Consumers Union To Senate: End Stalemate Over CFPB Nomination

Consumers Union, the advocacy arm of Consumer Reports, is pressing the Senate to act on Richard Cordray's nomination to lead the Consumer Financial Protection Bureau (CFPB).

Absent a director, the CFPB will not be able to oversee nonbank financial institutions ‘like payday lenders, debt collectors, check cashers and certain mortgage lenders who target vulnerable consumers,’ the group said in a statement.

‘It's time to end the deadlock over this nomination in Congress,’ said Pamela Banks, senior policy counsel for Consumers Union. ‘At a time when millions of Americans are struggling to stay afloat, opponents of the CFPB are standing in the way of the kind of tough oversight we need to rein in financial scams.’

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