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Thursday, January 24, 2013

President Obama Renominates Cordray to Lead CFPB

Today, President Obama announced he is renominating Richard Cordray to head the CFPB.

Cordray has served as CFPB Director since President Obama's controversial recess appointment just over a year ago, and his term will expire at the end of 2013. The president used his executive authority for the recess appointment after Senate republicans successfully blocked Cordray's nomination for six months.

Cordray must now go through formal Senate confirmation if he is to remain CFPB Director after the end of this year. His reappointment and subsequent confirmation could reenergize republicans who want to reform the agency. Among the popular calls for reform are subjecting the CFPB's budget to congressional appropriations, changing the CFPB's leadership to a five-member bipartisan commission, and making it easier for the Financial Stability Oversight Council to veto CFPB's rules.

Visit ABIA's website to learn more about CFPB's Mortgage Servicing final rules' impact on Lender-placed insurance.