Peters Applauds President Obama's Decision to Stand Up to Tea Party Republicans by Making a Recess Appointment for Director of Consumer Financial Protection Bureau

Press Release

Today Rep. Gary Peters applauded news that President Obama will make a recess appointment of Richard Cordray to head the newly formed Consumer Financial Protection Bureau (CFPB). The CFPB was created as part of the Wall Street Reform and Consumer Protection Act which Rep. Peters helped write and pass into law as a member of the House Financial Services Committee in July 2010. The CFPB's primary job is to oversee the financial sector with a major focus on protecting Americans from abusive practices employed by too many payday lenders, debt collectors, mortgage companies and other financial institutions.

On July 18th, 2011, President Obama nominated former Ohio Attorney General Richard Cordray to head the agency, but Tea Party Senate Republican obstructionists have pledged to block any nominee because of their opposition to any form of consumer protection. Their refusal to help Americans struggling in this economy has left President Obama with no option other than to make a recess appointment.

"Americans deserve common sense protections from the abusive lending practices of many payday lenders, debt collectors and mortgage giants, that's why I stood with President Obama to pass these needed reforms,"said Rep. Gary Peters. "There are too many families in Michigan struggling during these tough economic times and they can't afford any more obstructionist Tea Party tactics from Senate Republicans. I'm glad President Obama is making this recess appointment and I'm looking forward to working with Mr. Cordray to help folks in the Greater Detroit region."

The CFPB also provides a way for consumers to report abuses they are experiencing at www.consumerfinance.gov. This week the CFPB will also officially launch a simple 800-number hotline for mortgage-related consumer complaints. The CFPB sends each consumer complaint along to the right financial institution for review and resolution. If the institution does not resolve the issue, then the CFPB can directly investigate the consumer's issue and make sure that these financial institutions are held accountable. If the CFPB had been in effect a decade ago, families across the country would have had this simple, easy and effective resource to take advantage of.

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