Senate Confirms Cordray as CFPB Director
The saga of Richard Cordray’s appointment as Director of the CFPB has finally ended: the Senate voted 66-34 today to confirm Cordray. Before the confirmation vote, the Senate voted 71-29 to end the filibuster of Cordray’s nomination, paving way for the confirmation vote.
President Obama appointed Cordray to the position as a recess appointment, but that appointment was set to expire in January. The recess appointment garnered additional attention when a three-judge panel of the D.C. Circuit Court of Appeals invalidated recess appointments to the National Labor Relations Board, arguably calling into question Cordray’s recess appointment as well.
Under the Dodd-Frank Act, Cordray will serve a five year term as Director.