The Senate in a 66-34 vote yesterday confirmed Richard Cordray as director of the CFPB.
Cordray has been serving as the bureau's director since a January 2012 recess appointment, but his formal confirmation had been blocked by Senate Republicans who were concerned about the CFPB’s structure and lack of accountability.
Yesterday’s vote came after Senate Majority Leader Harry Reid (D-Nev.) threatened to deploy the so-called “nuclear option,” by which the Senate’s Democratic majority would change Senate rules to prevent filibusters of presidential appointees.
In related news, Sen. Rob Portman (R-Ohio) yesterday introduced a bill to create an independent, presidentially appointed inspector general for the CFPB. The Federal Reserve’s IG is currently responsible for the CFPB.