In 2011, Senate Republicans blocked the appointment of Richard Cordray to director of the Consumer Finance Protection Bureau (CFPB). President Obama, in response, appointed him while the Senate was in recess. Now, in 2013, Republican senators have called for his re-appointment and promise to filibuster. They vow not to allow the CFPB a director until it’s entire structure is changed and Congress is allowed more oversight of it’s activities. Tom Feltner of the Consumer Federation of America joined the 8 O’Clock Buzz on Monday, July 8th to discuss the controversy surrounding this upcoming vote.
The Consumer Finance Protection Bureau was established in the wake of the 2008 financial crisis by the Dodd-Frank Act. It’s purpose is to protect consumers from unfair or misleading financial practices by banks, credit card companies, and other finance organizations. According to Feltner, CFPB has to date returned nearly half a billion dollars to consumers who were exploited by credit card company policies. As director, Cordray has been especially dogged in monitoring banking activities and improving consumer education programs. Republicans, despite allegations that they are only defending their campaign donors, swear that these activities are outside of reasonable governmental regulation.
The nomination vote has been set for later in July, although it has already been postponed once.
Listen to the entire interview with host Brian Standing: