Democratic Members of the House Financial Services Committee released a joint letter on Thursday, Nov. 17 to Senator Minority Leader Mitch McConnell (R-Ky.), demanding that his party agree to confirm Richard Corday’s nomination as Director of the Consumer Financial Protection Bureau (CFPB).
“Mr. Cordray is eminently qualified, yet Senate Republicans have vowed not only to block his nomination, but also to block any nominee to head the CFPB,” the letter reads. “By law, the failure to confirm a director leaves the agency without its full authority to protect American families.”
In early May, 44 Republican senators vowed not to confirm a CFPB director until the authority structure of the bureau changes, which serves to block implementation of a law passed by Congress. As the bureau can only exercise its full power once it has a confirmed director, Republicans in the Senate are “actively preventing the CFPB from protecting [service members and the elderly] from predatory and unscrupulous financial products.”
“The elderly are particularly susceptible to mortgage scams and other predatory financial practices which can erode retirement savings it took a lifetime to accumulate,” the House Democrats say.
The letter mentions the appointment of Hubert “Skip” Humphrey to lead the CFPB’s Office of Older Americans, as there is “only so much that he and the CFPB can do to make sure the elderly are not targeted or preyed upon by bad actors” for as long as the bureau remains without a director.
Signed by all 27 Democratic Members of the House Financial Services Committee, the letter urges Senator McConnell and his Republican colleagues to allow the confirmation process to continue so the CFPB can make full use of its resources.
View the letter here.
Written by Alyssa Gerace
Join the Conversation (3)
see all
This is a professional community. Please use discretion when posting a comment.
Share your opinion
You must Sign in with Linkedin to post a comment.
Alyssa,
I do not believe Skip Humphrey is a nominee; his position does not require Senate confirmation. He is the actual director of that bureau segment.
Thanks, Cynic, duly noted & corrected.
No wonder nothing gets done in DC. It takes until mid
November [over six months later?] for Democrats to “fire back” on
what Republicans did in early May? That
is “rapid fire.”
Since there is only one report mandated by Congress from the
CFPB on mortgages specifically related to seniors, I wonder what type of
mortgage the Republicans (oops Democrats) are referring to when they write:
“The elderly are particularly susceptible to mortgage scams and other
predatory financial practices which can erode retirement savings it took a
lifetime to accumulate,” At least we are
comforted in knowing there is no bias among Democrats against reverse mortgages.
Like West Richards at the CIS points out, it is the
conservatives who provide so little support, you know like President Ronald
Reagan (who signed the bill containing the original HECM provisions into law)
and HUD Secretary Jack Kemp (who eventually became a spokesperson for Generation
Mortgage). Oh let us not forget the
conservative who speaks out the most today about reverse mortgages, former Senator
Fred Thompson. By that alone, there is clear
proof that conservative Republicans are out to do the program in. Oh yeah and did I forget Senator McCaskill
who NRMLA told us was a Republican (or then did they change their minds)?
I am just glad we have people like West Richards and
NRMLA to keep us straight. Without their
voices, I am sure I would be of the opinion that it is the liberal Democrats
who are bias against the program. What a
ridiculous opinion that would be!!!