ABA Frank Keating Explains Opposition to CFPB Nominee

Yesterday ABA Frank Keating explained why ABA and many prominent lawmakers oppose the nomination of Richard Cordray to serve as the CFPB director.

Keating noted that CFPB has enormous power, but no congressional budgetary oversight and also no real oversight on appeals.

It takes a two-thirds vote by the [Financial Stability Oversight Council] -- chaired by the secretary of the Treasury -- to reverse one of their [rules]…I think all those [things] leave room for improvement.

Watch the interview.