The Consumer Financial Protection Bureau (CFPB) enters 2013 poised to expand its reach. The CFPB spent last year working through a list of studies and rules required by Dodd-Frank, but now that it is freed from that to-do list, the agency could have greater latitude to focus on other areas of consumer finance. The bureau has about $44 million left from its $343 million 2012 budget, but its director's term expires at the end of 2013. The Obama administration will be tasked with garnering support for its CFPB nomination from Senate Republicans this go around after using a recess appointment for Richard Cordray. However, Cordray also must replace Deputy Director Raj Date, who is leaving at the end of January. If Cordray's reappointment is not supported by Senate Republicans this year, the new deputy director could become the CFPB's acting director at the end of the year. The agency is currently finalizing mortgage rules, and could then turn its focus to overdraft fees, debt collectors and credit-reporting firms, and student lending.
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