CFPB Director Richard Cordray.
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March 12, 2013 – The Senate Banking Committee will hold a hearing today on the nomination of CFPB Director Richard Cordray, who was renominated to a full, five-year term by President Obama on Jan.24.
Cordray, who will be testifying at the hearing, phoned NAFCU President and CEO Fred Becker the morning of Jan. 24 to let him know about 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 recommended that the CFPB be structured differently - with a five-member commission rather than a single administrator. NAFCU 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, the association has forged strong working relationships with Cordray, other bureau officials and staff and has maintained regular contact with them in efforts to mitigate regulatory burdens for credit unions.
The president has said that Cordray cannot continue in his post after this year unless he is confirmed by the Senate.
Today’s 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.