Fair Confirmation Process for CFPB Director Key to Continue Agency̢??‰?s Efficiency for Entrepreneurs

We strongly urge the Senate to vote in favor of cloture and allow the confirmation of Richard Cordray as director of the Consumer Financial Protection Bureau to proceed without delay. It is important that the agency is able to continue its work protecting small employers and consumers by reining in Wall Street banks and preventing abusive lending practices.

The CFPB enjoys widespread support from the small business community. Recent opinion polling found 84 percent of small business owners support the agency and say it̢??‰?s needed to ensure they̢??‰?re treated fairly. And 60 percent support maintaining the bureau̢??‰?s independent financing so that lobbyists can̢??‰?t undermine its mission. What̢??‰?s more, entrepreneurs want action from Congress on nominees and don̢??‰?t appreciate some lawmakers̢??‰? delay tactics. Additional polling released by Small Business Majority found a majority of small employers think presidential nominees deserve timely up or down votes from senators and 68 percent of believe Congress is doing a poor job confirming nominees.

The CFPB needs a strong leader to continue its important work. When Congress holds up the confirmation process for presidential nominees, it hinders the ability of agencies like the CFPB to function properly and do critical work that benefits small businesses, consumers and the economy. It is our hope that lawmakers won̢??‰?t hold Cordray̢??‰?s nomination hostage in an attempt to gut a critical ally of the small business community. Attempts to defang the CFPB jeopardize protections put in place for small employers and consumers, and only add more uncertainty during a time when small employers need transparency and stability more than ever.