WASHINGTON, D.C. -

Richard Cordray is staying as director of the Consumer Financial Protection Bureau, the agency that has been intensifying its regulation of vehicle financing since the spring.

The U.S. Senate confirmed Cordray to remain at the position late Tuesday, stirring mostly positive reaction from industry associations as well as lawmakers who wanted the vote taken much earlier.

“Richard Cordray’s confirmation as director of the Consumer Financial Protection Bureau (CFPB) puts many questions about the bureau to rest,” said Chris Stinebert, president and chief executive officer of the American Financial Services Association. “Yet questions remain about several bureau practices, such as the methodology it uses to determine discrimination through disparate impact and the scope and purpose of its vast collection of consumer account information.

“AFSA congratulates Cordray on his confirmation as director, but is disappointed that the bipartisan commission structure and subjecting the bureau to the Congressional appropriations process were not considered,” Stinebert continued.

“Cordray has done an admirable job in building bridges with industry and listening to our concerns,” Stinebert went on to say. “AFSA looks forward to strengthening its relationship with Cordray and the CFPB as we work toward the mutual goals of protecting consumers while ensuring their access to affordable credit.”

Richard Hunt, president and CEO of the Consumer Bankers Association, offered a similar reaction.

“CBA congratulates Richard Cordray and his family on being confirmed director of the CFPB,” Hunt said. “For the past two years, CBA has worked closely with the director and the Bureau to create a level playing field in the financial services sector.

“We will continue to work with director Cordray to ensure consumers have access to financial products they determine meet their family’s needs,” Hunt added.

The Senate approved Cordray’s confirmation by a vote of 66-34. Getting to that juncture took time and wrangling on Capitol Hill.

Earlier on Tuesday, the 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.

Lawmakers have been clashing over how the CFPB operates and some expressed concern over Cordray ever being director since President Obama tapped him through a recess appointment. Sen. Mike Crapo, the ranking Republican member of the Senate Banking Committee, reiterated his apprehension before the final confirmation vote.

“During the last several months, I have raised significant concerns with the CFPB’s data collection efforts. Questions still remain about what type of personal information is collected by the CFPB and what is collected by the agency’s contractors. But without the structural changes to the agency that we are asking for, it is hard to get answers to these questions,” said Crapo, part of the group of lawmakers who voted against both cloture and Cordray’s confirmation.

Still, Cordray expressed his gratitude for being confirmed.

“I am honored to be confirmed by the Senate as the director of the Consumer Financial Protection Bureau,” Cordray said. “For nearly two years, we have been focused on making consumer finance markets work better for the American people.

“(Tueday’s) action brings added certainty to the industries we oversee and reinforces our responsibility to stand on the side of consumers and see that they are treated fairly in the financial marketplace,” he continued. “We will continue our essential work and each one of us, including myself, is grateful for the opportunity to serve our country in this important way.”

While Cordray now is fully in place at the top of the CFPB, Isaac Boltansky, an analyst with Compass Point Research & Trading told Bloomberg that he expects the agency to remain “a lightning rod for controversy.”

Boltansky said in this report, “Cordray’s confirmation will remove a meaningful operational cloud that has hovered over the CFPB for three years, but there is no reason to believe that the political rhetoric surrounding the agency will subside.”

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