WASHINGTON (3/6/13)--Richard Cordray will have his day before the Senate Banking Committee: The current Consumer Financial Protection Bureau director, who was appointed to that position last year, will appear at a March 12 committee hearing on his nomination.
The hearing is scheduled to begin at 10 a.m. (ET). The panel will consider the nomination of Mary Jo White to be a member of the Securities and Exchange Commission at the same time.
In early 2012, President Barack Obama appointed Cordray to lead the CFPB, and he was recently nominated to continue in his role for a five-year term. News Now on Tuesday reported Cordray's confirmation hearing would be held in the next few weeks.
Cordray will face a full Senate vote if his nomination is approved by the committee. The banking committee approved his nomination by a party-line 12-10 vote in late 2011, but he did not receive a full vote in the Senate.
Some Senate Republicans have consistently said they would block any CFPB nominee if certain structural changes were not made to the CFPB. One such change is replacing the director's position with a five-member panel of leadership as a way, supporters say, of making the CFPB's actions more transparent.
Rep. Spencer Bachus (R-Ala.) at last week's Credit Union National Association 2013 Governmental Affairs Conference said the structure of the CFPB could soon be addressed in a bipartisan manner. He noted that House and Senate members are in serious talks to form a bipartisan commission to govern the bureau. "I think that you will find that approach much fairer and less dictatorial," he told credit unions.