* Committee vote is expected on Oct. 6
* Republicans still oppose allowing vote by full Senate
By Dave Clarke
WASHINGTON, Sept 29 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
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
The bureau polices financial products such as credit cards
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)