How Does The Senate Vote Affect The CFPB?

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As expected, the U.S. Senate voted down President Barack Obama's nomination of Richard Cordray as the director of the new Consumer Financial Protection Bureau (CFPB) yesterday.

Despite a concerted lobbying effort by the White House over the past week, 53 senators voted to approve Mr. Cordray and 45 voted against his nomination, well short of the 60 members required to confirm him as director.

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Published In: Administrative Agency Updates, Consumer Protection Updates, Elections & Politics Updates, Finance & Banking Updates

DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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