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Frank urges Obama to appoint CFPB head during recess

Barney FrankHouse Financial Services Ranking Member Barney Frank (D-Mass.) wants President Obama to name Richard Cordray as director of the Consumer Financial Protection Bureau during the upcoming recess.

Cordray’s confirmation is currently being tied up in the Senate as Republicans continue their opposition to approve any nominee until changes are made to the agency’s structure, according to ResponsibleLending.org. Such changes include replacing the director with a board and giving other banking regulators more say over the bureau’s actions.

Republicans maintain that they are not opposed to Cordray as a nominee but are opposed to the amount of authority the CFPB will have once a director is put in place.

Frank, along with several consumer groups, is pushing Obama to appoint Cordray during the recess. Such a move would only allow Cordray to serve until the end of 2012. A Senate approved confirmation vote would give Cordray a five year term.

The CFPB was created by the Dodd-Frank Act, a law that was co-sponsored by Frank last year. The purpose of the bureau was to create and enforce federal consumer financial law.

In Sept., Frank took to the Washington Post opinion section and blasted Republicans for stalling Cordray’s confirmation process.

"It is the legislative equivalent to an arsonist having set a fire and objecting to a building’s inhabitants using the fire exit," Frank wrote, according to HuffingtonPost.com.

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