Richard Cordray, consumer watchdog

Today, Richard Cordray has been confirmed as a Director of Consumer Financial Protection Bureau. The President Barack Obama thanked and welcomed the decision of lawmakers of both parties for selecting Richard Cordray. As you know, The CFPB (Consumer Financial Protection Bureau) is specially established to make sure that all USA consumers will be treated well in the financial market place such as when they apply for bank loan, credit card, home loan, student loan etc.

President Obama said “4 years ago, although we were working and struggling to restore economy of United States of America”. “At the same time, we also set new rules to make sure that any company which is related to finance could not break the law or cheat any consumers or put economy of the country at risk.”

These are the reasons CFPB was created in the year 2011 and two year ago, President Barack Obama has nominated Richard Cordray to run the new agency.

President Obama also said “The Consumer Financial Protection Bureau was unable to provide all the information to consumer which they needed. Because, CFPB don’t have all tools and rights to protect consumers from credit reporting agency, loan lenders, mortgage broker, debt collectors and these agencies are taking benefit from Americans.”

President temporarily appointed Richard Cordray so (CFPB) Consumer Financial Protection Bureau could start their work and start providing information to consumer which they need.

President Barack Obama told that “today if American people want to take out payday loan, mortgage loan, student loan apart from this if you are being threatened by debt collector or credit reporting agency are causing you problems by not following the rules and taking advantage of you then now you have option to go somewhere for complain which is CFPB (Consumer Financial Protection Bureau).”

Now people can get information they need before taking out mortgage loan, student loans President Barack Obama explained. Credit Card forms are simple to understand than previously and senior citizens are protected from the dishonest loan providers and lenders.

Source: http://www.whitehouse.gov/blog/2013/07/17/senate-confirms-richard-cordray-consumer-watchdog