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Geoff Greenwood, Communications Director
515-281-6699, geoff.greenwood@iowa.gov
FOR IMMEDIATE RELEASE, January 4, 2012

Miller Applauds Cordray CFPB Appointment

(DES MOINES, Iowa)  Attorney General Tom Miller today applauded the appointment of Richard Cordray to lead the Consumer Financial Protection Bureau (CFPB).

“We desperately need a Consumer Financial Protection Bureau watchdog, not the continuous partisan bickering we’re seeing in Washington,” said Miller.  “I applaud the President’s appointment.”

Miller, who previously led a group of attorneys general to support the CFPB’s creation, also joined a bipartisan majority of state attorneys general in supporting Cordray’s nomination.

“Richard Cordray is as qualified as anyone,” Miller said.  “As Ohio’s attorney general he looked out for consumers in his state, and as the head of the CFPB he’ll look out for consumers all across the country.”

The CFPB gives both the federal government and state attorneys general a powerful tool to collaboratively protect consumers.  While the bureau, without an agency head, has had the ability to enforce existing national banking laws and regulations, the agency has not been able to effectively protect consumers from other financial industry abuses.  These include predatory lenders who operate through payday loans, debt collecting, mortgage lending and other unscrupulous and illegal lending practices.

“It’s quite clear that those who have stonewalled Richard Cordray’s appointment have done so not because of his outstanding abilities and his impeccable record, but because they simply don’t want to see this bureau succeed,” Miller said.  “That’s cynical political gamesmanship, and it’s the consumer who loses.”

Miller also noted the irony of efforts to block confirmation of a consumer watchdog at the same time the nation makes an effort to recover from a profound and protracted financial crisis.  “The last thing we need right now is lax oversight of the financial industry,” Miller said.  “We need a vigilant consumer watchdog that has the consumer’s back and holds the financial industry accountable.  I know Richard Cordray will fight the fight.”

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