CFPB Report March 8, 2013

March 8, 2013

Cordray Confirmation Hearing Scheduled for Next Week

As mentioned above, the Senate will hold a confirmation hearing for Richard Cordray as CFPB Director on Tuesday, March 12, 2013.

On Friday, February 1, 2013, 43 Republican senators sent a letter to President Obama reconfirming their commitment to vote down Cordray or any other nominee for Director of the CFPB. The senators indicated any nominee would be met with disapproval until the agency underwent significant reform. Specifically, Republicans would like to replace the agency’s leadership with a bipartisan, five-member commission, as opposed to a sole director. Two Republican senators did not sign the letter - Bob Corker (R-TN) and Rob Portman (R-OH). Both have indicated other approaches to drive desired changes to the structure of the CFPB. Sen. Corker is expected to examine possible legislative fixes to the agency’s accountability. Sen. Portman last week penned a letter to Director Cordray asking him to support changes to the agency.

On Thursday, February 14, 2013, 53 Senate Democrats and two independents signed a letter to President Obama expressing their strong support of the re-nomination of Cordray. The letter also goes on to state “we oppose efforts to weaken the CFPB through structural changes, including as the price for Senate approval of Dir. Cordray’s nomination.”