Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive

News Now

Washington
NEW: Senate Will Vote On Cordray Nomination Next Week, Reid Says
WASHINGTON (UPDATED: 5/15/13, 3 p.m. ET)--A Senate confirmation vote for Consumer Financial Protection Bureau Director Richard Cordray will be on the schedule next week, Sen. Harry Reid (D-Nev.) reportedly said today.

According to Talking Points Memo, Reid is adamant that the job of CFPB director will be filled. Cordray will receive a vote, the senator said.

The Senate Banking Committee in March approved the nomination by a 12 to 10 vote.

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.

Many Senate Republicans have consistently said they would block any CFPB nominee if certain structural changes were not made to the agency makeup.

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.


RSS print
News Now LiveWire
In just over a year, @SaveToWinWA generates more than $1M of savings in 6 #creditunions http://t.co/rszMd0SZVv
3 hours ago
Even the pest guy is a cybersecurity risk: http://t.co/Tqq4qfOgcq
4 hours ago
.@SCTelco_FCU among best places to work in S.C. via @TheCCUL http://t.co/PJnjOArfm8
6 hours ago
#IceBucketChallenge in D.C. today: @HampelBill with help from some @CUNA staff http://t.co/3iOqE2KSjd
7 hours ago
P2P mobile payments draw millennials' interest via @BloombergNews http://t.co/uoO2anjCsV
9 hours ago