Senate confirms Cordray for five-year term
The U.S. Senate voted last night (July 16), 66 to 34 to confirm Richard Cordray to be the director of the Consumer Financial Protection Bureau (CFPB) for a five-year term.
Cordray was first nominated in July 2011 and has been serving as director since President Obama placed him in the position as a recess appointment in January 2012.
The President took that route after many Senate Republicans vowed they would oppose any nominee unless the CFPB's funding and leadership structure were changed. However, the vote went forward Tuesday after the GOP agreed to allow a vote as part of a broader Senate deal on other pending nominations.
In a letter to the director, Credit Union National Association (CUNA) President/CEO Bill Cheney immediately congratulated Cordray on his confirmation and noted that CUNA and credit unions look forward to continue working with him and his senior staff to protect consumers while minimizing credit unions' regulatory burdens.
In a statement, Cheney added, however, "We remain very concerned about the impact that a number of the Consumer Financial Protection Bureau's regulations and proposals will have on credit unions, which were never the focus for the creation of the agency in the first place."