Financial Services Roundtable Supports Cordray Confirmation and CFPB Changes

The Financial Services Roundtable is supporting the confirmation of Richard Cordray to lead the Consumer Financial Protection Bureau (CFPB), in conjunction with needed changes to CFPB’s structure. “Financial service companies and regulators share the goal of serving and protecting consumers, while ensuring financial products are available and affordable in a vibrant marketplace. The CFPB will play a key role in achieving that goal,” said Tim Pawlenty, president and chief executive officer of the Financial Services Roundtable. “The Financial Services Roundtable applauds Richard Cordray’s leadership at the CFPB so far. We salute his dedication to consumers and commend his many accomplishments. To date, Director Cordray has worked with stakeholders in a constructive manner. We support his confirmation in conjunction with needed changes to the structure and funding of the CFPB.” The Financial Services Roundtable represents 100 of the largest integrated financial services companies providing banking, insurance, and investment products and services to the American consumer. Member companies participate through the Chief Executive Officer and other senior executives nominated by the CEO. Roundtable member companies provide fuel for America's economic engine, accounting directly for $98.4 trillion in managed assets, $1.1 trillion in revenue, and 2.4 million jobs.  “Our members strongly believe the CFPB should operate under a more democratic structure, with a board instead of a single director, as well as be subject to a more accountable system of funding. The Financial Services Roundtable urges Congress to take swift action on these structural changes, in concert with confirmation of Richard Cordray.”