CAPAC Chair Judy Chu Applauds President Obama’s Appointment of Richard Cordray to Head the Consumer Financial Protection Bureau

WASHINGTON, DC – Today, Congresswoman Judy Chu (CA-32), Chair of the Congressional Asian Pacific American Caucus (CAPAC), commended President Obama for appointing Richard Cordray to lead the Consumer Financial Protection Bureau. Cordray is the first official director of the Bureau since its inception last year.

“The Consumer Financial Protection Bureau was created to protect Americans from the deceptive practices that led to the financial meltdown,” said Chairwoman Chu. “Unfortunately, the bureau has been severely limited over the past year by Senate Republicans who threatened to block any nominee for the CFPB director position, regardless of the candidate’s qualifications. By appointing Richard Cordray, the President has shown that he intends to put the interests of the American people first and restore fairness and faith in financial institutions. These protections are especially important for Asian Americans and Pacific Islanders who suffer from high rates of limited English proficiency, were heavily targeted for subprime loans, and experienced the largest decline in homeownership after the housing market collapse. We commend President Obama for his leadership and look forward to working with Director Cordray to protect all Americans from the abusive financial practices of the past.”

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The Congressional Asian Pacific American Caucus (CAPAC) is comprised of Members of Congress of Asian and Pacific Islander descent and members who have a strong dedication to promoting the well-being of the Asian American and Pacific Islander (AAPI) community. Currently Chaired by Congresswoman Judy Chu, CAPAC has been addressing the needs of the AAPI community in all areas of American life since it was founded in 1994.