Urge Your Senators to Confirm Richard Cordray and Let the Consumer Financial Protection Bureau Do Its Job
Since its creation in July 2011, the CFPB has made it a priority to help student loan borrowers and protect students and families from unfair and deceptive lending practices. For example, the CFPB:
is helping resolve student loan complaints and questions. In less than seven months, private loan borrowers submitted nearly 3,000 complaints to the CFPB. In cases where the borrower got financial relief, the median amount was $1,572 and the highest was $83,000.
is investigating deceptive and predatory lending by some for-profit colleges.
is seeking public input on ways to make private loan borrowers' debts more manageable.
issued a comprehensive report on private student loans calling for reforms we have sought, including revisiting the harsh treatment of private loans in bankruptcy.
Don't let senators block Richard Cordray's confirmation or stop the CFPB from doing its job. The choice is simple: allow an up/down vote on this nomination, or open the door to more of what the CFPB is working hard to prevent - abusive and deceptive banking and lending practices like those that fed an epidemic of foreclosures, saddled millions of Americans with unmanageable debt, and triggered a financial and economic calamity from which the nation and families are still recovering.
Urge your senators to confirm Richard Cordray and oppose efforts to weaken this sorely needed consumer protection agency.
As someone concerned about rising student debt burdens, I urge you to swiftly confirm Richard Cordray as Director of the Consumer Financial Protection Bureau (CFPB) and to oppose any structural changes that would weaken the CFPB's ability to protect consumers and the economy.
Members of both parties agree that Cordray is highly qualified to lead the CFPB, and that under his leadership the CFPB has been fair, transparent and open. The agency's structure is based on sound precedent and principle. In contrast, the structural changes some are advocating threaten the CFPB's ability to meaningfully address student and consumer complaints and would make it harder for the CFPB to reach decisions or stand up for consumers and the economy against industry pressure.
I urge you to confirm Richard Cordray without delay. In this economy, consumers need a strong advocate and real financial protections more than ever.