March 7, 2013 – CFPB Director Richard Cordray is set to appear before the Senate Banking Committee March 12 for a hearing on his nomination to a five-year term.
Cordray, formerly Ohio’s attorney general, has been serving as CFPB director under a presidential recess appointment. The appointment, carried out after the first nomination stalled, is due to expire this year. The president renominated Cordray in January.
NAFCU has urged that the CFPB be led by a five-member commission rather than a single director; it has also urged that the Financial Stability Oversight Council be able to more easily overturn CFPB rules deemed to pose a significant safety-and-soundness concern to a federally regulated institution. However, NAFCU has maintained a productive working relationship with Cordray and others at the bureau in its efforts to mitigate the impact of new regulatory burden on credit unions.
NAFCU’s board and senior staff met with Cordray late last year to discuss shared concerns about credit unions and the impact of CFPB rulemaking. Cordray has also reached out to NAFCU President and CEO Fred Becker often on the release of rules on remittance transactions, mortgage disclosures and more and their impact on credit unions and consumers’ access to financial services.
The March 12 confirmation hearing is set for 10 a.m. Mary Jo White will also testify on her nomination as a member of the Securities and Exchange Commission.