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Richard Cordray’s tenure as CFPB Director is uncertain

Clients are always asking me and others in our Consumer Financial Services Group about how long Richard Cordray will remain as CFPB Director. The short answer is nobody knows, perhaps not even Richard Cordray. ...more

Director Cordray rehashes history behind CFPB’s creation and its final regulations

On March 30, Director Cordray gave his annual speech to the United States Chamber of Commerce’s 11th Annual Capital Markets Summit.  His prepared remarks focused on the CFPB’s role in adopting regulations....more

Consumer advocates are split on whether Director Cordray should finalize arbitration rule

On Monday, during “The CFPB Speaks” panel I moderated that was part of the Practicing Law Institute’s 22nd Annual Consumer Financial Services Institute in Manhattan, Diane Thompson, Deputy Assistant Director of the CFPB’s...more

Director Cordray and Comptroller Curry speak at LendIt USA conference

Earlier this week, we attended the LendIt USA conference in New York City, a leading annual fintech conference, at which CFPB Director Richard Cordray and Comptroller of the Currency Thomas Curry both spoke....more

Cordray’s CNBC interview answers few questions

Recently, Richard Cordray was interviewed by CNBC while eating breakfast at a diner in his hometown in Ohio.  The interview was more noteworthy for what it failed to cover than for what it covered.  He was not asked the...more

Trump ignores Dodd-Frank and CFPB in Congressional address

In his more than one hour nationwide address last night to a joint session of Congress, President Trump discussed a broad range of topics: repeal of Obamacare, tax relief, immigration, rebuilding the Country’s...more

Director Cordray responds to questions on proposed arbitration rule

Director Cordray has sent a letter to Senator Jeff Flake responding to a series of questions posed by the Senator on the CFPB’s proposed arbitration rule. The comment period on the proposed rule closed on August 22, 2016. ...more

Some thoughts on President Trump’s authority to replace Director Cordray

There has been some debate about President Trump’s authority to designate a replacement for Director Cordray should he resign or be removed by the President. The Dodd-Frank Act authorizes the CFPB Director to appoint a...more

Director Cordray’s Wall Street Journal interview today

Here are the highlights from Richard Cordray’s interview earlier today with the Wall Street Journal. He refused to respond to the question of whether or not the memo issued on January 20 on behalf of President Trump by...more

Trump Administration issues regulatory freeze; application to CFPB uncertain

On Inauguration Day, Reince Priebus, Assistant to the President and Chief of Staff, issued a “Memorandum for the Heads of Executive Departments and Agencies” with the subject line “Regulatory Freeze Pending Review” that...more

Election results portend significant changes for CFPB

As a result of Donald J. Trump’s election as President, coupled with the Democrats’ failure to wrest control of the House or Senate from the Republicans, the CFPB can be expected to undergo significant changes that are likely...more

Hensarling seeks assurance of CFPB compliance with limits on executive agencies

Republican Congressman Jeb Hensarling, who chairs the House Financial Services Committee, has sent a letter to Director Cordray asking him to provide written assurance by October 26, 2016 that, as a result of the D.C....more

Chamber of Commerce suggests issues for CFPB to address at May 5 arbitration field hearing

The U.S. Chamber of Commerce’s Center for Capital Markets Competitiveness has sent a letter to Director Cordray suggesting a series of issues for Mr. Cordray to address in his prepared remarks at the CFPB’s field hearing on...more

Director Cordray signals no change in direction regarding arbitration

At a presentation on February 18, 2016 to the American Constitution Society, CFPB Director Richard Cordray devoted most of his remarks to the subject of consumer arbitration. Director Cordray revealed that the effect on...more

Meredith Fuchs named today as Acting Deputy Director of the CFPB

Meredith Fuchs, the General Counsel of the CFPB, has been named today by Director Cordray to be the Acting Deputy Director of the CFPB effective August 1, 2015. The CFPB previously announced that the existing Deputy Director...more

Filibuster rule change: an explanation for Director Cordray’s confirmation?

Numerous media sources have reported that Senate Democrats “went nuclear” today and, by a vote of 52-48, voted to change Senate filibuster rules to only require 51 (a simple majority) rather than 60 votes for most...more

CFPB responds to letter from Senators raising concerns about auto fair lending guidance

The CFPB has responded to the October 30 letter it received from a bipartisan group of 22 U.S. Senators raising concerns about the fair lending auto finance bulletin issued by the CFPB this past March. The Senators’ letter...more

CFPB plans to continue targeting of individuals in enforcement actions

In a speech last week to the Reuters Washington Summit, Director Cordray is reported to have indicated that the CFPB is committed to pursuing individuals, and not just companies, when exercising its enforcement authority. Mr....more

New book chronicles creation of CFPB

Since today is the “day after” Richard Cordray’s confirmation as CFPB Director, it is perhaps fitting for me to be writing about a book that provides some history of the CFPB....more

Senate appears poised to confirm Richard Cordray as Director of the CFPB

I heard from many media sources that a “deal” has been struck in the Senate which will result in Richard Cordray being confirmed by the Senate as Director of the CFPB for a 5-year term....more

Senate votes in favor of cloture for confirmation of Richard Cordray as Director of the CFPB

The Senate voted 71-29 in favor of cloture. That means that the Republicans will not use the threat of the filibuster to block a confirmation vote in the Senate of Richard Cordray’s nomination by President Obama to be...more

Supreme Court agrees to take on recess appointment controversy

On June 24, 2013, the U.S. Supreme Court agreed to review the D.C. Circuit’s decision in Noel Canning v. NLRB invalidating President Obama’s January 4, 2012 appointment of three NLRB members....more

CFPB payday and deposit advance loans white paper draws industry fire

The CFPB’s white paper on payday and deposit advance loans received well-deserved criticism in a letter to Director Cordray from the Community Financial Services Association of America (CFSA), a national trade organization...more

No fireworks at Cordray nomination hearing

Not only did the Senate Banking Committee hearing this morning on Richard Cordray’s nomination to be CFPB Director produce no fireworks, there were moments when Committee members seemed to forget he was in the hearing room....more

3/13/2013  /  CFPB , Nominations , Richard Cordray

Director Cordray targets payday and student lenders in remarks to Consumer Advisory Board

Director Cordray’s prepared remarks for yesterday’s meeting of the CFPB Consumer Advisory Board contained some particularly ominous signs for student and payday lenders. ...more

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