Cordray Vows To Help ‘Honest Businesses’
Substantive discussions of regulatory policy and partisan wrangling were both on the front burner at the Senate Banking Committee’s hearing last week on the nomination of Richard Cordray to run the Consumer Financial Protection Bureau.
When talking policy, Cordray promised to streamline regulations when possible. He also said that credit unions and banks that follow the rules will benefit from regulations that punish bad actors.
Sen. Richard Shelby (R-Ala.), the panel’s top Republican, defended his party’s refusal to consider any nominee until the CFPB’s structure is changed to have it run by a five-person board rather than just a single director.
He said the current structure gives an unelected and unaccountable bureaucrat a blank check to make rules that could further add to the regulatory burden of businesses and prevent the creation of needed jobs.