Mark Udall welcomed the U.S. Senate's confirmation today of former Ohio Attorney General Richard Cordray to head the Consumer Financial Protection Bureau, calling his leadership essential to protecting Coloradans from scam artists and predatory lenders. Udall said the Consumer Financial Protection Bureau will now be able to more effectively enforce a law he championed to give Americans free access to their credit scores.
"Coloradans can finally rest assured that the Consumer Financial Protection Bureau and its newly confirmed leader will crack down on scam artists and predatory lenders. I am glad my colleagues finally stood with me in acknowledging that we need to protect the middle class and help everyday Coloradans avoid having their identities stolen or credit ruined," Udall said. "I look forward to working with the Consumer Financial Protection Bureau to ensure it has the tools it needs to level the playing field for hardworking Coloradans, in part by making sure Americans have access to their credit score anytime it is used against them as the legislation I authored requires."
Udall, a strong consumer advocate, authored a bipartisan provision in the Dodd-Frank Wall Street reform law that requires consumers to be provided with a free copy of their credit scores if they apply for credit and are turned down or receive less-than-favorable terms. The Consumer Financial Protection Bureau is charged with overseeing implementation of that law.