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.