The committee confirmed Cordray’s nomination by a party-line vote of 12-10, with Republican members keeping to their vow to not support any potential leader until CFPB’s structure is fundamentally changed.
“The CFPB was established unlike any other federal department or agency,” said ranking member Sen. Mike Crapo (R-Idaho). “Regardless of the administration in charge, either Republican or Democrat, the CFPB’s structure needs to be revised to fit the models of traditional departments and agencies. Otherwise, it will continue to lack the necessary transparency and accountability.”
Crapo specifically criticized the agency’s spending, which he says is not as transparent as it should be.
Since its launch, DS News magazine has positioned itself at the forefront of an
evolving industry. Always current with the most up-to-date
default servicing news, DSNews.com keeps you informed through daily Web casts,
community forums, and a wide range of industry resources.