President Uses Recess Appointment for CFPB's Cordray
Jan. 4, 2012 -On Jan. 4, President Barack Obama used a recess appointment to install Richard Cordray as the Director of the Bureau of Consumer Financial Protection (CFPB) thereby skirting a stalled Senate confirmation process.
The nomination was made in July, but Senate Republicans blocked confirmation to the post. The recess appointment is for one year.
The Dodd-Frank Act gave the CFPB direct supervisory authority over depository institutions with $10 billion or more in assets. With a Director, the CFPB can now supervise non-bank entities and promulgate new consumer protection rules. Over the summer, the CFPB inherited consumer protection regulations from the various federal financial agencies. Recently, the CFPB it published a request for comments on streamlining regulations it recently inherited from other Federal agencies. You can read more about that effort here.
More on President Obama's recess appointment can be viewed here.