AFR in the News: Cordray Nomination Shows Consumer Bureau Battle Lines Unmoved

While Republicans are vowing to once again insist on changes in the CFPB’s governing structure before they will consider a nominee to head the agency, Richard Cordray has won over at least a few elements of the banking world.

“Senate Republicans… closed ranks to oppose Cordray in 2011 unless the Obama administration agreed to create a commission to run CFPB and subject its budget… to congressional appropriations,” Bloomberg’s Carter Dougherty reports. Key Republicans yesterday “signalled they may block the nomination again.”

By contrast, JPMorgan Chase CEO Jamie Dimon praised Cordray’s work, telling Fox News: “They’ve done a great job. They started from ground zero and they are making great progress.” Dimon singled out the CFPB’s so-called qualified mortgage rule, which outlines underwriting standards as “good, thoughtful” and prompt. “They did it quickly. They didn’t delay.”

In a similar vein, the Independent Community Bankers of America described Cordray as someone who “has repeatedly reached out to community banks to better understand how the bureau’s regulations affect our industry.”

Dougherty also cites support from “Americans for Financial Reform, an umbrella group of consumer advocates, labor unions and civil rights organizations, [which] said the Senate should simply approve Cordray for a full term.”

“’The Senate now has a second chance to confirm this commendable nominee,’ the group said in an e-mailed statement. ‘It should.’”