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
2/3/2017
/ Administrative Appointments ,
Banking Sector ,
Consumer Financial Protection Bureau (CFPB) ,
Dodd-Frank ,
Federal Vacancies Reform Act ,
PHH Corp. v CFPB ,
Recess Appointments ,
Removal For-Cause ,
Richard Cordray ,
Single Director ,
Statutory Interpretation ,
Trump Administration
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
1/24/2017
/ Banking Sector ,
Constitutional Challenges ,
Consumer Financial Protection Bureau (CFPB) ,
Data Collection ,
Dodd-Frank ,
Enforcement Actions ,
Loans ,
Recess Appointments ,
Removal For-Cause ,
Richard Cordray ,
Rulemaking Process ,
Small Business ,
Trump Administration
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
1/23/2017
/ Appeals ,
Constitutional Challenges ,
Consumer Financial Protection Bureau (CFPB) ,
Dodd-Frank ,
Federal Register ,
Financial Institutions ,
PHH Corp. v CFPB ,
Regulatory Oversight ,
Removal For-Cause ,
Richard Cordray ,
Single Director ,
Trump Administration
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
11/10/2016
/ Administrative Proceedings ,
Arbitration ,
Automotive Loans ,
Banking Sector ,
Consumer Financial Protection Bureau (CFPB) ,
Dodd-Frank ,
Fair Lending ,
Payday Loans ,
PHH Corp. v CFPB ,
Popular ,
Presidential Nominations ,
Removal For-Cause ,
Richard Cordray ,
Single Director ,
Trump Administration
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
10/21/2016
/ Administrative Proceedings ,
Article II ,
Banking Sector ,
Constitutional Challenges ,
Consumer Financial Protection Bureau (CFPB) ,
Dodd-Frank ,
Financial Services Committee ,
OIRA ,
PHH Corp. v CFPB ,
Removal For-Cause ,
Richard Cordray ,
Single Director ,
Statutory Interpretation
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
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, 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
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
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
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
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
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
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
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
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
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
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
In a letter sent last week to Director Cordray, the Chamber of Commerce’s Center for Capital Markets Competitiveness suggested several steps “based upon the actual experiences of numerous individual businesses” for the CFPB...more
President Obama’s renomination of Richard Cordray to serve as CFPB Director is now official. On February 13, the White House announced that his nomination was sent to the Senate....more
We have been following the case filed this past summer by the CFPB in a California federal court against an attorney and his law firm that offered mortgage assistance relief services to consumers. In CFPB v. Chance Edward...more
It is not surprising to me that Director (yes, he is still the Director until a court rules otherwise) Cordray has had difficulty finding a Deputy Director to fill Raj Date’s position....more
Whatever hope President Obama may have had that his nomination of Richard Cordray to serve a five-year term as Director of the CFPB vanished today when 43 Republican Senators joined in a letter to the President saying that...more
The word on the street is that tomorrow Richard Cordray will appoint a new Deputy Director to replace Raj Date who has been serving in that capacity since Jan. 6 of 2012....more
The validity of President Obama’s January 2012 recess appointment of Richard Cordray as Director of the Consumer Financial Protection Bureau is now under a dark cloud as a result of the decision by the U.S. Court of Appeals...more