AFR in the News: Despite Defeat, Cordray Lobbying Continues

Despite Defeat, Cordray Lobbying Continues – Andrew Joseph (National Journal)

December 8, 2011

“Groups working both sides of Richard Cordray’s confirmation to head the Consumer Financial Protection Bureau were regrouping and devising new lobbying strategies on Thursday after Senate Republicans blocked the confirmation.  Though Thursday’s vote was a turning point, both opponents and supporters said they anticipated a much longer fight. Cordray’s supporters are now pushing President Obama to circumvent the Senate and make a recess appointment. Opponents are attempting to use the defeat as leverage to weaken the bureau’s oversight authority.  In addition to pushing a recess appointment, Cordray supporters are planning to publicize the vote in an effort to frame opponents as anti-consumer.  ‘We now have a list of who’s on Main Street’s side and who’s on Wall Street’s side,’ said Public Citizen‘s financial policy advocate Bartlett Naylor. ‘We’ve named the names.’  Before the vote, more than 200 organizations, led by Americans for Financial Reform, sent a letter to senators warning that the CFPB’s ability to regulate and protect consumers would be severely restricted without a director. ‘In the absence of a director, the CFPB’s powers over banks remain broad, but its authority over their non-bank competitors is limited,’ the letter said. ‘This unlevel playing field serves payday lenders, debt collectors, unaccountable credit reporting agencies, mortgage companies and other non-banks well, making it too easy for them to continue to engage in deceptive and abusive practices.’”  Click here for more.