For Immediate Release
November 15, 2017
ABA Media Contact: Jeff Sigmund
(202) 663-5439
Follow us on Twitter: @ABABankers

ABA Statement on CFPB Director Richard Cordray

By Rob Nichols, ABA president and CEO

“We learned today of Director Cordray’s decision to leave the Consumer Financial Protection Bureau at the end of the month. While we haven’t always agreed with Director Corday on issues, we have always shared his goal of wanting to help consumers and appreciated his willingness to engage with us. We thank him for his public service. 
 
“Consumers are our customers, and nothing is more important to America’s banks than maintaining their trust and confidence. We will continue to work with the CFPB under its new leadership to ensure consumers have access to the increasing variety of credit and financial tools they demand, with the full protections they deserve. We are hopeful that Director Cordray’s successor will be willing to listen to the views of our members and work with us. 
 
“We will also continue to support structural changes that would increase accountability at the Bureau, including a five-member, bipartisan commission.  This would provide continuity across Administrations and broaden the CFPB’s perspective on regulation that must carefully balance consumer protection against access to credit.”
 
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​The American Bankers Association is the voice of the nation’s $17 trillion banking industry, which is composed of small, midsize, regional and large banks that together employ more than 2 million people, safeguard $13 trillion in deposits and extend more than $9 trillion in loans.​