Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive

News Now

Washington
NEW Senate Blocks Cordray CFPB Nomination
WASHINGTON (UPDATED: 11:30 A.M. ET)—The U.S. Senate this morning elected not to hold a full vote on the Obama administration's nominee to lead the Consumer Financial Protection Bureau (CFPB), Richard Cordray, defeating a cloture motion by a 45-to-53 vote. A total of 60 yes votes would have brought Cordray's confirmation vote to the Senate floor.

President Barack Obama today said the White House would "continue pushing on this issue."

The nomination of a CFPB director has been controversial, with legislators for or against the appointment lining up mostly by party lines. 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.

Deputy U.S. Treasury Secretary Neil Wolin has countered, however, that the transparency concerns are unfounded, for instance saying in this week's Treasury Notes Blog post that the CFPB does not lack accountability nor transparency. Treasury is parent agency to the consumer bureau.


RSS print
News Now LiveWire
Access to Affordable Mortgages Act passed by Hse Fin Serv. 31-23.CUNA says bill gives CUs reg relief & incr. access to mortg credit.
3 minutes ago
Bill sponsor said will support amndmt to incl. NCUA in the study & delay the agency's risk-based capital plan b4 full House vote. 2of2
11 minutes ago
Bill directing banking agencies to study appropriate capital requirmnts for mrtg servicing assets for nonsystemic banks clears committee1of2
14 minutes ago
The .@FinancialCmte passed #HR4042 and #HR5148 this morning. Both are reg. relief bills and have the strong support of @CUNA
16 minutes ago
FHFA today announced it's extending comment deadline for guarantee fees Fannie, Freddie charge lenders to Sept. 8.
16 hours ago