"Senate Confirms Cordray To Head The Consumer Financial Protection Bureau"
The Senate confirmed Richard Cordray to head the Consumer Financial Protection Bureau (CFPB) on Tuesday evening in a vote of 66 to 34, just hours after Senate Majority Leader Harry Reid (D-NV) struck a deal with Republicans that averted a controversial change to senate rules.
Cordray was first nominated to direct the CFPB in July of 2011, but Republicans refused to confirm any qualified nominees and sought to dramatically weaken the organization. President Obama eventually issued a recess appointment, granting Cordray a temporary term until the end of this year.
The CFPB — the brainchild of Sen. Elizabeth Warren (D-MA) — was created in the aftermath of the 2008 economic crisis in order to protect consumers from the predatory lending practices of large banks and financial institutions. Warren presided over the final confirmation vote.