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CBA's Statement on CFPB Director Cordray's Resignation
Consumer Bankers Association President and CEO Richard Hunt released the following statement after Richard Cordray resigned as Director of the Consumer Financial Protection Bureau (CFPB) with no clear succession plan for CFPB leadership in place:
"The CFPB's current governing structure is a dictatorship, period. It is not a sensible nor sustainable approach to leadership. Conflicting attempts to name a successor at the CFPB creates further chaos for consumers and the banking industry. The leaders of our country should act to ensure one individual, the Director of the CFPB, does not possess unprecedented power over all consumer financial products and financial institutions," said CBA President & CEO Richard Hunt.
"It is well past time for the Administration and Congress to provide a balanced, responsible and transparent approach to consumer protection and establish a Senate-confirmed, bipartisan commission at the CFPB."
About the Consumer Bankers Association
The Consumer Bankers Association represents America’s retail banks above $10 billion in assets. We advance legislation and promote policies geared toward creating a stronger industry and economy. Established in 1919, CBA’s corporate member institutions account for 1.6 million jobs in America, extend roughly $3 trillion in consumer loans, and provide $270 billion in small business loans. Follow us on Twitter @consumerbankers.