Congresswoman Maxine Waters, Ranking Member of the House Financial Services Committee (HFSC), today released the following statement in response to the news that President Barack Obama will nominate Richard Cordray to head the Consumer Financial Protection Bureau (CFPB). The CFPB was established by the Wall Street Reform and Consumer Protection Act, which was drafted and signed into law during the period in which Ms. Waters was Chairwoman of the HFSC Subcommittee on Housing and Community Opportunity.
I strongly welcome President Obama’s nomination of Richard Cordray to head the Consumer Financial Protection Bureau. Under his very capable leadership, the Bureau has swiftly put in place critical mortgage lending rules which will provide much stronger protections for American families. Because of his work, consumers will have significantly better information upon which to make borrowing decisions and deceitful lenders will be prevented from deliberately steering customers into risky mortgages. Furthermore, Mr. Cordray has aggressively pursued unscrupulous mortgage servicers who have forced many Americans to lose their homes. I heartily welcome the President’s nomination of Richard Cordray, and I urge my Senate colleagues to confirm him.