Senate Banking Panel to Hold CFPB Nominee Hearing

July 28, 2011
consumer financial protection bureau news

The Senate Banking Committee will convene a hearing on Aug. 4 on the nomination of Richard Cordray to lead the new Consumer Financial Protection Bureau (CFPB). Earlier in July, President Obama nominated Cordray, a former Ohio attorney general, to be the first director of the agency. Republicans, however, have vowed to block Cordray from being confirmed unless revisions -- which Democrats oppose -- are made to the bureau's structure. Republicans want the CFPB's leadership to be changed to a board rather than a sole director, the budget to be subject to congressional approval, and other financial regulators to be given a bigger voice in the CFPB's oversight of banks. Until the agency has a director in place, it cannot police non-bank entities such as payday lenders.
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