The financial services industry is adapting to a new reality once again, but this time there's more certainty in the air.
Rather than just being the Consumer Financial Protection Bureaudirector for today – or a director with an uncertain future – Cordray is now confirmed by the Senate—an announcement that reverberated across the financial services industry.
Industry trade groups and professionals reacted to the news Wednesday.
Here’s a sampling of some of the reactions:
"We congratulate Mr. Cordray on his confirmation, and look forward to working with him. We remain very concerned about the impact that a number of the Consumer Financial Protection Bureau’s regulations and proposals will have on credit unions, which were never the focus for the creation of the agency in the first place. Director Cordray has proven himself to be receptive to credit unions and particularly our concerns about the impact of the actions on our cooperative financial institutions. In fact, on a number of occasions, he has been willing to make positive rule changes even after a regulation has been adopted – a very rare occurrence for a regulator. Nevertheless, we urge the CFPB to utilize its broad exemption authority for credit unions given that we didn’t cause the problem, and recommend to Congress that it support broad exemption authority for credit unions." — Bill Cheney, CEO of the Credit Union National Association
"From my interactions with Director Cordray when he was Attorney General of neighboring Ohio and now leading the CFPB, I have been impressed with his solid commitment to educating consumers so they can avoid the financial traps that ensnared so many leading up to the foreclosure crisis and recession. My office is in regular contact with the CFPB and we look forward to working with Director Cordray on our mutual efforts to prevent exploitation of investors, consumers and retirees." – Indiana Attorney General Greg Zoeller
"It is with great pleasure that I congratulate Richard Cordray on his long overdue confirmation as Director of the CFPB. Under his leadership, the CFPB has been praised by industry representatives as both effective and accessible. In addition to establishing a record of collaborative rulemakings, Director Cordray has a strong enforcement record, securing $425 million in relief for over six million consumers from service members to seniors." —Congresswoman Maxine Waters, D-Calif.
"The Senate's confirmation of Richard Cordray as director of the CFPB provides certainty for those affected by the Bureau's work. ALTA and its members have met with and are working with Mr. Cordray and his staff to help the Bureau understand the important role title and settlement agents play in the safe and efficient transfer of real estate. We look forward to continued dialogue with Mr. Cordray and the Bureau on proposed new RESPA/TILA mortgage disclosures, as well as the ALTA Title Insurance and Settlement Company Best Practices that help ensure a positive and compliant real estate settlement experience for consumers and lenders." — Michelle Korsmo, CEO of the American Land Title Association.