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Senate Confirms Cordray in 66-34 Vote

The ""U.S. Senate"":http://www.senate.gov/index.htm voted Tuesday to confirm Richard Cordray as director of the ""Consumer Financial Protection Bureau"":http://www.consumerfinance.gov/ (CFPB).

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According to the Senate website, Cordray was confirmed in a 66-34 vote. News of the confirmation came hours after an announcement of a 71-29 vote for cloture, effectively putting to an end the debate surrounding Cordray's nomination.

President Obama installed Cordray as a recess appointment in 2012, a move that attracted criticism from opponents, who say the Senate was not actually in recess. Republican critics of the CFPB had vowed not to confirm any nomination for director until the agency underwent substantial changes.

In a statement, Kathleen Day at the ""Center for Responsible Lending"":http://www.responsiblelending.org/ called the confirmation ""an historic moment.""

""As businesses compete under the same set of rules, working families will receive fair financial services,"" Day said. ""We celebrate this great achievement and look forward to working with the Director to bring overdue relief to families who have dealt with abusive financial practices for far too long.""

Meanwhile, President Obama praised the efforts of senators to end the bipartisan gridlock that was partly to blame for the delay in Cordray's confirmation vote. Democrats in the Senate had been threatening a ""nuclear option"" to change rules in an effort to ease the nomination process.

""I'm pleased that the Senate took action today to move forward on the nominees who have waited far too long for a vote. ... I want to thank the Senators from both parties--including Leader Reid, Leader McConnell and Senator McCain--who have worked together to find a path forward and give these nominees the votes they deserve.""

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