortgage lenders, credit scoring agencies, debt collectors, payday lenders, and student lenders.

“With Richard Cordray’s appointment, the CFPB now has the full authority and the necessary tools to protect consumers from predatory financial practices,” said Lisa Hasegawa, Executive Director for National CAPACD. “This is a critical step in restoring our faith in the financial marketplace and ensuring that millions of consumers have an effective federal watchdog that is looking out for their best interests.”

We look forward to working with the CFPB to ensure that Pacific Islanders, Asian Americans, and Native Hawaiians in addition to all Americans have a champion to promote their financial security and opportunity.

For more information on the Consumer Financial Protection Bureau, click here.
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National CAPACD’s mission is to be a powerful voice for the unique community development needs of AAPI communities and to strengthen the capacity of community-based organizations to create neighborhoods of hope and opportunity.