President Obama on Wednesday exercised his executive power by using Congress’ recess to appoint Richard Cordray director of the Consumer Financial Protection Bureau (CFPB), devoid of a Senate confirmation vote. Without a confirmed director, the CFPB’s reach was limited. Now that Obama has single-handedly positioned Cordray at the helm, the bureau has the authority to extend its regulatory powers to non-bank entities such as mortgage brokers and non-depository lenders.
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