Media Contact: Karen Klugh
American Financial Services Association (AFSA) Statement
on Nomination of Richard Cordray for CFPB Director
By Chris Stinebert, AFSA President & CEO
July 18, 2011
“AFSA welcomes President Obama’s nomination of a director for the Consumer Financial Protection Bureau. The nomination of Richard Cordray answers one of the top questions surrounding this powerful new agency, but much uncertainty looms with the transfer date a few days away. We hope that Cordray will strive to provide regulatory certainty to an economy that is in dire need of it.
We look forward to learning more about Cordray and his regulatory philosophy during the confirmation process. In the interim, we will continue to work with the bureau’s staff toward a smooth transition of authority and build upon the relationship we’ve developed with them.
AFSA is committed to educating regulators on the valuable role that finance companies and banks play in making consumer credit accessible and affordable for middle-class families.”
Based in Washington, D.C., AFSA (www.afsaonline.org) is the national trade association for the consumer credit industry, protecting access to credit and consumer choice. Its 350 members include consumer and commercial finance companies, auto finance/leasing companies, mortgage lenders, credit card issuers, industrial banks and industry partners.
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Statement on Nomination of Richard Cordray for CFPB Director