Corday to take Conciliatory Approach at Confirmation Hearing ByCLAUDE R. MARX
|Richard Cordray, President Obama's nominee to run the ConsumerFinancial Protection Bureau, plans to emphasize supervision andenforcement, not litigation, as key methods for achieving thebureau's goals, during his confirmation hearing before the SenateBanking Committee today.
|“The supervisory tool, in particular, offers the prospectof resolving compliance issues more quickly and effectively withoutresorting to litigation. … Enforcement, of course, will still have an important role,”according to Corday's prepared testimony, which was obtained byPolitico.
|Senate Banking Committee Chairman Tim Johnson (D-S.D.), plans touse his opening statement at the session, which is scheduled tostart at 2:30 p.m., to criticize Senate Republicans for vowing to block any nominee until the Obamaadministration and Senate Democrats agree to change the bureau'sstructure to be run by a five-person board.
|“The purpose of today's hearing should be to consider whetherMr. Cordray is qualified for [the] job … Instead, a vocal minorityis playing games with the process and holding Mr. Cordray's nomination hostage,'' according to Johnson'stestimony, which Politico also obtained.
|The House passed legislation that would restructure the CFPB but SenateDemocrats and the Obama administration oppose it.
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