Connie Prater (Creditcards.com)
October 6, 2011

“President Obama’s nominee to head the new consumer financial protection watchdog moved a step closer to approval Thursday as a key U.S. Senate committee voted to confirm the appointment. The Senate Banking Committee voted 12-10, along party lines, to approve Richard Cordray’s nomination. However, the real battle over the nomination is expected in the next step — when Cordray’s appointment goes before the full Senate. Forty-four Republican senators have vowed to block the nomination unless the bureau is stripped of some of its powers. …Lisa Donner, executive director of Americans for Financial Reform challenged Republican senators to ‘stand up for families’ and confirm the nomination.  ‘Will you implement the law and make sure the CFPB can do its job helping people defend themselves from loan sharks big and small?’ Donner asked. ‘Or will you block consumer protection and instead protect wrongdoing by companies that caused the financial crisis?’” Click here for more.