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Thursday, February 14, 2013

Cordray’s CFPB Nomination Sent to Congress

The White House yesterday officially sent Congress Richard Cordray’s nomination to continue as director of the Consumer Financial Protection Bureau. President Obama on Jan. 24 announced his intention to re-nominate Cordray for a full five-year term.

Obama made Cordray the CFPB director through a recess appointment in January 2012, after Republican senators had threatened for months to block his confirmation if structural reforms weren’t made to the agency.

A federal appeals court, however, ruled last month that similar recess appointments the president made to the National Labor Relations Board were unconstitutional, casting doubt on the validity of Cordray’s appointment. GOP senators have since told Obama that they’ll continue to block Cordray’s confirmation absent CFPB structural changes.