Richard Cordray Confirmed As First CFPB Director

What's Next In Payments®
4:03 PM EDT July 16th, 2013

The Senate officially confirmed Richard Cordray as the first director of the Consumer Financial Protection Bureau (CFPB) on Tuesday. Cordray will serve a five-year term running to 2018.

As Politico noted, the confirmation comes after two years of debates between Senate Democrats and Republicans in “a broader battle over the 2011 Dodd-Frank law.”

The final Senate vote came in at 66 to 34 in favor of Cordray, and occurred only after Democrats threatened to change Senate rules so that just 51 votes would be needed to confirm nominations for executive branch jobs.

Read the full story here.

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