Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive

News Now

Washington
NEW Cordray CFPB nomination approved by Senate Banking Committee
WASHINGTON (UPDATED: 10:40 a.m. ET, 10/6/11)--The Senate Banking Committee this morning approved the nomination of Richard Cordray to be Consumer Financial Protection Bureau director. Cordray’s nomination was approved by a 12-10 vote, and will now move on for a vote in the full Senate. Credit Union National Association (CUNA) Senior Vice President of Legislative Affairs Ryan Donovan said Cordray's nomination "still 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." Those changes include increasing CFPB leadership to a five-member commission and reforming some operational rules. Speaking before the committee following the nomination hearing, Treasury Secretary Tim Geithner encouraged members of the committee that did not support Cordray’s nomination to meet with the CFPB nominee. Geithner said Cordray is “exceptionally qualified” for the job, and reminded the senators that a “vast array” of financial institutions will remain outside the scope of consumer protection regulations if the Senate fails to nominate a CFPB director. 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
Stay tuned for coverage of @CUNA's BSA conference which starts Sunday. #CUNABSA #CUNACompliance
1 Day ago
Today's the last day to complete @CUNA's Home Depot data breach survey http://t.co/UcB8G9bVXe #StoptheDataBreaches
1 Day ago
Brenda Davis of Cross Roads Ministries will walk through 83 communities during the Ending Hunger Walking tour. (2 of 2)
1 Day ago
The Ending Hunger Walking tour, coordinated by the Maine CU League, kicked off at Old Maine CU in Augusta today. (1 of 2)
1 Day ago
Darwin Brokke of Citizens Community CU represented the #CU Association of Dakotas at a housing summit hosted by @SenatorHeitkamp
1 Day ago