Attorney General Peter Kilmartin today applauded the announcement by the White House of President Obama's congressional recess appointment of Richard Cordray as the Director of the Federal Consumer Financial Protection Bureau (CFPB). In a purely partisan move, a group of Republican senators blocked Cordray's nomination in December, despite several senators publicly praising his qualifications.
"This is the kind of bold action and leadership the American people expect and deserve," said Kilmartin. "As a former attorney general, Richard Cordray is particularly well qualified to serve in this position. As the CFPB's director of enforcement he earned a reputation as a strong advocate for the interests of consumers. He has dealt with all the leading players, including Wall Street firms, banks, credit rating agencies and subprime mortgage lenders, and he not only advocated for consumers, but also worked to find fair and reasonable solutions for the financial industry."
"With Cordray appointed Director, the CFPB can finally move forward in overseeing mortgage companies, payday lenders and other financial companies that have mistreated consumers for too long. As the consumer watchdog for Rhode Island, I look forward to working with the CFPB to strengthen consumer protection and I am confident we will have the tools to hold these companies to the highest standards in dealing with consumers."