Senator Introduces CFPB Reform Bill to Replace Cordray with Five-Member Commission

Posted To: MND NewsWireSenate Republicans have fired the first two shots in a renewed battle over the Consumer Financial Protection Bureau ( CFPB ). President Barack Obama recently submitted the name of Richard Cordray , who has served as CFPB director since January 2012, for full Senate confirmation to the post. He had recess-appointed Cordray when Senate Republicans made it clear they would not confirm anyone, regardless of their qualifications, to the post. On Friday Senate Minority Leader Mitch McConnell and 42 other senators sent the President a letter, nearly identical to one sent to the President in 2011 which said in part, "We have serious concerns about the lack of congressional oversight of the agency and the lack of normal, democratic checks on its sole director, who would wield nearly unprecedented powers...(read more)Forward this article via email:  Send a copy of this story to someone you know that may want to read it.http://www.mortgagenewsdaily.com/02052013_dodd_frank_crpb.asp @ uwad.com