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January 4, 2012
President Uses Recess Appointment to Name Cordray as Head of CFPB
President Obama today named Richard Cordray as the first Director of the Consumer Financial Protection Bureau (CFPB). His decision to use a recess appointment to avoid the stalled Senate confirmation process is already controversial.
The U.S. Chamber of Commerce wasted no time in issuing an opposition statement.
The White House emphasized the need under the Dodd-Frank Act for a Director in order to trigger the CFPB's authority beyond already highly regulated financial institutions to previously unregulated non-financial entities that engage in predatory consumer financial tactics.
Link to White House statement: http://www.whitehouse.gov/blog/2012/01/04/president-obama-discusses-richard-cordray-shaker-heights
Link to Chamber of Commerce statement: http://thehill.com/blogs/blog-briefing-room/news/202367-chamber-of-commerce-disappointed-by-recess-appointment-a-gross-understatement
(ag) Jan. 4, 2012, in Consumer Protection, CFPB, Financial Regulatory Reform, Dodd-Frank
January 4, 2012 in Consumer Financial Protection Bureau, Consumer Protection, Dodd-Frank, Financial Regulatory Reform | Permalink
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