WASHINGTON, D.C. -

Confirmation of Richard Cordray remaining director of the Consumer Financial Protection Bureau advanced on Tuesday as the U.S. Senate voted in favor of cloture being invoked, meaning debate had to end and a final vote to keep him at the post needed to be completed.

As of press time, that vote to confirm Cordray had not yet been taken.

Nonetheless, Senate Banking Committee chairman Tim Johnson, a Democrat from South Dakota, cheered the move.

“This is a win for the American people, and Majority Leader Reid should be commended for taking a principled stand in support of consumer protection,” Johnson said. “Rich Cordray is finally getting the up-or-down vote he deserves. Rich has proven to be effective leader, and I have no doubt he will now be confirmed.

“I want to thank Rich for his patience and dedication over the past two years,” Johnson continued. “Despite uncertain prospects for his confirmation, which had nothing to do with his qualifications, Rich was undeterred and has done a remarkable job getting the CFPB up and running.” 

The CFPB has ramped up its actions involving vehicle financing significantly since the start of the year. Auto Remarketing published details about the bulletin the CFPB released in conjunction with indirect auto lending as well as the reaction to the first enforcement action the agency made.

The bureau has been questioned intensely by lawmakers, including by Sen. Mike Crapo, the ranking member of the Senate Banking Committee. Crapo recently sent a request to the Government Accountability Office, asking that agency to investigate how the CFPB is collecting volumes of consumer data.

Meanwhile, one of the architects of the CFPB also applauded Tuesday’s move. Sen. Elizabeth Warren helped to devise the CFPB’s structure before being elected in Massachusetts.

“The agency has become the watchdog that so many of us fought for. And Rich has surpassed even the high expectations I had for him the day two years ago that I stood next to him in the Rose Garden as the president first announced his nomination to the CFPB,” said Warren, now a Democrat representing Massachusetts.

Warren also made a strong statement to individuals who tried to slow the confirmation process.

“The Consumer Financial Protection Bureau is the law and it is here to stay. Do your dirtiest with obstructing the confirmation of the director, but the agency will keep on doing what it does best: fighting for people,” Warren said.

The vote to invoke cloture went 71-29 in favor of the move as 17 Republicans joined all 54 Democrats in the Senate for approval.

Nick Zulovich can be reached at nzulovich@autoremarketing.com. Continue the conversation with Auto Remarketing on both LinkedIn and Twitter.