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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.


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