On Tuesday, in a party line vote of 49-48, the Senate voted to advance Rohit Chopra’s nomination to serve as CFPB Director from the Senate Banking Committee to consideration by the full Senate. (The Committee had voted 12-12, also along party lines, which meant the Senate received Mr. Chopra’s nomination without a recommendation by the Committee.) … Continue Reading
Senate Banking Committee releases prepared statement of CFPB Director nominee Rohit Chopra
In advance of his confirmation hearing tomorrow, the Senate Banking Committee has released the prepared statement of Rohit Chopra, President Biden’s nominee for CFPB Director.
The brief statement highlights several areas on which Mr. Chopra is likely to focus his attention as CFPB Director. He raises concern about the financial difficulties faced by consumers as a result of the COVID-19 pandemic, particularly in the housing market, and observes that “[e]xperts expect distress across a number of consumer credit markets, including an avalanche of loan defaults and auto repossessions.”… Continue Reading
Today, the full Senate voted (53-45) to block President Obama’s nomination of Richard Cordray as the first Director of the CFPB. Scott Brown, who is facing a challenge for his Senate seat from Elizabeth Warren, was the only Republican to vote in favor of the nomination.
The Senate’s rejection happened despite a strong push by the White House and Treasury Department.… Continue Reading
Musical chairs at the CFPB
Less than two weeks after Obama nominated Richard Cordray for CFPB Director, Elizabeth Warren has swept out of town and returned to Harvard. Meanwhile, Cordray has not made any public announcements, posted comments about his nomination on the CFPB’s website, or otherwise been heard from in any significant way. He seems determined to stay quiet until at least his August 4th Senate confirmation hearing.… Continue Reading