GOP Sen. Pushes Bill To Put Commission Atop CFPB

Law360, New York (February 1, 2013, 3:13 PM EST) -- A Republican senator on Friday reintroduced legislation that would replace the position of Consumer Financial Protection Bureau director with a five-member commission, furthering a push that has gained strength after a January ruling invalidating recess appointments made by President Barack Obama.

With questions about Obama's recess appointment of Richard Cordray to lead the CFPB taking on renewed urgency, Republicans are pushing harder for the creation of a commission at the top of the bureau. The bill, introduced by Sen. Jerry Moran of Kansas, would give the...
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