Cordray nominated to 5-year term

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Jan. 25, 2013 – President Obama on Thursday announced he was nominating CFPB Director Richard Cordray to a full, five-year term as the bureau's top official.

The president said Cordray can't continue in his post after this year-end unless he is confirmed by the Senate. "Financial institutions have plenty of lobbyists looking out for their interests. The American people need Richard to keep standing up for them," the president said. He also announced his nomination of Mary Jo White as chairman of the Securities and Exchange Commission.

Cordray phoned NAFCU President and CEO Fred Becker Thursday morning to let him know of the pending nomination.

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."