Consumer Financial Protection Bureau nominee Richard Cordray stepped in front of the Senate Banking Committee Tuesday for a CFPB confirmation hearing that continued to highlight partisan differences over the CFPB and its single-director structure.
Whether a single director should lead the consumer agency remained a point of contention among committee members, who previously vowed to block any nominee if structural changes aren't made. Republicans seek a five-member bipartisan commission to carry out the duties of a director — a change that the Obama administration has said would weaken the CFPB's powers.
Cordray assured Sen. Bob Corker (R-Tenn.) he would actively heed the concerns of community banks who fear cumbersome consumer protection rules will chase them out of the marketplace, and also said he didn't seek to inject himself into the legislative process concerning the single director vs. committee structure of oversight.
Republicans were sympathetic to Cordray's position, with Corker adding, "I am sorry that you are caught up in all of this. All of this would go away if the administration would just sit down and put appropriate checks and balances in place."
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