Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive

News Now

Washington
Reid: Senate To Vote On Cordray Nomination Next Week
WASHINGTON (5/16/13)--A Senate confirmation vote for Consumer Financial Protection Bureau Director Richard Cordray will be on the schedule next week, Sen. Harry Reid (D-Nev.) told reporters Wednesday.

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 Cordray's nomination by a 12 to 10 vote, moving the nomination on to the full Senate.

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
Another state will probe the Experian data breach; learn more in tomorrow's edition of #NewsNow #CUNA #creditunions
11 hours ago
Canada's @Vancity to support phase 3 of @WOCCU's Build the Brand http://t.co/6IMSvA8LMZ
11 hours ago
Yesterday, #creditunions across the country encouraged members to #gogreen on #EarthDay http://t.co/boBamaLJoh #greenliving
14 hours ago
As ticket prices for sporting events soar, #creditunions are pitching in to drive down costs for members http://t.co/EgrrtkVlgt
15 hours ago
Shodair Children's Hospital in MT receives #NCUF @BizKidsTV, thanks to @mtcus4you http://t.co/oxGAbqpU5h
16 hours ago