CFPB Director Makes Case for Embattled Agency - ABI

The director of the Consumer Financial Protection Bureau, Richard Cordray, defended the need for the agency, which has been under near-constant attack from Republicans this year, saying yesterday that it provides important protections for consumers, Reuters reported. Cordray rarely addresses political moves or the lawsuit that could defang his agency, which was created after the financial crisis to protect individuals from fraud in lending. In a speech at a community development conference, Cordray did not mention names or specifics. But he argued at length for maintaining the CFPB's rulemaking work, its enforcement powers, and its public database of consumer complaints — all at the heart of current assaults on the agency. "Consumers want and need to have someone stand on their side to see that they are treated fairly. We seek to protect them against unfair surprises, frustrating runarounds and bad deals that ruin their credit, cost them their homes and saddle them with further problems," Cordray said.

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