State AGs line up behind Cordray for Consumer Bureau

{mosads}”We are united in our belief that Mr. Cordray is very well qualified to carry out the responsibilities of this position,” they wrote.

The attorneys worked to paint Cordray as an even-minded individual who would listen to both sides in guiding the new agency.

“He is determined to use a balanced approach to the financial services industry,” the letter stated “As the head of the CFPB, Mr. Cordray will be an honest broker and strong advocate for both businesses and consumers that are committed to following the rules.”

The letter comes with the backing of the White House, which hosted a conference call for reporters with some of the signers.

Cordray’s nomination was recently approved by the Senate Banking Committee along party lines, but appears to have screeched to a halt in the Senate. That’s because nearly every GOP senator announced, before Cordray was picked, that he or she would block any nominee to head the agency unless changes were made to its structure.

Republicans maintain the changes, such as establishing a commission at the top of the agency and bringing its budget under the purview of congressional appropriators, will make it more accountable. But Democrats and CFPB backers maintain Republicans opposed the bureau from the start and are simply looking to weaken it.

While blocking his selection, GOP senators have largely steered clear of criticizing Cordray directly, focusing much of their scrutiny on the bureau as a whole.