Cordray Nominated to 2nd Term as Nation's Financial Watchdog
Toledo Blade (OH)
January 25, 2013
Consumer Financial Protection Bureau (CFPB) head Richard Cordray has received President Obama's nomination to oversee the fledgling regulator for a new five-year term. Under Cordray's guidance, President Obama said, the bureau has made it more difficult for shady operators to trick Americans into taking out home loans that they cannot afford to repay. "We've set clearer rules so that responsible lenders know how to operate fairly," he remarked. "We've launched a 'Know Before You Owe' campaign to help parents and students make smart decisions about paying for college. We've cracked down on credit card companies that charge hidden fees and forced those companies to make things right. And through it all, Richard has earned a reputation as a straight shooter and somebody who's willing to bring every voice to the table in order to do what's right for consumers and our economy." Despite Cordray's good standing among both Democrats and Republicans, GOP senators opposed his initial nomination because they objected to the creation itself of the CFPB. Obama navigated that opposition by using his recess appointment power to install Cordray while the Senate was not in recess. A U.S. Court of Appeals case is now challenging his recess appointments, which could influence Cordray's current status as CFPB director.
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