National CAPACD Commends Senate for Confirming Richard Cordray to Lead the Consumer Financial Protection Bureau

FOR IMMEDIATE RELEASE
June 17, 2013
 
Contact:
Kevin Sanada
(202) 223-2442
kevin@nationalcapacd.org
 
National CAPACD Commends Senate for Confirming Richard Cordray to Lead the Consumer Financial Protection Bureau
 
The National Coalition for Asian Pacific American Community Development (National CAPACD) commends the United States Senate for confirming Richard Cordray as Director of the Consumer Financial Protection Bureau (CFPB). Director Cordray’s confirmation ensures that the agency has full authority to make financial products and services safe and accountable to American consumers. The work of the CFPB is especially critical for Asian American, Native Hawaiian, and Pacific Islander (AANHPI) communities that experienced some of the steepest increases in poverty during the recession.
 
“Yesterday, in confirming Director Cordray, the Senate finally put partisan politics aside and acknowledged an urgent need for improved consumer protection in our communities,” noted Lisa Hasegawa, Executive Director of National CAPACD, “Director Cordray has engaged directly with AANHPI community leaders from across the country over the past two years, listening to concerns about language access, mortgage servicing, and other priorities. Under his leadership we are confident that financial systems will be safer for communities of color and low-income families.”
 
Established under the Dodd-Frank Wall Street Reform and Consumer Protection Act, the CFPB was created to protect consumers from the unregulated, predatory lending that brought about the housing crisis. In just the past year alone, the CFPB has released sweeping new mortgage servicing rules, has created a robust consumer complaint system, and has worked with the Department of Justice to bring criminal charges against predatory lenders. In the coming months, the agency will address issues related to private student loans, fair lending, and reforms to the Home Mortgage Disclosure Act (HMDA).
 
National CAPACD looks forward to working closely with the CFPB to improve consumer protections and develop safe financial products for our communities. 
 
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National CAPACD is a national advocacy organization dedicated to addressing the housing, community and economic development needs of diverse and growing AAPI communities. National CAPACD’s member-based network includes more than 100 community-based organizations and individuals, including community development corporations, preservation agencies, community-based social service providers and advocacy agencies. Our members are in 17 states, implementing innovative affordable housing, social service, community development and community organizing strategies to improve the well-being of low-income AAPIs.