Senator: Republicans To Block CFPB Director Nominations

What's Next In Payments®
3:48 PM EDT February 3rd, 2013

Sen. Michael Crapo (R – Idaho) has announced that house Republicans will look to block any appointments for Director of the Consumer Financial Protection Bureau (CFPB) until the agency is restructured, according to BankCreditNews.com.

“This issue isn’t about Richard Cordray,” Crapo said. “It is about the agency itself and how it was structured. We are not prepared to move forward with any nominee. That hasn’t gotten anything to do with the individual person who is at issue right now, Richard Cordray. I don’t think we’re ready to move forward with any nominee until the agency is restructured an reformed in a way that is proper.”

President Obama recently appointed the re-nomination of Cordray to CFPB head, but the appointment has come under fire thanks to a federal appeals court decision that Obama’s NLRB appointments were unconstitutional.

Read the full story here.

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