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Attorney General Eric T. Schneiderman released the following statement today on President Obama’s recess appointment of Richard Cordray to lead the federal Consumer Financial Protection Bureau.
"This is a major victory for American families seeking justice with the banks and other lending agencies at the heart of the financial crisis. The repeated procedural roadblocks that have blocked Richard Cordray's appointment represent the worst sort of partisan politics in Washington, and President Obama must be commended for taking action in the pursuit of meaningful protection for American consumers.
"More than three years after the financial crisis dragged the economy into recession, there is much work to be done to restore confidence in the markets for everyday people, homeowners, businesses and investors. As a watchdog holding financial institutions accountable for wrongdoing, Richard Cordray and the CFPB will play a critically important role in developing a regulatory framework that ensures consumers are protected, and our economy is not vulnerable to another financial meltdown. We look forward to working closely with the agency to advance the economic interests of New York’s consumers.”
