According to nationalmortgagenews, the Senate Banking Committee will hold a hearing next week on the appointment of Richard Cordray to head the Consumer Financial Protection Bureau (CFPB). Forty-three of the Senate’s 45 Republicans oppose the nomination because they want to change the structure of the agency to a multiperson board. The Republicans have more than the 40 votes needed to sustain a filibuster that would block Cordray’s nomination. Idaho Senator Mike Crapo, leading Republican on the Committee, says, “Until key structural changes are made to the bureau to ensure accountability and transparency, I will continue my opposition to any nominee for director. If the president is looking for a different outcome, the administration should use this as an opportunity to work with us on the critical reforms we have identified to him.” As MHProNews has learned, the hearing is likely to be rancorous.
