The Senate Banking Committee will hold a nomination hearing for former Ohio Attorney General Richard Cordray, picked by President Obama to head the Consumer Financial Protection Bureau, on Aug. 4, 20ll.
“Until it has a Director, the CFPB will not be able to use its full powers to protect consumers and level the playing field for community banks and credit unions,” said Senate Banking Committee Chairman Tim Johnson, D-S.D.
Senate Republicans have said they will block any nomination to head the CFPB until structural and funding changes are made to the new agency. While some are urging President Obama to use the recess appointment process to install Cordray as the new director, this would reduce the amount of time he could serve in the job.
In the meantime, day-to-day operations at the CFPB will be handled by CFPB Associate Director of Research, Markets and Regulations Raj Date, as of August 1 when CFPB Special Advisor Elizabeth Warren is returning to Harvard Law School.