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Democrats ask McConnell to allow a vote on CFPB chief

Mitch McConnellThirty-three Congressional Democrats sent a letter to Senate Minority Leader Mitch McConnell (R-Ky.) on Thursday urging him to allow a vote on the nomination of Richard Cordray to lead the Consumer Financial Protection Bureau.

Democrats are concerned that the bureau is not able to implement the full authority given to it by the Dodd-Frank Act until a director is confirmed, according to AmericanBanker.com. In the letter, they wrote that the handicapped bureau allows American military families and senior citizens to remain vulnerable to unfair and misleading financial practices.

“Our military families and the elderly are facing some of the most difficult times in their lives, yet Republicans in the Senate are actively preventing the CFPB from protecting them from predatory and unscrupulous financial products,” the lawmakers wrote, AmericanBanker.com reports.

Congressional Democrats who signed the letter include House Financial Services Ranking Member Barney Frank (D-Mass.), as well as other minority members on the committee.

Republicans remain committed to their opposition of placing a director in charge of the bureau. They have asked the Obama administration to restructure the CFPB and allow a five member board to replace the position of a director.

“No one person should have so much unfettered power over the American people,” Sen. Richard Shelby (R-Ala.) said during Cordray’s confirmation hearing with the Senate Banking Committee, according to ABA.com. “It blatantly violates the spirit of our democratic system of government.”

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