Obama Doubles Down With Cordray and CFPB
President Obama circumvented Senate Republicans and made a recess appointment of Richard Cordray to run the Consumer Financial Protection Bureau. In making the appointment he explained that we “shouldn’t be weakening oversight and accountability, we should be strengthening it–especially when it comes to looking out for families."
Obama, who made the announcement during a Jan. 4 speech on the economy in Ohio, said Cordray will “be in charge of one thing: looking out for the best interests of American consumers. His job will be to protect families like yours from the abuses of the financial industry. His job will be to make sure you’ve got all the information you need to make important financial decisions.”
“With the bureau, those who didn’t cause the crisis are facing more regulation. But those entities that did cause it don’t have more of a compliance burden,” said NAFCU’s Becker.
But the additional powers that the CFPB has now that it has a permanent director could help credit unions.