Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive
150x172_CUEffect.jpg
Contacts
LISA MCCUEVICE PRESIDENT OF COMMUNICATIONS
EDITOR-IN-CHIEF
MICHELLE WILLITSManaging Editor
RON JOOSSASSISTANT EDITOR
ALEX MCVEIGHSTAFF NEWSWRITER
TOM SAKASHSTAFF NEWSWRITER

News Now

Washington
Cordrays CFPB nomination may be voted this week
WASHINGTON (10/4/11)--The Senate Banking Committee is expected to vote on the nomination of Consumer Financial Protection Bureau (CFPB) director Richard Cordray this Thursday. His nomination would move on to the full Senate following committee approval.

Credit Union National Association (CUNA) Senior Vice President of Legislative Affairs Ryan Donovan said CUNA expects Cordrays nomination to be approved by the committee, but we are unsure of his prospects after that. Donovan recently noted that Cordray's nomination "faces several obstacles," adding that "over 40 senators have said they will not vote to confirm any CFPB nominee unless changes to the CFPB are enacted."

Among the suggested changes are increasing CFPB leadership from a single director to a five-member commission, reforming some operational rules, and adjusting the voting threshold needed for the Financial Stability Oversight Council (FSOC) to set aside or stay a CFPB issued rule to a simple majority.

Expanding the FSOC's review authority of CFPB rules has also been proposed. These changes passed the House by a 241-173 vote in July, but the Senate prospects for these changes are in doubt.

CUNA has encouraged Cordray to "consider ways in which the bureau can help minimize regulatory requirements for credit unions and other financial institutions" and has also encouraged the CFPB to establish an Office of Regulatory Burden Monitoring to help the agency "track, consider, and help mitigate the cumulative regulatory burden under which credit unions and others must operate."


RSS





print
News Now LiveWire
What role are #creditunions playing in @gatesfoundation's 2030 vision of financial services? Read #NewsNow Monday
1 day ago
Consumers fear inaccurate info lingers on credit reports, says @FTC study Read @CUNA's News Now: http://t.co/RzNLMnaROO
1 hour ago
@PCUA has formed a @LinkedIn networking group for former bankers turned #creditunion employees.
1 hour ago
.@politico reports Democrats haven't picked the city yet, but their 2016 convention will be held the week of July 25.
1 hour ago
.@cuna, @DCUC_HQ urge @CFPB to exempt #CUs from changes to Military Lending Act rules cuz CUs aren't part of the targeted problem. NN Monday
3 hours ago