Despite expectations to the contrary, Rohit Chopra faced little in the way of hostile questioning by Republican members of the Senate Banking Committee at the hearing yesterday on his nomination by President Biden as CFPB Director.  It is possible Republican members took a less aggressive approach in questioning Mr. Chopra in order to devote more of their time to probing the views of Gary Gensler, President Biden’s nominee for SEC Chairman, whose confirmation hearing was held together with Mr.… Continue Reading

Not only did the Senate Banking Committee hearing this morning on Richard Cordray’s nomination to be CFPB Director produce no fireworks, there were moments when Committee members seemed to forget he was in the hearing room.  Mr. Cordray appeared before the Committee together with Mary Jo White, on whose nomination to head the SEC the Committee simultaneously conducted a hearing. … 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