As the House prepares to consider legislation to drastically cut his power, CFPB Director Richard Cordray said Wednesday that his agency has succeeded in protecting consumers and disputed assertions it has hampered financial institutions in serving consumers.
"We are less than six years old, but we have consistently gotten results," Corday said at the People and Places conference in Arlington, Va. The conference was co-sponsored by several community revitalization and racial equity groups.
He said the agency has recovered billions of dollars for consumers and has instituted strong safeguards to ensure that the reckless mortgage practices that caused the financial crisis cannot occur again.
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