Fox News falsely suggested that Senate Republicans have blocked Richard Cordray from heading the Consumer Financial Protection Bureau (CFPB) due to legitimate fears about how he would handle the agency, when in fact Senate Republicans have, in unprecedented fashion, said they would oppose any nominee whatsoever until changes are made to the structure of that agency.
On July 16, the Senate will be voting on several executive branch nominees that Republicans have opposed. Senate Majority Leader Harry Reid has said that if Senate Republicans refuse to allow an up-or-down vote on those candidates, he will push a change to Senate rules that will prevent the minority from filibustering executive appointments.
Previewing that action on the July 16 edition of Fox News' Fox & Friends, Fox News contributor Laura Ingraham said that Cordray's nomination had been blocked for "good reason." Ingraham explained that Cordray has been blocked because he is a "good friend" of Sen. Elizabeth Warren (D-MA), who proposed the creation of the CFPB, and that "a lot of people [are] very concerned about what he'll do in the regulatory process."
In fact, Cordray's potential actions as head of CFPB are irrelevant to the discussion as Republicans have said they would oppose any candidate for that office whatsoever.
In February of 2013, 43 Republican senators sent a letter to President Obama saying that they would block "any nominee, regardless of party affiliation," to the CFPB until structural changes were made to the agency. This is the first time in the history of the Senate that a nomination has been blocked for no reason other than a political party disagrees with the structure of the agency.
Cordray's qualifications include serving as Ohio's Attorney General where he recovered more than $2 billion for Ohio citizens and worked to protect consumers from fraudulent foreclosures and financial predators. Cordray also served as Ohio's State Treasurer.