American Financial Services Association (AFSA) Statement
on Confirmation of CFPB Director Richard Cordray
By Chris Stinebert, AFSA President & CEO
July 16, 2013
“Richard Cordray’s confirmation as Director of the Consumer Financial Protection Bureau (CFPB) puts many questions about the Bureau to rest. Yet questions remain about several Bureau practices – such as the methodology it uses to determine discrimination through disparate impact and the scope and purpose of its vast collection of consumer account information.
AFSA congratulates Cordray on his confirmation as director, but is disappointed that the bipartisan commission structure and subjecting the Bureau to the Congressional appropriations process were not considered.
Cordray has done an admirable job in building bridges with industry and listening to our concerns. AFSA looks forward to strengthening its relationship with Cordray and the CFPB as we work toward the mutual goals of protecting consumers while ensuring their access to affordable credit.”
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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Media Contact: Karen Klugh
AFSA Statement on Confirmation of Richard Cordray as CFPB Director