In first day on the job, new director of CFPB takes action to protect consumers

Washington, D.C. - Today Rep. Gary Peters applauded news that the Consumer Financial Protection Bureau's new Director Richard Cordray has taken immediate action to begin regulating “non-bank” financial institutions such as payday lenders, debt collectors and mortgage companies. To help America recover from the worst financial crisis since the Great Depression, Rep. Gary Peters helped write and pass the Wall Street Reform and Consumer Protection Act of 2010 which created the CFPB to eliminate the kind of irresponsible behavior that caused the recession and protect regular folks from abusive lending practices. Yesterday President Obama appointed Mr. Cordray to head the CFPB and, by initiating these common sense reforms, he has hit the ground running on day number one.

“By initiating oversight to protect consumers from payday lenders, debt collectors and mortgage companies that employ predatory tactics, the Consumer Financial Protection Bureau is doing the work that I and many of my colleagues designed it to do,” said Rep. Gary Peters. “Taking immediate action to begin reining in the abusive lending practices that caused the recession will help families facing tough economic challenges get back and stay on their feet. By cutting through the Tea Party's red tape to appoint a director of the CFPB, President Obama delivered an important victory for millions of families across America and in Michigan.”

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