Senate Barrels Toward Showdown Over Consumer Bureau Nominee

May 19, 2013
The Hill  
consumer financial protection bureau news

U.S. Senate Republicans and Democrats are headed for a showdown over Richard Cordray, recess-appointed director of the Consumer Financial Protection Bureau (CFPB), with Democrats seeking to formally confirm him as director on May 23. Republicans are threatening to filibuster Cordray unless revisions are made to the CFPB so that it is more accountable and transparent to Congress. Among Republicans' demands is a bipartisan board of directors established to oversee the bureau; the CFPB subjected to the annual appropriations process; and "a safety-and-soundness check for the prudential regulators." Bartlett Naylor at Public Citizen's Congress Watch and other consumer proponents warn that the bureau reforms Republicans and the banking industry want would effectively gut the CFPB's power.
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