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Remarks by CFPB Director Richard Cordray at FDIC Board Meeting

Prepared Remarks by Richard Cordray
Director of the Consumer Financial Protection Bureau
FDIC Board of Directors
Washington, D.C.
January 17, 2012

Thank you, Mr. Chairman. I would also like to thank you, Director Curry, and the Comptroller both for your warm welcome to this new role and for your help and counsel as the CFPB was launched and continues to develop. The FDIC staff has been generous with their time in getting us up to speed on today’s agenda, and we look forward to contributing to the work here.

A President once said, in reaction to a financial crisis, that “It was the Government’s job to straighten out this situation and do it as quickly as possible – and the job is being performed.” That was Franklin Roosevelt in 1933, when the FDIC was created.

Like the FDIC, the CFPB was created in reaction to a crisis in the American financial system to correct market failures that harmed an overwhelming number of American consumers and businesses. Among other things, we both share the common goal of supporting confidence in our financial institutions.

The work of the CFPB complements that of the FDIC. We will be a watchdog for consumers. Our constant contact with consumers and our data-driven research will help us identify consumer risk. And our supervision function will supplement the supervisory role of the FDIC and the other banking agencies and help provide a more complete picture of a bank’s operations. All of these activities fit together. They should be good for consumers and for the overall economy.

We are glad to be working with you and intend to communicate and cooperate closely in the years ahead. Thank you.