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CFPB Director Richard Cordray, Mary Jo White to appear next week before Senate

Richard Cordray

Richard Cordray

CFPB Director Richard Cordray is scheduled to appear before the Senate Banking Committee on March 12 for his confirmation hearing.

Cordray, who has served as CFPB director since 2011, was re-nominated for the post by President Obama, but congressional Republicans have vowed to block his confirmation unless key changes are made to the agency’s structure, including the replacement of Cordray with a bipartisan, five-member commission, Mortgage Orb reports.

President Obama nominated Cordray in July 2011, just a few days before the agency’s official operational beginning, but opposition from Senate Republicans led the president to use the power of recess appointments to install Cordray as director.

An U.S. district court ruled in January, however, that the president’s appointment was unconstitutional, saying that Congress was in an intrasession and not in recess.

Several lawmakers, including Sen. Elizabeth Warren (D-Mass.), who is widely credited with creating the CFPB, and Sen. Sharrod Brown (D-Ohio) urged Senate Republicans not to use a filibuster to block Cordray’s nomination, according to The Columbus Dispatch.

Mary Jo White will also appear before the Senate Banking Committee on March 12. She has been nominated to replace SEC Chairman Elisse Walter.

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