Cordray Confirmed 66 to 34: Certainty For Financial Institutions?

 by Haydn J. Richards, Jr. and Jeffrey E. Jamison

The Senate voted 66 to 34 Tuesday to confirm Richard Cordray's nomination to be the Director of the CFPB. The confirmation is, however, notable for what did not happen. Since the Dodd-Frank Act was passed and further complicated by Mr. Cordray's recess appointment, Senate Republicans have demanded possible structural changes to the CFPB.  Furthermore, the CFPB has been under the cloud of challenges to its authority due to pending litigation matters.  Today's confirmation, without these changes, eliminates that cloud of uncertainty and may embolden Cordray and the CFPB to expand its investigative, supervisory and enforcement activities. At minimum, the financial services industry now knows that the CFPB in its current form and leadership is here to stay and that CFPB preparedness is essential.

Read more articles about the Consumer Financial Protection Bureau at Dykema’s CFPB Blog

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