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.