Vote on CFPB Director Set for Tuesday
After this week’s confirmation hearings, Republican senators continue to block the nomination of Richard Cordray to lead the Consumer Financial Protection Bureau. However, a Senate panel has scheduled a meeting for March 19 to vote on Cordray, as well as the nominee to head the U.S. Securities and Exchange Commission.
Senator Elizabeth Warren (D-Mass) spoke out against the Republicans. She told a Consumer Federation of America conference that “blocking Rich Cordray is about keeping the game rigged…so that consumers remain in the dark–and a few bad actors can rake in big profits.”
The Republicans are blocking Cordray’s confirmation because they want to change the structure of the CFPB. They want to manage it with a bipartisan commission, not a director. Republicans also think the budget should be approved by Congress instead of connected to the Federal Reserve.
Cordray has led the CFPB for over a year and has enacted widely-praised rules and regulations on mortgages and credit cards. The CFPB was created in 2010 under the Dodd-Frank financial reform act after the financial crisis.