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News Now

Washington
Senate Banking To Vote Cordray Nomination This Week
WASHINGTON (3/18/13)--The Senate Banking Committee is set to vote Tuesday on Consumer Financial Protection Bureau Director Richard Cordray's nomination to continue as head of that agency.

Cordray's committee nomination hearing was held last week.

Credit Union National Association Senior Vice President for Legislative Affairs Ryan Donovan said Cordray is expected to be approved by the committee. However, he said, Cordray's prospects before the full Senate are uncertain.

The banking committee approved Cordray's nomination in late 2011, but he did not receive a full vote in the Senate. President Barack Obama appointed Cordray to the director position during a brief congressional recess in 2012, and some have questioned the constitutionality of this appointment.

Senate Republicans have consistently said they would block any CFPB nominee if certain structural changes were not made to the agency.

House and Senate Republicans have supported replacing the CFPB director's position with a five-member panel of leadership. Legislation that would create such a panel (S. 205) has been introduced in the Senate. CUNA backs such a multi-member panel of directors if it includes seats statutorily designated for credit union system representatives, including a state or federal credit union regulator, and possibly a state consumer agency representative.


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