Reuters: Regulatory News: US Senate clears hurdle to move ahead with Cordray confirmation

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US Senate clears hurdle to move ahead with Cordray confirmation Jul 16th 2013, 15:40 WASHINGTON, July 16 | Tue Jul 16, 2013 11:40am EDT WASHINGTON, July 16 (Reuters) - The U.S. Senate voted on Tuesday to move toward confirmation of Richard Cordray as director of the Consumer Financial Protection Bureau, ending a months-long standoff on the issue. Cordray has been leading the bureau in a temporary position since January 2012, but Senate Republicans for months refused to confirm him to a full term unless Democrats agreed to change the structure of the consumer bureau. More than 60 senators voted to close debate and move forward to a final confirmation vote for Cordray. The consumer bureau, which was created by the 2010 Dodd-Frank financial law, has not yet had a confirmed director.

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