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Keating explains ABA's opposition to CFPB director

ABA President and CEO Frank Keating explained on Dec. 12 to the Fox Business Network why ABA and many prominent lawmakers – including Sens. Lindsey Graham (R-S.C.) and Richard Shelby (R-Ala.) – are opposed to the nomination of Richard Cordray to serve as the Consumer Financial Protection Bureau's director.

The CFPB needs several improvements, Keating said. He noted the bureau has enormous power, but no congressional budgetary oversight and also no real oversight on appeals.

Click here to watch the interview.

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