Washington, D.C. – U.S. Senator Catherine Cortez Masto (D-Nev.) released the following statement on the resignation of Consumer Financial Protection Bureau (CFPB) Director Richard Cordray:
“Richard Cordray has been a staunch protector of hardworking Americans against injustices committed by powerful financial institutions. Director Cordray lead the CFPB on behalf of American consumers in protecting students, seniors, and homeowners. He fought to hold banks accountable for wrongdoing and ensured that Nevadans who have fallen prey to these irresponsible actors receive justice. Under his leadership, Mr. Cordray was able to secure $29 billion for more than 12 million consumers in just six short years. As Nevada Attorney General, when my state became ground zero for the housing crisis, the CFPB became one of my strongest allies in fighting for relief for families that lost their homes during the worst crisis since the Great Depression. I want to thank Mr. Cordray for his dedication to protecting consumers and for helping bring justice to Americans cheated by Big Banks.
“The next CFPB Director needs to be as strong an advocate for borrowers, service members, seniors and students as Mr. Cordray – not another Wall Street insider. In light of Mr. Cordray’s departure and continued threats to dismantle the CFPB, Congress must work harder to keep rules protecting working families from financial predation in place.”