Senate Republicans question Cordray appointment, CFPB powers

Richard Cordray appeared before a Senate committee for the first time since President Barack Obama sidestepped the chamber and installed him as the Consumer Financial Protection Bureau's first permanent director. As expected, Republicans hammered Cordray on the legality of his appointment and the legitimacy of the bureau's actions. Read on to learn what Cordray had to say about some major CFPB rulemaking efforts.