On Wednesday, Sen. Elizabeth Warren (D-Mass.), a staunch supporter of the CFPB, asked credit union employees to speak to their representatives and to push for Director Richard Cordray’s re-nomination, which could be blocked by congressional Republicans.
“If you think the CFPB has done balanced work and has looked out for credit unions, I hope you will say so,” Warren said, according to MassLive.com. “If you think the CFPB’s latest rules and the exceptions for small lenders make sense, and if you like the CFPB better than the automatic Dodd-Frank rules with no exceptions, I hope you will say so. The credit unions have clout in every state in this country. So please, please use your clout.”
Forty-three Republicans have pledged to filibuster a vote on Cordray’s re-nomination unless reforms are made to the CFPB, including the replacement of Cordray with a five-member bipartisan board. CFPB opponents say that Cordray has too much authority, American Banker reports.
Some opponents have also pushed to subject the CFPB’s budget to the congressional appropriations process, and others have pushed to allow for greater oversight of the agency by other federal regulators.
Sens. Mike Johanns (R-Neb.), Lamar Alexander (R-Tenn.) and John Cornyn (R-Texas) introduced a measure late last month that would suspend the transfer of funds from the Federal Reserve to the CFPB for any reason or action.
“In terms of the consumer bureau, here’s what I’m asking,” Johanns said, according to American Banker. “I’m just asking the President to sit down with us and work through these issues. They’re legitimate; they’re fair issues. We have a constitutional right here that’s involved. We have a right to say under ‘advise and consent’ that we have concerns, and I don’t think we should be blown off.”