Cordray Confirmation Ends Battle To Limit CFPB's Powers

Law360, New York (July 16, 2013, 7:21 PM EDT) -- The Senate's Tuesday confirmation of Richard Cordray to lead the Consumer Financial Protection Bureau ends uncertainty over the agency's rules for banks, mortgage lenders and other companies, and likely kills Republican chances to alter the CFPB's structure and funding, attorneys say.

The 66-34 bipartisan vote ended a more-than-700-day battle — not over Cordray's qualifications to be the CFPB's first director, but over the agency's power and leadership structure. The fight took on a pronounced importance after a federal appeals court threw Cordray's recess appointment into doubt,...
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