Jan. 24, 2013 - CFPB Director Richard Cordray reached out to NAFCU President and CEO Fred Becker by phone today, this time to let him know of a pending announcement by President Obama that he plans to nominate the CFPB leader to a full, five-year term.
Cordray was placed in the CFPB director's seat by recess appointment, and that appointment is due to expire at year-end. NAFCU has suggested that the CFPB be structured differently - with a five-member commission rather than a single administrator. However, the association has forged strong working relationships with Cordray, other bureau officials and staff and has maintained regular contact with them in efforts to prevent the overgrowth of new regulatory burdens for credit unions.
"We remain vigilant in seeking to ensure credit unions' best interests, and we promote that goal in all our dealings with the CFPB," said Becker. "That said, we do appreciate the director's outreach to credit unions on regulatory matters and the bureau's willingness to hear and take into account the concerns raised by the credit union industry."
An announcement on Cordray's nomination is expected this later today.