Yesterday, the Senate confirmed Richard Cordray as the first director of the Consumer Financial Protection Bureau. During his tenure at the CFPB, Director Cordray has shown himself to be a deliberative regulator with a willingness to consider the views of all stakeholders. The CFPB has several major issues before it, including the implementation of its Qualified Mortgage rule, which will determine the future of the mortgage market in this country.
As this relatively new bureau continues to form, we are hopeful that Director Cordray and the CFPB’s staff will show a continued willingness to work with our industry to ensure that mortgage and other credit products remain available to all creditworthy borrowers. That is the goal of the banking industry and one we hope the CFPB shares.
Wednesday, July 17, 2013
ABA Statement on Richard Cordray Confirmation
Statement by ABA President and CEO Frank Keating: