State Attorneys General Push for Cordray to Lead Federal Consumer Agency

October 18, 2011
Washington Post  
consumer financial protection bureau news

The White House recently encouraged the National Association of Attorneys General to send a letter to U.S. Senate leaders to break up a nomination blockade against Richard Cordray, a former state attorney nominated to lead the Consumer Financial Protection Bureau (CFPB). The letter indicated that Cordray is "brilliant and balanced," and urged senators to approve his nomination. Senate Republicans have vowed to block any nominee for the consumer agency until structural changes are made to the CFPB, despite members of both parties praise for his experience. Republicans want to replace the director position with a five-member board, require CFPB to submit to the appropriations process, and submit to increased oversight. Since nominating Cordray, consumer angst has increased over bank fees and the Occupy Wall Street movement has grown. President Barack Obama has called for Cordray's approval, and the White House appears to be pushing for Senate approval.
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