Media Contact: Karen Klugh
American Financial Services Association (AFSA) Statement
on President Obama’s Recess Appointment of Richard Cordray as CFPB Director
By Chris Stinebert, AFSA President & CEO
January 4, 2012
Despite President Obama’s move today to make a recess appointment of Richard Cordray as CFPB Director, AFSA remains committed to working with Congress in restructuring the Bureau to be more accountable to the American people. Namely, AFSA supports changing the Bureau’s leadership structure to a commission and moving the Bureau under the Congressional appropriations process.
AFSA will continue to work with CFPB staff to emphasize the importance of protecting American consumers’ access to affordable credit and how the association’s members provide much needed credit to millions of Americans. In addition, AFSA supports the Bureau’s goal of basing decisions on credible data rather than anecdotes.
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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AFSA Statement on President Obama's Recess Appointment of CFPB Director