WASHINGTON (12/8/11)--A U.S. Senate vote on the nomination of Richard Cordray to become director of the Consumer Financial Protection Bureau (CFPB) is expected to take place today.
The nomination of a CFPB director has proven controversial, with legislators for or against the appointment lining up mostly by party lines. For instance, a group of 44 Senate Republicans earlier this year signed a letter saying they would block any CFPB nominee if certain structural changes were not made to the CFPB.
These lawmakers back replacing the director's position with a five-member panel of leadership, among other changes. Some supporters argue this would make the agency actions more transparent. A bill that would impose the changes passed the House by a 241-173 vote in late July, but has not been brought up in the Senate Banking Committee.
Deputy U.S. Treasury Secretary Neil Wolin has countered that the CFPB concerns are unfounded, for instance saying in a Wednesday Treasury Notes Blog post that the CFPB does not lack accountability nor transparency. Treasury is parent agency to the consumer bureau.