U.S. Senator Tammy Baldwin joined a bipartisan majority in the U.S. Senate to confirm Richard Cordray as the Director of the Consumer Financial Protection Bureau (CFPB) by a vote of 66-34.
"Richard Cordray's confirmation is long overdue and good news for Wisconsin families. I'm pleased to join a bipartisan majority of the U.S. Senate that was able to work across the aisle and move this nomination forward," said Baldwin. "Director Cordray has earned a reputation as somebody who is willing to bring people together in order to do what's right for consumers and our economy. The people of Wisconsin now have a leader of this watchdog agency who will stand up for them and give Americans the consumer protections they deserve."
The Wall Street Reform and Consumer Protection Act of 2010 established the CFPB to protect consumers by carrying out federal consumer financial laws. The mission of the CFPB is to act as a cop on the beat, ensuring consumer financial products are transparent and work for Americans -- whether they are applying for a mortgage, choosing among credit cards, or using any number of other consumer financial products. The CFPB works to give consumers the information they need to understand the terms of their agreements with financial companies and strives to make regulations and guidance as clear and streamlined as possible so providers of consumer financial products and services can follow the rules on their own.
"This watchdog agency has made it tougher for families to be fooled into mortgages they can't afford and set clearer rules so that responsible lenders know how to operate fairly," said Baldwin. "The CFPB has also provided Americans the information they need to make sound financial choices and launched the "Know Before You Owe" campaign to help parents and students make smart decisions about paying for college. And as a result of financial reforms I have supported, we've cracked down on credit card companies that charge hidden fees, and forced those companies to make things right. I look forward to continuing to work with the CFPB, focused on making consumer finance markets work better for the people of Wisconsin."