Senator Warren and the Confirmation of Richard Cordray to Head the CFPB

Politico puts out an often-interesting email newsletter, titled Morning Money, every weekday. This morning's edition quoted "a person close to" Senator Elizabeth Warren as saying the following:

'It should be obvious to anyone paying attention that the large banks would have more ground to stand on with Elizabeth if they figured out a way to get Rich Cordray confirmed finally.

"Some of the key trade associations and big banks spun up the opposition to the CFPB at the beginning and authored all the structural talking points, and they are responsible for the current stalemate in a lot of ways. … They are also now happy with Cordray's work, and the agency is doing a lot of good for consumers. The fight over structure is settled, stale and going nowhere, and it would do everyone a lot of good if they could figure out how to bring the drama to an end, make some peace, and create long overdue certainty with Cordray's confirmation.'

There's a lot of interesting stuff in that quote.  It suggests that there might be a way to confirm Cordray.  There's also the claim that the banks are behind the effort to change the CFPB's structure from a single director to a commission.  If that's true, it would explain why the talking points have not included until recently changing other bank regulators to commissions, since those other regulators have tended to be far more supportive of banks than the CFPB.

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