CFPB Director Needed to Protect Consumers from Unfair Business Practices
Today, Mark Udall welcomed the appointment of Richard Cordray to head the new Consumer Financial Protection Bureau (CFPB). Udall said he believes the appointment, during Congress's holiday break, was necessary to overcome partisan obstruction and ensure the agency has the authority to protect consumers from unfair business practices. ??"Consumers suffer every day when we leave them open to predatory financial practices. It's time to make consumers a priority over politics and ensure the CFPB has the teeth it needs to fight back on their behalf. My colleagues have made it clear they will hamstring the CFPB no matter who the nominee is - leaving the president no choice but to act today. I urged the President to appoint Richard Cordray to lead the CFPB and empower it to take on its full watchdog duties, and I support his decision to make that appointment today."??Udall authored a provision that went into effect last summer, requiring that consumers be provided a free copy of their credit scores if they apply for credit and are turned down or receive less-than-favorable terms. That new law would be overseen by the CFPB and is among the reasons Udall has fought to ensure the agency can carry out its duties.