A year after the bill creating the Consumer Financial Protection Bureau was signed, Republicans are trying to restructure it and the newly nominated director Richard Cordray is caught in the middle of a fight between the political parties.
Cordray, a former Ohio attorney general who was known for his work on consumer issues, was nominated by President Obama on July 18, but if there isn't an agreement between the White House and Senate Republicans, he might not have the opportunity to serve. The CFPB, an independent agency housed in the Federal Reserve, began operating on July 21.
Senate Banking Committee Chairman Tim Johnson (D-S.D.) praised Cordray's credentials and promised to hold a confirmation hearing soon. But Johnson's support, and the fact that Democrats have a solid majority in that chamber, may not be enough
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