Cosumer Financial Protection Bureau

Over the weekend President Obama announced a 21st Century Democrats previously endorsed candidate, Rich Cordray, as the director of the new Consumer Financial Protection Bureau (CFPB). Mr. Cordray has served as the Ohio Attorney General, Ohio State Treasurer, in the Ohio House of Representatives, and several of local positions. We have endorsed Rich for many of these races, and we are very proud of him and his appointment to this office with the CFPB. His work and leadership at the CFPB will surely make an impact in the lives of millions of Americans.

The CFPB was established with the Dodd-Frank financial reform bill passed in 2010, and is given the responsibility to protect consumers against abusive and fraudulent practices related to credit cards, mortgages, payday loans and other financial products. The Financial Reform bill was a key piece of legislation passed by the Democratic majority Congress that placed regulations on the entire financial industry. After the ‘07/’08 meltdown, it became clear that investors across the entire system were at risk because the industry was using incredibly risky, abusive, and harmful policies. Together, the Dodd-Frank bill and the CFPB will monitor the industry and enforce these new regulations in order to protect American investors from fraudulent activities.

We would like to congratulate Mr. Cordray on his nominations, and we know he will continue to make us proud. Thank you for all of your service to your constituents in Ohio, and we wish you the best of luck in DC.