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Straight and narrow: Senate Banking Committee passes Cordray nomination.

A majority of the Senate Banking Committee voted Oct. 6 to pass President Obama's nomination of Richard Cordray to lead the Consumer Financial Protection Bureau. Cordray's nomination passed the committee on a straight party line vote of 12 to 10.

Cordray, a former Ohio Attorney General, is now subject to an official Senate vote. However, Republican senators have been vocal about blocking confirmation of anyone unless the White House agrees to structural changes that include turning the CFPB into a five-member commission.

CFPB was created by an act of Congress as part of the Dodd-Frank Act to provide year-round supervision of more than 100 banks that together control 80 percent of U.S. banking industry assets. It was launched July 21 without a director.


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Title Annotation:UP front
Publication:Valuation Magazine
Date:Sep 22, 2011
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