March 15, 2013

Senate Banking to vote Tuesday on Cordray

Senate Banking Committee Chairman Tim Johnson

Senate Banking Committee Chairman Tim Johnson, D-S.D.

March 15, 2013 – The Senate Banking Committee will meet in executive session Tuesday to vote on the nomination of CFPB Director Richard Cordray, Committee Chairman Tim Johnson, D-S.D., announced Thursday.

The announcement comes on the heels of a Tuesday Senate Banking Committee hearing that featured testimony from Cordray. At the hearing, Johnson pressed Cordray about the regulatory burden the CFPB is placing on credit unions and community banks.

Cordray was placed in the CFPB director's seat by recess appointment, and that appointment is due to expire at year-end. NAFCU 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, but continues to recommend that the agency be led by a five-member commission rather than a single administrator.

The Senate Banking Committee will also be taking up the nomination of Mary Jo White, who the president has appointed as chairman of the Securities and Exchange Commission.