On July 16, in a bipartisan 66-34 vote, the United States Senate confirmed Richard Cordray to become the Director of the Consumer Financial Protection Bureau. This happened on the eve of the Bureau’s second birthday, which is July 21, 2013. The Bureau, which was enacted pursuant to the Consumer Financial Protection Act, Title X of the Dodd-Frank Act, became an official agency on July 21, 2011.
The Senate’s confirmation of Cordray will lead to more certainty about the Bureau’s direction and structure. Cordray’s confirmation ensures two things:
1.that he will be the Director of the Bureau for the foreseeable future; and
2.that the Bureau’s basic structure will not change anytime soon.
Cordray’s confirmation will generally make it easier to predict and respond to current and anticipated Bureau action.
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