Obama Defies Republicans with Cordray Appointment to CFPB

cfpb nonbanks cordrayPresident Obama used his Executive power to recess-appoint Richard Cordray to head the Consumer Financial Protection Bureau, two long years after the CFPB was initially established as part of the Dodd-Frank Financial Reform Bill.

The CFPB is charged with enforcing a variety of financial consumer protection laws. However, the bureau cannot fully enforce its authority unless it has an acting director. Without a director, the bureau only has authority over bank entities and no authority over non-bank entities such as, mortgage originators, mortgage servicers, payday lenders, private student lenders, and other firms that compete with banks.

Republicans have fiercely opposed the bureau from day one and have blocked all efforts made by the Administration to confirm a permanent director.

You may recall Elizabeth Warren was the temporary acting director of the CFPB for more than a year. Knowing she would not pass Congressional confirmation, President Obama then nominated Richard Cordray in July, 2011.

Once again, the Republicans stone-walled his confirmation. The Republicans “say” they would prefer a five-member commission to oversee the CFPB, rather than a one-person director.

Once again, we are witness to an impotent Congress where nothing gets done and the interests of mainstream Americans (their electorate BTW) fall by the wayside, while they make a career out of bashing the other side.

Jon Stewart hits it out of the park as usual, with his spot-on commentary of the “unprecedented power-grab” made by President Obama in his decision to appoint Mr. Cordray while Congress was in recess. Way to go Jon!

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