Obama Nominates Cordray For CFPB;Vows To Fight Efforts To Repeal Fin. Reg. Reform;FSOC Final Rule on Systemically Important FMUs

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At a press conference earlier today, President Barack Obama announced his nomination of Richard Cordray, a former Ohio Attorney General, and currently the Enforcement chief for the Consumer Financial Protection Bureau, to serve as the first Director of the CFPB.

The CFPB (or the ‘Bureau’ as referenced during the President’s press conference), created by the Dodd-Frank Wall Street Reform and Consumer Protection Act, has been advised during its development stage by Elizabeth Warren, chair of the Congressional Oversight Panel formed a few years ago to oversee the results of the government’s TARP spending following the credit crisis.

Warren writes in the WhiteHouseBlog today of Cordray’s appointment, noting that, “On Thursday [July 21], the CFPB makes its transition from a start-up to a real, live agency with the authority to write rules and to supervise the activities of America's largest banks.”

Obama Will Fight Efforts To Repeal Financial Reg Reform
In announcing his nomination of Cordray, Obama defended the regulatory changes laid out in the Dodd-Frank Act, saying, “The financial crisis not the result of normal economic cycles or bad luck, [but from] abuses… I will fight any efforts to repeal or undermine the important changes we passed.” Read the full text of the President’s remarks.

CFPB Progress Report; FSOC Final Rule on Criteria for Systemically Important FMUs
In related news today on the financial regulatory reform front, the CFPB issued a progress report, and the Financial Stability Oversight Council (FSOC) released a final rule on criteria for determining systemically important nonbank financial institutions, more formally referenced in the rulemaking as 'financial market utilities' or FMUs.

Read more about these developments here.

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