Democratic members of the Senate Banking Committee sent a letter to the director of the Consumer Financial Protection Bureau (CFPB), Richard Cordray, saying his leadership is needed during the Trump administration.
The Democratic committee members cited Cordray’s accomplishments as the nation’s top consumer watchdog. The CFPB has received praise from civil rights groups, consumer advocates, and financial industry organizations — including the American Financial Services Association and the Consumer Bankers Association – during Cordray’s tenure.
“Under your leadership, the CFPB has worked to protect servicemembers, seniors, students, and working families of all backgrounds from predatory financial schemes and illegal discrimination,” the letter said. “We hope you continue to lead the charge against companies that take advantage of hardworking Americans.”
In the letter, the senators cited surveys that show Americans support the CFPB. Seventy-one percent approve of the CFPB’s mission, while 55 percent of Republicans who voted for President Trump believe that the CFPB should be left alone or given expanded authority.
The letter was signed by Sen. Sherrod Brown (D-OH), the Banking Committee’s Ranking Member, and Sens. Jack Reed (D-RI), Robert Menendez (D-NJ), Jon Tester (D-MT), Mark R. Warner (D-VA), Elizabeth Warren (D-MA), Joe Donnelly (D-IN), Brian Schatz (D-HI), Chris Van Hollen (D-MD), and Catherine Cortez Masto (D-NV).
The CFPB was created under the 2010 Dodd-Frank Wall Street Reform and Consumer Protection Act. Since then it has returned $12 billion to taxpayers cheated by debt collectors, lenders, and others.