A big obstacle is the closing of bank branches in small towns and low-income neighborhoods. "When the bank told us they were leaving in five weeks, it set off a small panic," said Kenneth Broome, the mayor of Utica, Miss.
If circumventing gridlock in order to promote the financial "health, safety and welfare" of the American people by way of a recess appointment during a highly questionable non-recess recess gets us to the finish line, sign me up.
Today, I was appointed by President Obama to serve as the first Director of the Consumer Financial Protection Bureau. I am honored by this opportunity to continue my work on behalf of consumers. And I am energized by the responsibilities and challenges facing the Bureau.
Despite not having a confirmed director, the Consumer Financial Protection Bureau has already demonstrated how effective it can be. Only in the most polarized political environment could its goals be considered controversial.
Just like we experienced with Elizabeth Warren, whose potential nomination as CFPB director was derailed by the same band of robber barons, Mr. Cordray is the newest roadkill on the conservative superhighway, and the American people have been hosed yet again.
If any bank represents the need to have a regulator in place that protects people on consumer financial issues, it's Bank of America. America's bank has become a symbol for all that is wrong with the financial sector.