Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive

News Now

Washington
Cordrays CFPB confirmation vote expected today
WASHINGTON (12/8/11)--A U.S. Senate vote on the nomination of Richard Cordray to become director of the Consumer Financial Protection Bureau (CFPB) is expected to take place today.

The nomination of a CFPB director has proven controversial, with legislators for or against the appointment lining up mostly by party lines. For instance, a group of 44 Senate Republicans earlier this year signed a letter saying they would block any CFPB nominee if certain structural changes were not made to the CFPB.

These lawmakers back replacing the director's position with a five-member panel of leadership, among other changes. Some supporters argue this would make the agency actions more transparent. A bill that would impose the changes passed the House by a 241-173 vote in late July, but has not been brought up in the Senate Banking Committee.

Deputy U.S. Treasury Secretary Neil Wolin has countered that the CFPB concerns are unfounded, for instance saying in a Wednesday 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
Matz: Revised @TheNCUA #RBC rule for #creditunions 2 B unveiled 1/15/15, 90-day comment period to follow #newsnow http://t.co/qABhvghSTU
2 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.
3 hours ago
Nearing one-yr anniversary of data breach, @Target asks for class action suits to be dismissed via @BloombergNews http://t.co/kra6kupd35
5 hours ago
.@PeoplesTrustFCU has been recognized with the Juntos Avanzamos designation by @Cornerstone_CUL for its service to the Hispanic community
5 hours ago
#NewsNow: Rep. Hensarling names #HFSC subcommittee chairs. http://t.co/dXAMZdpn1p
6 hours ago