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Cordray’s Confirmation Unleashes U.S. Consumer Bureau Powers

The U.S. Senate confirmation of Richard Cordray as director of the Consumer Financial Protection Bureau ends an almost three-year fight that cast a pall over the agency created by the 2010 Dodd-Frank Act.

The 66 to 34 vote yesterday lifts the threat of legal challenges to the bureau’s rules and enforcement actions since some of the agency’s powers, including those over non-bank financial firms, take effect only under a confirmed director. Cordray was sworn in to the office by Vice President Joe Biden today, the White House said.