Nevada AG Masto, 36 Others, Support Nominee To Consumer Finance Protection Bureau

CARSON CITY – Nevada Attorney General Catherine Cortez Masto has joined with her Utah counterpart Mark Shurtleff  in asking the U.S. Senate to take up consideration of Rich Cordray’s nomination to head the Consumer Financial Protection Bureau (CFPB).

Masto, a Democrat, and Shurtleff, a Republican, were joined by Brian Deese, deputy director of the National Economic Council, in discussing the request in a telephone conference call Tuesday with the media.

Attorney General Catherine Cortez Masto. / Nevada News Bureau file photo

The National Association of Attorneys General on Tuesday sent a letter to Senate Majority Leader Harry Reid and Senate Minority Leader Mitch McConnell supporting Cordray, a Democrat and former Ohio attorney general, for the position. Both Masto and Shurtleff signed the letter.

“The CFPB is intended to make basic financial practices such as taking out a mortgage or a loan more clear and transparent,” says the letter signed by 37 attorneys general. “It is also charged with ferreting out unfair lending practices.

“As head of the CFPB, Mr. Cordray will be an honest broker and strong advocate for both businesses and consumers that are committed to following the rules,” the letter said. “Some of us may disagree with aspects of the Dodd-Frank legislation. But we are united in our belief that Mr. Cordray is very well qualified to carry out the responsibilities of this position.”

Twenty-nine Democrats and eight Republicans signed the letter.

Cordray’s confirmation has been held up in the Senate over concerns about the new agency voiced by some Republicans.