Friday, July 26, 2013 | 2:01 a.m.
As a Nevada small business owner, I am glad the Senate approved Richard Cordray as director of the Consumer Financial Protection Bureau. The agency does important work protecting small employers by reining in Wall Street banks and preventing abusive lending practices.
Under Cordray’s leadership, the CFPB has become an important ally to small-business owners and our customers. In less than two years, the CFPB has enacted transparent and fair standards for sound loan practices and payment processing procedures, and secured $425 million in refunds and $70 million in fines for predatory financial practices. It has delivered honest information to entrepreneurs and consumers and established an efficient complaint system.
What’s more, the CFPB enjoys widespread support from the small-business community. A poll from Small Business Majority found 84 percent of entrepreneurs support the agency and say it’s needed to ensure they’re treated fairly.
I am pleased lawmakers confirmed Cordray’s nomination and hope he continues to build upon the CFPB’s past work strengthening the economy and protecting small employers.