Consumer Bureau Chief Renominated

By on

ABC News reports…

But the real controversy came as Republicans repeatedly blocked Cordray’s nomination [in 2011]. After six months of partisan bickering in Congress and all rule-making brought to a standstill at the Consumer Financial Protection Bureau, Obama invoked executive authority to put [Richard] Cordray in place.

He used a “recess appointment” – making the decision when Congress is not in session – to put him to work a year ago, and so far he’s helped the CFPB do a lot, including implementing new mortgage protections, fining big banks over $400 million for credit card services people didn’t want or know about, and assuming oversight of credit reporting agencies.

Some have challenged the legality of the appointment. But even if it was perfectly legitimate, because of the way he was appointed, Cordray can’t stay on much longer without Congressional approval. If his renomination isn’t accepted, he’ll leave the job at the end of the year.

Sign up for our free newsletter

Like this article? Sign up for our newsletter and we'll send you a regular digest of our newest stories, full of money saving tips and advice, free! We'll also email you a PDF of Stacy Johnson's "205 Ways to Save Money" as soon as you've subscribed. It's full of great tips that'll help you save a ton of extra cash. It doesn't cost a dime, so why wait? Click here to sign up now.

Check out our hottest deals!

We're always adding new deals and coupons that'll save you big bucks. See the deals to the right and hundreds more in our Deals section.

Click here to explore 1,274 more deals!

Comments & discussion

We welcome your opinions, but let’s keep it civil. Like many businesses, we reserve the right to refuse service to anyone. In our case, that means those who communicate by name-calling, racism, using words designed to hurt others or generally acting like an uninformed bully. Also, comments that include links to email addresses or commercial websites typically aren't posted. This isn't a place to advertise your business.