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Washington
Cordray CFPB nomination approved by Senate Banking Committee future bumpy
WASHINGTON (10/7/11)--The nomination of Richard Cordray to be Consumer Financial Protection Bureau director will now move on to the full Senate after the nominee was approved by the Senate Banking Committee Thursday. The committee by a Thursday voice vote also approved Alan Krueger to join the Council of Economic Advisers, David Montoya to serve as U.S. Department of Housing and Urban Development Inspector General, Cyrus Amir-Mokri to serve as Assistant Secretary of the U.S. Treasury, and Patricia Loui and Larry Walther to join the Export-Import Bank Board of Directors. Cordray's nomination was approved by a party-line 12-10 vote. Committee Chairman Tim Johnson (D-S.D.) said the vote was “an important step forward for American consumers,” and called on his Senate colleagues to confirm Cordray as soon as possible. Credit Union National Association (CUNA) Senior Vice President of Legislative Affairs Ryan Donovan said Cordray's nomination "still faces several obstacles," adding that "over 40 senators have said they will not vote to confirm any CFPB nominee unless changes to the CFPB are enacted." Those changes include increasing CFPB leadership to a five-member commission and reforming some operational rules. Speaking before the committee following the nomination hearing, Treasury Secretary Tim Geithner encouraged members of the committee that did not support Cordray's nomination to meet with the CFPB nominee. Geithner said Cordray is "exceptionally qualified" for the job, and reminded the senators that a "vast array" of financial institutions will remain outside the scope of consumer protection regulations if the Senate fails to nominate a CFPB director. CUNA has encouraged Cordray to "consider ways in which the bureau can help minimize regulatory requirements for credit unions and other financial institutions" and has also encouraged the CFPB to establish an Office of Regulatory Burden Monitoring to help the agency "track, consider, and help mitigate the cumulative regulatory burden under which credit unions and others must operate."


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