Financial Firms Tie Support for Consumer Chief Cordray to Bureau Reforms

March 25, 2013

The Financial Services Roundtable says it will support the confirmation of Richard Cordray to lead the Consumer Financial Protection Bureau (CFPB), provided Congress makes changes to CFPB’s structure.

“Our members strongly believe the CFPB should operate under a more democratic structure, with a board instead of a single director, as well as be subject to a more accountable system of funding. The Financial Services Roundtable urges Congress to take swift action on these structural changes, in concert with confirmation of Richard Cordray,” said Tim Pawlenty, president and CEO of the FSR.

The group represents 100 large banking, insurance and investment firms.

Republicans have vowed to block Cordray’s confirmation unless changes are made to the CFPB.

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