WASHINGTON (3/20/13)--Richard Cordray's nomination to continue as the head of the Consumer Financial Protection Bureau now moves on for a full U.S. Senate vote, after the Senate Banking Committee Tuesday approved the nomination in a 12 to 10 vote.
Senate Majority Leader Harry Reid (D-Nev.) had not set a date for Cordray's Senate vote as of late Tuesday. Because of controversy surrounding the CFPB's makeup, Cordray's CFPB future is not entirely clear at this time. Many Senate Republicans have consistently said they would block any CFPB nominee if certain structural changes were not made to the agency makeup.
Cordray's nomination passed the committee in 2011, but ultimately failed to get a vote in the Senate. President Barack Obama appointed Cordray to the CFPB director position during a brief congressional recess in 2012, and Cordray's term as director would end this year if he is not confirmed.
House and Senate Republicans have supported replacing the CFPB director's position with a five-member panel of leadership. Legislation that would create such a panel (S. 205) has been introduced in the Senate. The Credit Union National Association backs a multi-member panel of directors if it includes seats statutorily designated for credit union system representatives, including a state or federal credit union regulator, and possibly a state consumer agency representative.