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Financial Services Law Insights and Observations

Senate Democrats Complete Battle Lines over CFPB Nomination


Consumer Finance

On February 14, 54 of the 55 Senators in the Democratic caucus joined a letter to President Obama supporting the nomination of Richard Cordray to lead the CFPB and expressing opposition to "efforts to weaken the CFPB through structural changes." The letter responds to a recent letter to the President from Senate Republicans reiterating their opposition to confirming any nominee as CFPB Director until the structure of the agency is changed. In responding, the Democratic Senators state that never before has a President's nominee to lead an agency been obstructed on such a basis, and point out that a supermajority of the Senate approved the structure as it exists today.