Saying that without a director the Consumer Financial Protection Bureau is limited in its ability to protect people from "predatory and unscrupulous financial products,'' Democrats on the House Financial Services Committee are asking Senate Republicans to allow a vote on Richard Cordray to run the agency.
The Democrats noted that the Dodd-Frank bill that created the agency doesn't give it full enforcement powers against certain non-bank entities, such as payday lenders and mortgage companies, until a permanent director has been confirmed.
They also noted that the CFPB's efforts to protect members of the military and their families and the elderly would be especially impacted.
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