Former Ohio Attorney General Richard Cordray, who has been nominated to run the Consumer Financial Protection Bureau, is scheduled for a confirmation hearing next Thursday.
Senate Banking Committee Chairman Tim Johnson (D-S.D.) said the hearing, which is scheduled to be held at 2 p.m., will "begin the process of moving Mr. Cordray's nomination forward to confirmation."
The CFPB opened its doors as an independent agency on July 21. However, until it has a director, the agency said, it will "not be able to use its full powers to protect consumers and level the playing field for community banks and credit unions."
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