At a Credit Union National Association conference in Washington on Wednesday, Sen. Elizabeth Warren defended both the Consumer Financial Protection Bureau and its director Richard Cordray.
"President Obama re-nominated Cordray as director ahead of the court ruling, but Republicans have vowed to block the confirmation if the administration does not make structural changes including replacing the director with a five-person commission and subjecting it to the appropriations process," writes American Banker's Victoria Finkle.
At the conference, Warren urged the attendees to support the CFPB's work and said Cordray had proved himself in the job already and he should be conformed immediately.
"Rich Cordray is a stellar director. He has won praise from consumer groups and industry groups - including CUNA - for his balanced rulemaking and measured approach. He has been a friend to credit unions," Warren said at a Credit Union National Association conference in Washington. "And while I know that people had concern at its outset that CFPB would be an overly aggressive regulator, I don't know how anyone could have that concern now. Rich has been providing balance, creating space for credit unions and other small financial institutions to run their businesses and serve their customers without drowning them in regulations."
She then asked the credit union representatives to tell lawmakers they support Cordray's re-nomination as director of the agency, which was created under the Dodd-Frank Act and founded by Warren.
For the full piece see "Warren Defends CFPB, Cordray Ahead of Confirmation Battle" (may require subscription).