The new federal agency in charge of protecting consumers from financial institutions' predatory lending practices will have to wait at least another month for a chief executive.
Richard Cordray, the former Ohio attorney general who was tabbed by the Obama administration to lead the new federal Consumer Financial Protection Bureau, will have to wait at least until Congress comes back from its holiday break on January 23 to be approved by the U.S. Senate, according to a report from Reuters. In its last day of business prior to the recess, GOP lawmakers decided to block his appointment, and that of three other nominees for banking regulation positions, because the White House would not give Republicans assurances about recess appointments.
The Senate will also hold "pro forma" sessions during the recess to make sure no such appointments are made, the report said.
The CFPB's primary stated task is to create more protections for consumers when it comes to handling their credit card debt more effectively, such as building a national credit card offer database and starting a hotline where Americans can report complaints about these accounts.