The Senate Banking, Housing and Urban Affairs Committee plans to hold a hearing Tuesday, March 12, on President Barack Obamas renomination of Richard Cordray to be director of the CFPB, this time for a five-year term, as opposed to the two-year term hes currently serving under the presidents recess appointment. But theres not much sign yet of any deal between supporters and opponents, according to most political observers. Sen. Bob Corker, R-TN, a member of the committee, said that after conversations over the past few weeks...
The CFPB and other federal defendants have filed to dismiss a legal challenge to the bureaus authority to identify unfair, deceptive, or abusive acts or practices, and the related assertion that President Obamas appointment of Richard Cordray as director of the bureau was invalid because the Senate allegedly was not in recess at the time of the appointment. The case is State National Bank of Big Spring, et al., v. Neal S. Wolin, in his official capacity as Acting United States Secretary of the Treasury and ex officio Chairperson...