NAMIC Comments on Recess Appointment of CFPB Head

Statement by Jimi Grande
Senior Vice President, Federal and Political Affairs
National Association of Mutual Insurance Companies

RE:President Obama Appoints Cordray to Head CFPB

“Today’s announcement that the president will name Richard Cordray to head the Consumer Financial Protection Bureau is disappointing. Members of the Senate have raised legitimate concerns about the structure and authority of the CFPB, and its potential to cause more confusion for consumers seeking to resolve complaints than assistance. Rather than addressing these issues the President has decided to sidestep the confirmation process. The recess appointment is within the president’s authority, but will not help bridge the divide between parties or ease the gridlock in Washington.”

“We hope the CFPB will work with Members of Congress and stakeholders to avoid regulatory confusion. The business of insurance, which is regulated by the states, was specifically excluded from the purview of the CFPB and we will closely monitor the work of the bureau to ensure that this prohibition is respected.”

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