Richard Cordray is still head of the Consumer Financial Protection Bureau and has the capacity to sign regulations that make all his initiatives retroactive to the creation of the Bureau. In doing so he needs to write two sets of regulations that are both retroactive and current to July 16, 2013.
July 16, 2013
By Danielle Douglas
July 16, 2013
By Danielle Douglas
The Senate (click here) on Tuesday confirmed Richard Cordray to head the Consumer Financial Protection Bureau, ending years of contentious political wrangling over the leadership of one of the most influential agencies in Washington.
The 66 to 34 vote came hours after lawmakers averted a showdown over Senate rules governing whether the filibuster could be used to block presidential appointees.
Cordray’s confirmation clears the way for the consumer bureau to take more aggressive steps to police the financial services industry. In the past year, the agency issued a series of rules to govern mortgage lending and handed down enforcement actions against big banks, including U.S. Bank, for abusive lending practices. It will also be more difficult to challenge the agency’s efforts to regulate those industries....
