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Monday, February 4, 2013

Senators to Again Block Cordray Nomination Absent Structural Changes

Senate Minority Leader Mitch McConnell (R-Ky.) and 42 other Republican senators told President Obama that they’ll continue to block the confirmation of any nominee for CFPB director until the bureau’s structure is reformed.

“As presently organized, the CFPB is insulated from congressional oversight of its actions and its budget. Far too much power is vested in the sole CFPB director without any meaningful checks and balances,” the senators said in a letter.

The letter is similar to one 44 GOP senators sent the president in May 2011 shortly before he nominated Richard Cordray to be the bureau’s first director.

They again urged the adoption of reforms that would replace the bureau’s director with a board; subject the agency to the congressional appropriations process; and give banking regulators the authority to override CFPB regulations that could cause bank failures.

Read the full letter.
Read the May 2011 letter.

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