Senate to Vote on CFPB Nominee This Week
Despite a filibuster threat by Republicans, the Senate is likely to vote on Thursday this week on the nomination of former Ohio Attorney General Richard Corday to be the head of the Consumer Financial Protection Bureau.
Republicans have vowed to block the nomination of any head if the CFPB until there are structural changes to the agency, including having it run by a five-person board, rather than by a single director.
Although Democrats hold a majority in that chamber, its rules allow the minority to use legislative maneuvers that require 60 votes to pass any measure. The Senate has 51 Democrats, two independents who vote with Democrats and 47 Republicans. Though the CFPB has been operating since July, it can’t regulate non-bank entities or issue new regulations (though it can modify existing regulations) until it has a permanent director in place.
Although its regulations are applicable to all financial institutions, it only has direct supervisory authority over institutions with assets of more than $10 billion. Among credit unions, that includes only Navy Federal, PenFed and State Employees’ CU of North Carolina.