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Senate Banking Committee expected to vote on Cordray’s nomination Thursday

Richard CordrayThe Senate Banking Committee has a scheduled business meeting on Thursday to vote on the nomination of Richard Cordray to be the director of the Consumer Financial Protection Bureau.

Republicans remain opposed to supporting any nominee for the position and have demanded that the bureau changes its structure so that a fiv -member board replaces the director, ABA.com reports.

Other demands being made by Republicans before they agree to move the CFPB’s process along includes requiring a congressional appropriations process for the bureau and giving outside banking regulators power over the bureau’s regulatory decisions that could cause bank failures.

During the committee’s hearing on Cordray’s nomination in Sept., its chairman, Sen. Tim Johnson (D-S.D.), accused Republicans of “playing games with the process.”

“This political gamesmanship is preventing Americans from receiving the consumer protections they deserve and putting community banks and credit unions at a competitive disadvantage to nonbank financial companies,” Johnson said during his opening statement at the hearing.

Republicans have resisted attacking Cordray’s credentials and are focused on attacking the role of the bureau’s director instead.

“One of our nation’s founding principles is that the government should be accountable to the people,” Sen. Richard Shelby (R-Ala.) said during the hearing, according to Politico.com. “All of the bureau’s power is concentrated in the hands of its director. The director determines which rules are enacted and which enforcement actions are brought. The director makes all hiring decisions and decides how the agency spends its resources.”

Senate Democrats have enough votes to move Cordray’s nomination through committee on Thursday. Republicans, however, have enough votes on the floor to block the nomination on a full vote.

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