Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive
150x172_CUEffect.jpg
Contacts
LISA MCCUEVICE PRESIDENT OF COMMUNICATIONS
EDITOR-IN-CHIEF
MICHELLE WILLITSManaging Editor
RON JOOSSASSISTANT EDITOR
ALEX MCVEIGHSTAFF NEWSWRITER
TOM SAKASHSTAFF NEWSWRITER

News Now

Washington
Cordray Reaffirms CFPB Authority
WASHINGTON (9/4/13)--Consumer Financial Protection Bureau Director Richard Cordray recently reaffirmed his authority over the agency, saying the actions he took while serving as a recess appointee "were legally authorized and entirely proper."

"To avoid any possible uncertainty, however, I hereby affirm and ratify any and all actions I took during that period," Cordray added in a statement published in the Federal Register.

Cordray was first nominated to lead the CFPB in July 2011, and had served as director since January 2012, when President Barack Obama placed him in the position as a recess appointment. Cordray was officially confirmed as CFPB Director on July 16, when the U.S. Senate approved his nomination by a 66 to 34 vote. He is currently serving a five-year term as head of the agency.

Many Senate Republicans had vowed to oppose any nominee unless the CFPB's funding and leadership structure were changed. They also questioned the validity of many agency actions, noting Cordray's longtime status as a recess appointee that was not officially confirmed by Congress.


RSS





print
News Now LiveWire
A recent report from @TransUnion says consumers born 1981 or later made up 27% of total auto-loan originations in 2014, up 16% from 2009.
6 hours ago
.@CUNA says new House bill is "further evidence" of lawmakers' interest in how @TheNCUA uses its funds from CUs. See News Now Monday.
1 day ago
.@MECreditUnions announces winner of @YoungFreeME #SoundOff contest. @Sassquatch_Band will play Old Port Festival in June @PDD_Downtown
1 hour ago
House Financial Services Com. to hold March 3 hearing to receive the semi-annual report of @CFPB Director Richard Cordray.
1 hour ago
Rep. Jeff Miller (R-Fla.) re-introduced bill to ease veterans' access to loans for #smallbusiness purposes from a #creditunion (HR 1133)
3 hours ago