Former Ohio Attorney General Richard Cordray is finally closer to confirmation as director of the Consumer Financial Protection Bureau, or CFPB, after clearing a major procedural hurdle on Tuesday. His official confirmation is expected sometime later today.
Cordray was nominated to the post nearly two years ago, but he was placed on recess appointment following Senate Republicans’ refusal to confirm him. On Tuesday the Senate voted 71-29 to end debate and move toward a confirmation vote.
It took threats from Democrats to change the filibuster rule to a 51-vote threshold instead of the current 60 to break the political logjam.
Congress created the CFPB in 2010 but launched it in 2011 as a part of the Dodd-Frank financial reforms. Republicans opposed the creation of the consumer-protection agency, ostensibly taking issue with a single director running it vs. a commission.