Consumer bureau chief: Recess appointment 'not affecting our decision making'

President Obama installed Richard Cordray as director of the agency in January. President Obama installed Richard Cordray as director of the agency in January. J. Scott Applewhite/AP

Richard Cordray, the director of the Consumer Financial Protection Bureau, said that opposition to his controversial recess appointment in January is not going to hold the agency back from its duty to protect consumers.

President Obama installed Cordray as director of the agency over the objection of Republicans in January during a pro-forma session of the Senate, which critics have claimed was unconstitutional. Many expect the appointment to be challenged in the courts.

But that risk is not a factor in the bureau’s daily operations, Cordray said “It is not affecting our decision making,” he said on C-Span’s Newsmakers on Sunday. “I don’t see how it legitimately could.”

Cordray insisted he has a duty to fulfill the agency’s mission under law to protect consumers and hold the financial industry accountable.

“Now that I’m appointed as the director, this bureau is under obligation by law to do certain things,” Cordray said. “They are going to matter to the lives of consumers: cleaning up the mortgage market, leveling the playing field between banks and nonbank competitors, seeing that the laws are enforced and holding people accountable …  We are going to do it. I don’t think there is any real alternative for us.”

Stay up-to-date with federal news alerts and analysis — Sign up for GovExec's email newsletters.
FROM OUR SPONSORS
JOIN THE DISCUSSION
Close [ x ] More from GovExec
 
 

Thank you for subscribing to newsletters from GovExec.com.
We think these reports might interest you:

  • Sponsored by G Suite

    Cross-Agency Teamwork, Anytime and Anywhere

    Dan McCrae, director of IT service delivery division, National Oceanic and Atmospheric Administration (NOAA)

    Download
  • Data-Centric Security vs. Database-Level Security

    Database-level encryption had its origins in the 1990s and early 2000s in response to very basic risks which largely revolved around the theft of servers, backup tapes and other physical-layer assets. As noted in Verizon’s 2014, Data Breach Investigations Report (DBIR)1, threats today are far more advanced and dangerous.

    Download
  • Sponsored by One Identity

    One Nation Under Guard: Securing User Identities Across State and Local Government

    In 2016, the government can expect even more sophisticated threats on the horizon, making it all the more imperative that agencies enforce proper identity and access management (IAM) practices. In order to better measure the current state of IAM at the state and local level, Government Business Council (GBC) conducted an in-depth research study of state and local employees.

    Download
  • Sponsored by Aquilent

    The Next Federal Evolution of Cloud

    This GBC report explains the evolution of cloud computing in federal government, and provides an outlook for the future of the cloud in government IT.

    Download
  • Sponsored by LTC Partners, administrators of the Federal Long Term Care Insurance Program

    Approaching the Brink of Federal Retirement

    Approximately 10,000 baby boomers are reaching retirement age per day, and a growing number of federal employees are preparing themselves for the next chapter of their lives. Learn how to tackle the challenges that today's workforce faces in laying the groundwork for a smooth and secure retirement.

    Download
  • Sponsored by Hewlett Packard Enterprise

    Cyber Defense 101: Arming the Next Generation of Government Employees

    Read this issue brief to learn about the sector's most potent challenges in the new cyber landscape and how government organizations are building a robust, threat-aware infrastructure

    Download
  • Sponsored by Aquilent

    GBC Issue Brief: Cultivating Digital Services in the Federal Landscape

    Read this GBC issue brief to learn more about the current state of digital services in the government, and how key players are pushing enhancements towards a user-centric approach.

    Download

When you download a report, your information may be shared with the underwriters of that document.