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Arizona PIRG Applauds President for “Bold and Important” Recess Appointment of Richard Cordray to Head New Consumer Financial Protection Bureau (CFPB)
“Today, President Obama took a bold and important step to protect consumers from financial tricks and traps by announcing a recess appointment of his well-qualified nominee, Richard Cordray, to head the new Consumer Financial Protection Bureau. The confirmation of a director also grants the bureau, which has been running since July 2011, all of its new powers to protect consumers. We applaud President Obama for standing up to Wall Street and its backers on Capitol Hill on behalf of families, seniors, servicemembers, students and other consumers who need protection from unfair financial practices.
Fortunately, the President’s action guarantees that the CFPB, the first federal financial regulator with only one job, protecting consumers, will have all its powers to guarantee a level financial playing field for both consumers and fair-dealing firms.”
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