September 29, 2011 / 9:47 PM / 8 years ago

U.S. Senate Banking panel to vote on CFPB nominee

* Committee vote is expected on Oct. 6

* Republicans still oppose allowing vote by full Senate

By Dave Clarke

WASHINGTON, Sept 29 (Reuters) - The Senate Banking Committee is expected to vote next week on the nomination of Richard Cordray to head the new Consumer Financial Protection Bureau, according to a Democratic aide.

The vote will likely occur on Oct. 6, but the plan has yet to be finalized.

Democrats and Republicans continue to fight over the agency, which was created by the 2010 Dodd-Frank financial oversight law.

It opened its doors on July 21.

Democrats have the votes to move Cordray’s nomination out of the committee to the Senate floor, but that will likely be as far as it gets for the foreseeable future as political tensions remain high over the creation of the CFPB.

Republicans have promised to block Cordray’s confirmation by the full Senate unless the Obama administration agrees to change the structure of the agency.

The changes being pushed by Republicans are: Having the bureau run by a board rather than a director; subjecting its budget to annual congressional approval; and giving other regulators more authority over bureau regulations.

Democrats have balked at these demands calling them an attempt to weaken the CFPB before it has a chance to get up and running fully.

The bureau polices financial products such as credit cards and mortgages.

Republicans and the banking industry have opposed the agency as unchecked regulatory overreach since it was created as part of Dodd-Frank.

Democrats say the bureau is a much-needed check on lending abuses and will give consumers clearer choices and more information about the financial products they use.

Cordray is a former Ohio attorney general and he currently works at the bureau on enforcement issues.

Republicans have not focused on his record when objecting to his nomination, saying they will oppose any nominee. (Reporting by Dave Clarke; editing by Andre Grenon)

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