WASHINGTON (1/25/13)--Consumer Financial Protection Bureau (CFPB) Director Richard Cordray was nominated by President Barack Obama Thursday to be confirmed as leader of that agency. Cordray called Credit Union National Association President/CEO Bill Cheney before Obama's announcement to notify CUNA that the nomination was coming.
"Director Cordray has been accessible and open to listening to the views of CUNA and credit unions on CFPB's agenda and proposed regulations," Cheney said after the nomination announcement. "CUNA continues to demonstrate to the agency that credit unions are already highly regulated and we encourage the bureau to focus their resources on less regulated financial players."
Announcing the nomination on Thursday, Obama said Cordray "has earned a reputation as a straight shooter and somebody who is willing to bring every voice to the table in order to do what's right for consumers and our economy." He urged the Senate to confirm Cordray.
Obama claimed use of his executive powers to install Cordray as CFPB director during a late 2011/early 2012 congressional recess when the confirmation process stalled in Congress. Several senators at that time said they would not vote to confirm any CFPB nominee unless changes to the CFPB were enacted. Suggested changes included increasing CFPB leadership to a five-member commission and reforming some operational rules.
Cordray's recess appointment expires at the end of this year.
House Financial Services Committee Chairman Jeb Hensarling (R-Texas) on Thursday said he hopes the decision to re-nominate Cordray will open the debate about placing certain checks and balances on the agency.
Also Thursday, the president nominated Mary Jo White to be the next chairman of the U. S. Securities and Exchange Commission. White is a former U.S. Attorney for the Southern District of New York.