President Obama uses recess appointment to fill CFPB post
In a politically charged recess appointment, President Obama appointed Richard Cordray to be director of the Consumer Financial Protection Bureau. The nomination, however, is not the close of the long battle to name a leader for the CFPB. The recess appointment will expire at the end of 2013 unless the Senate confirms the appointment. “The controversial nature of the recess appointment reinforces the banking industry’s concerns about the Bureau’s structure and lack of accountability,” commented ABA President Frank Keating. &ldquo . . .
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