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Aug. 30, 2013 – CFPB Director Richard Cordray formally ratified his prior actions as director before being confirmed by the Senate in July.

Cordray wrote, "I believe that the actions I took during the period I was serving as a recess appointee were legally authorized and entirely proper. To avoid any possible uncertainty, however, I hereby affirm and ratify any and all actions I took during that period."

President Obama first nominated Cordray to lead the bureau in 2011. The nomination was blocked, and the president placed Cordray in the director's seat under a recess appointment. The constitutionality of his recess appointment had been questioned, and helped fuel Republican opposition to his nomination.

Cordray was confirmed in a Senate vote of 66-34 on July 16, for a five-year term as bureau director.