President Obama is still reviewing director candidates for the new Consumer Financial Protection Bureau, according to a Treasury Department official.
The President is "committed to making sure he gets the best candidate," said Treasury deputy secretary Neal Wolin. "I believe he hopes to be in a position to make a nomination soon," he told the Senate Banking Committee Thursday.
The President appointed Harvard professor Elizabeth Warren to work with Treasury in getting the agency up and running after it became apparent she would not be confirmed by the Senate due to Republican opposition.
But Republicans are concerned the president will wait until next year and use a recess appointment to make Warren the CFPB director. News that the president is considering other candidates may alleviate those concerns.
Meanwhile, CFPB critics are concerned that Treasury secretary Timothy Geithner could approve new consumer protection rules before a CFPB director is confirmed.
Sen. Bob Corker, R-Tenn., questioned the Treasury deputy secretary about this rulemaking authority.
"I think the authority to issue a rule that would actually bind private parties in the mortgage area is a tough one until there is a confirmed director," Wolin said.
Corker said he wants to be notified "if you ever think that you have the ability to actually make a rule."
