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Cordray's Second Nomination Challenged

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"Richard Cordray was reintroduced Thursday as the administration's long-term choice to run the Consumer Financial Protection Bureau, but huge questions remain over whether his second nomination for the job is any more likely to be approved than his first," writes American Banker's Joe Adler.

Reminiscent to May 2011 when Republicans mounted a campaign to block any potential director to run the bureau, including both Cordray and CFPB-architect Elizabeth Warren, Republican leaders are challenging this move.

Sen. Michael Crap, R-Idaho, the new ranking member of the banking committee said, "Today's decision to renominate Richard Cordray to be Director of the Consumer Financial Protection Bureau after using an unconstitutional recess appointment is premature, given the outstanding concerns about the bureau and the legal challenge to the recess appointment."

House Financial Services Committee Chairman Jeb Hensarling, R-Texas, echoed that sentiment, saying he hoped "the decision to re-nominate Mr. Cordray will open the debate about whether some common sense checks and balances will be placed on a massive bureaucracy that is now totally unaccountable to the American people."

Not all are against the renomination, however.

"It's a new day," said Camden Fine, president and chief executive officer of the Independent Community Bankers of America. "I don't think this is going to be a walk in the park, but I certainly think that Mr. Cordray will get a fair hearing. I don't think that the criticism will be as harsh as it was last time around."

For the full piece see "Cordray's Second Nomination Challenged" (may require subscription).

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