Cordray Nomination OK’d, Faces Senate

The Senate Banking Committee today voted 12-10 along party lines to approve the president’s nomination of Richard Cordray to a full five-year term as CFPB director.

Cordray was placed in the director’s seat by recess appointment in 2011. That appointment, made after his initial nomination stalled in the Senate, expires at year-end.

Whether Cordray’s renomination will fare any better this session remains to be seen. Senate Republicans have vowed to block confirmation of any nominee until structural changes are made at the CFPB.

In the meantime, NAFCU is continuing to work closely with the director and the CFPB staff on issues important to credit unions and their members. “We have enjoyed good communication and collaboration with the current leadership, and we appreciate the director’s willingness to hear credit unions’ point of view and to reach out for it,” said Fred Becker, NAFCU’s president and CEO.

The committee today also approved the nomination of Mary Jo White as a member of the Securities and Exchange Commission. That nomination was cleared by the panel with a vote of 21-1.

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