Contact: Bruce Mirken, Greenlining Institute Media Relations Coordinator, 510-926-4022; 415-846-7758 (cell)

Advocates Call Filibuster Unjustified, Bad For Consumers

WASHINGTON — The Greenlining Institute, the group that sounded the alarm about the subprime meltdown years before it became a crisis, today renewed its call for the Senate to approve Richard Cordray as head of the new Consumer Financial Protection Bureau. An attempt to bring the nomination to a vote could happen as soon as Thursday.
“This highly respected consumer advocate deserves immediate approval, and there is simply no justification for a filibuster,” said Greenlining Institute Community Reinvestment Director Preeti Vissa. “Communities of color were devastated by predatory lending and the foreclosure crisis, and any action that delays CFPB getting fully up and running constitutes a direct attack on America’s most vulnerable communities and on consumers in general.”

Greenlining’s Sept. 2 letter in support of Cordray is available online here.

Greenlining and other consumer advocates pushed for CFPB’s inclusion in the Dodd-Frank financial reform law as a way to curb the predatory practices that led to the housing crash. As documented in the Academy Award-winning documentary “Inside Job,” Greenlining warned Alan Greenspan and other federal regulators of problems with subprime lending that threatened disaster, but those warnings were ignored.

A group of 44 Senate Republicans sent a letter to President Obama earlier this year indicating that they would block any CFPB nominee unless actions were taken that would effectively cripple the bureau.