July 16, 2013

Senate confirms Cordray as CFPB director

July 17, 2013 – NAFCU President and CEO Fred Becker sent a letter of congratulations Tuesday to CFPB Director Richard Cordray upon the bureau director's confirmation by the Senate to a full term in the post.

The Senate, voting 66-34, on Tuesday confirmed the president's nomination of Cordray to a five-year term as CFPB director.

Becker, in a brief letter sent just following that vote, noted the good relationship NAFCU and credit unions have shared with the CFPB. "Your accessibility and willingness to discuss difficult issues with us and our members is greatly appreciated," Becker wrote. "We look forward to continuing this relationship and working with you on issues affecting credit unions."

President Obama first nominated Cordray to lead the bureau in 2011. The nomination was blocked in the last Congress, and the president placed Cordray in the director's seat under a recess appointment that expires at year-end. The constitutionality of his recess appointment a year ago has been questioned, and that has helped fuel Republican opposition to his nomination.

After a late-evening meeting Monday, Senate Republicans and Democrats were able to come up with a deal that allowed Tuesday's vote on cloture. That, in turn, averted a potential filibuster and paved the way to the vote taken early last evening approving Cordray's confirmation.

Cordray discussed the CFPB's activities and the bureau's views on credit unions last week during NAFCU's Annual Conference and Solutions Expo in Boston.