Posted by | sponsorchange | January 4, 2012 | No Comments
FOR IMMEDIATE RELEASE
As America’s watchdog he will help to protect Student Debtors
Pittsburgh, PA—SponsorChange.org applauds President Obama’s decision today to appoint Richard Cordray as the Director of the Consumer Financial Protection Bureau (CFPB) through a recess appointment. President Obama made a bold but necessary move in response to the Senate’s prior obstruction of this highly qualified nominee. Cordray will be the first director of the newly established CFPB, which was created to protect the consumer rights of Americans.
“Cordray’s appointment is a win for the American consumer,” said Raymar Hampshire, SponsorChange.org Founder and CEO. “SponsorChange.org has a base of over 15,000 supporters, many whom have been victims of unfair, deceptive and abusive private lending practices. CFPB, under the leadership of Cordray, will help to crack down on such lenders.”
Dodd-Frank Act established the CFPB with the purpose of protecting American consumers from dishonest lenders, who have lured many borrowers into unfair and faulty mortgages, payday loans, credit cards, and student loans. As the cost of higher education increases, many students are taking on more private student loans, which typically have much higher interests rates, inflexible repayment options, and lack consumer protection.
With a director now in place, the agency can finally do the job it was created to do, and that involves enforcement efforts to mitigate unfair, deceptive and abusive practices in the student lending business. The agency also will provide resources to better educate student borrowers so they can make better informed financial decisions.
Hampshire added, “We at SponsorChange.org will continue to educate students on managing their student debt and look forward to working with the Consumer Financial Protection Bureau to help improve the lives of America’s student debtors.”
SponsorChange.org—An online platform that builds capacity of social enterprises by matching them to college students and graduates, who perform skill-based projects and are rewarded student loan pay through crowd-funding of sponsors. For more information on SponsorChange.org, please visit www.sponsorchange.org or follow along on Facebook and Twitter.