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Senate Panel Approves CFPB Nomination; Confirmation Unlikely

Posted on 10/7/2011

The Senate Banking Committee yesterday approved by a 12-10 party-line vote the nomination of former Ohio Attorney General Richard Cordray to become director of the Consumer Financial Protection Bureau. He currently serves as the head of the CFPB's enforcement division.

It is unlikely that the full Senate will act on Cordray's nomination anytime soon. "My colleagues and I stand by our pledge that no nominee to head the CFPB will be confirmed by the U.S. Senate -- regardless of party affiliation -- without basic changes to the Bureau's structure," Sen. Jerry Moran (R-Kan.) said in a joint statement with other Republican panel members.

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