The Senate Committee on Banking, Housing, and Urban Affairs has postponed the confirmation hearing for Consumer Financial Protection Bureau nominee Richard Cordray until Sept 6. The meeting had been scheduled for tomorrow, and no explanation was offered for the delay. The Senate left early for its August recess after approving the nation's debt ceiling limit on Tuesday.

The delay in Cordray's confirmation hearing will have little or no impact, as Republicans are expected to block his confirmation. The opposition is calling on Congress to change the leadership of the CFPB into a board instead of a single director. Among other things, the Republicans are requesting that the CFPB's budget be subject to congressional approval and that other regulators have a greater say in the agency's supervision of banks.

The bureau will continue to be led by the Treasury's secretary pending Cordray's confirmation.