Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive

News Now

Washington
Cordray Reaffirms CFPB Authority
WASHINGTON (9/4/13)--Consumer Financial Protection Bureau Director Richard Cordray recently reaffirmed his authority over the agency, saying the actions he took while serving as a recess appointee "were legally authorized and entirely proper."

"To avoid any possible uncertainty, however, I hereby affirm and ratify any and all actions I took during that period," Cordray added in a statement published in the Federal Register.

Cordray was first nominated to lead the CFPB in July 2011, and had served as director since January 2012, when President Barack Obama placed him in the position as a recess appointment. Cordray was officially confirmed as CFPB Director on July 16, when the U.S. Senate approved his nomination by a 66 to 34 vote. He is currently serving a five-year term as head of the agency.

Many Senate Republicans had vowed to oppose any nominee unless the CFPB's funding and leadership structure were changed. They also questioned the validity of many agency actions, noting Cordray's longtime status as a recess appointee that was not officially confirmed by Congress.


RSS





print
News Now LiveWire
Matz: Revised @TheNCUA #RBC rule for #creditunions 2 B unveiled 1/15/15, 90-day comment period to follow #newsnow http://t.co/qABhvghSTU
21 hours ago
Just announced: @TheNCUA board will consider a revised risk-based capital rule at its Jan 15 mtg. See #NewsNow Monday for more info.
22 hours ago
Nearing one-yr anniversary of data breach, @Target asks for class action suits to be dismissed via @BloombergNews http://t.co/kra6kupd35
23 hours ago
.@PeoplesTrustFCU has been recognized with the Juntos Avanzamos designation by @Cornerstone_CUL for its service to the Hispanic community
1 Day ago
#NewsNow: Rep. Hensarling names #HFSC subcommittee chairs. http://t.co/dXAMZdpn1p
1 Day ago