Get ready for a replay of last year's bitter fight over confirming Richard Cordray to lead the Consumer Financial Protection Bureau.
Along with 42 Senate Republicans, Senate Minority Leader Mitch McConnell (R-Ky.) sent a letter to President Barack Obama on Friday, vowing to block any CFPB nominee until Congress passes a law to revamp the agency. Obama has already re-nominated Cordray to stay on as the CFPB director.
"As supporters of strong and effective consumer protections, we write to you to reaffirm our concerns over the transparency and accountability of the Consumer Financial Protection Bureau (CFPB)," the letter reads. "Accordingly, we will continue to oppose the consideration of any nominee, regardless of party affiliation, to be the CFPB director until key structural changes are made to ensure accountability and transparency at the Consumer Financial Protection Bureau."
CFPB launched in July 2011 but, because of the protracted fight with Republicans, went without a director for months until Obama put Cordray in the post. The bureau was the brainchild of now-Sen. Elizabeth Warren (D-Mass.) and was created as part of Dodd-Frank financial reform legislation -- a bill opposed by every Republican -- to monitor the activities of non-bank entities, including payday lenders, debt collectors and credit reporting agencies. Many of those entities were "the source of some of the most harmful, deceptive, unfair and predatory lending practices" that led to the 2007 financial crisis, Deputy Treasury Secretary Neal Wolin has said.
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