CFPB Director Nomination Blocked in the Senate

Dec. 8, 2011 - Richard Cordray, President Obama's nomination to be director of the Bureau of Consumer Financial Protection, was blocked by Senate Republicans for confirmation to the post.

On Dec. 8, a motion to move forward to the confirmation vote failed, 53-45; 60 votes are needed. A group of Senate Republicans have vowed to continue blocking the nomination until the CFPB is governed by a five-person commission and subject to appropriations for budget purposes.

Cordray, a former Ohio Attorney General and state legislator, is currently Chief of Enforcement at the CFPB. Following Elizabeth Warren's departure, the day-to-day operations have been led by Raj Date, a Special Advisor to the Secretary of the Treasury.

Under the Dodd-Frank Act, the CFPB cannot supervise non-bank entities or promulgate new consumer protection rules. The CFPB can engage in rulemaking on existing statutes, however, and last week it published a request for comments on streamlining regulations it recently inherited from other Federal agencies. You can read more about that effort here.