Consumer Law

When Will the President Nominate the CFPB Director?

By Jeff Sovern

by Jeff Sovern

At the risk of being a nag, I'm wondering when the President will nominate the new director of the CFPB.  I have two fears.  First, if the nominee cannot be confirmed before the new Congress takes over, and, as some predict, Republicans make significant gains in the election, a filibuster will be more likely to block the nominee, which could both prevent the President's first choice from serving in this key position and lead to additional delays as a second nominee is selected.  Second, the longer it takes before the CFPB's head takes office, the longer it will be before the CFPB can get rolling.  Confirmation proceedings can take an extended period even in non-election years. The CFPB will have a lot of things to look at in its early days, including arbitration clauses and revised disclosures under the Truth in Lending Act, and the sooner it can do that, the better.   I have no idea how long vetting processes take, and it is a time when lots of people go on vacation, but I hope this is getting the attention it deserves. It's not as if there aren't good candidates.

Full post as published by CL&P Blog on August 11, 2010 (boomark / email).