Barbara S. Mishkin

Barbara S. Mishkin

Ballard Spahr LLP

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Plaintiffs in Another Case Challenging CFPB's Constitutionality Move to Intervene in PHH Case

The plaintiffs in State National Bank of Big Spring, Texas, et al. v. Lew have filed a "Motion To Intervene In Any En Banc Proceeding That May Be Granted" in the PHH case. The motion follows the D.C. federal district court's...more

2/27/2017 - Administrative Proceedings Banking Sector Case Consolidation CFPB Constitutional Challenges Dodd-Frank En Banc Review Motion To Intervene PHH Corp. v CFPB Recess Appointments Removal For-Cause RESPA Richard Cordray Single Director Statutory Interpretation

Plaintiffs in another case challenging CFPB’s constitutionality move to intervene in PHH case

The plaintiffs in State National Bank of Big Spring, Texas, et al. v. Lew have filed a “Motion To Intervene In Any En Banc Proceeding That May Be Granted” in the PHH case. The motion follows the D.C. federal district court’s...more

2/16/2017 - Administrative Proceedings Banking Sector Banks Case Consolidation CFPB Constitutional Challenges Dodd-Frank En Banc Review Motion To Intervene PHH Corp. v CFPB Popular Removal For-Cause RESPA Richard Cordray Single Director Statutory Interpretation Summary Judgment

Another view on Presidential authority to remove Director Cordray

As rumors swirl that President-elect Trump is planning to remove Director Cordray immediately after January 20th, conflicting views have emerged about his authority to do so before the appeal in PHH is resolved. We...more

1/17/2017 - Administrative Proceedings Banking Sector CFPB Constitutional Challenges Dodd-Frank PHH Corp. v CFPB Removal For-Cause RESPA Richard Cordray Single Director Statutory Interpretation Trump Administration

Lawmakers take sides on Director Cordray’s future; Senator Warren urges consumer advocates to defend CFPB

Battle lines over Director Cordray’s future at the CFPB are predictably forming along party lines. Earlier this week, two Republican senators sent a letter to Vice President-elect Pence urging Director Cordray’s removal by...more

1/13/2017 - Banking Sector CFPB Constitutional Challenges Dodd-Frank En Banc Review Financial Services Committee PHH Corp. v CFPB Political Appointments Recess Appointments Removal For-Cause Richard Cordray Trump Administration

Tenth Circuit ruling on constitutionality of SEC administrative judges: implications for CFPB

Just before year-end, the U.S. Court of Appeals for the Tenth Circuit, in Bandimere v. United States Securities and Exchange Commission, set aside an SEC decision finding the petitioner liable for violating various securities...more

1/9/2017 - Administrative Proceedings ALJ Appointments Clause Article II Banking Sector CFPB Constitutional Challenges Financial Sector Political Appointments Richard Cordray SEC

Civil rights groups voice support for Director Cordray

Earlier this week, we blogged about reports that Director Cordray has no plans to leave the CFPB before his term expires in July 2018. Yesterday, several national civil rights groups issued a joint statement applauding the...more

12/23/2016 - CFPB Fair Lending Joint Statements Predatory Lending Remedies Richard Cordray

Director Cordray reported to have no departure plans

Politico has reported that CFPB Communications Director Jen Howard has indicated in an e-mail that Director Cordray has no current plans to leave the CFPB. According to Politico, Ms. Howard stated “Director Cordray was...more

12/20/2016 - Administrative Proceedings CFPB Constitutional Challenges Dodd-Frank PHH Corp. v CFPB Removal For-Cause RESPA Richard Cordray Single Director Statutory Interpretation

Director Cordray Responds To Letter from Senators Seeking Tailored Rulemaking for Community Banks and Credit Unions

Last month, a bipartisan group of 70 senators were signatories to a letter sent to Consumer Financial Protection Bureau (CFPB) Director Richard Cordray urging the CFPB to “carefully tailor its regulations to match the unique...more

9/6/2016 - Banking Sector Banks CFPA CFPB Community Banks Consumer Financial Products Covered Person Credit Unions Dodd-Frank Exemptions Financial Institutions HMDA HOEPA Mortgages Qualified Mortgage Rule Real Estate Market Regulatory Oversight Richard Cordray Rural Areas SBREFA

Director Cordray responds to letter from Senators seeking tailored rulemaking for community banks and credit unions

Last month, a bipartisan group of 70 Senators were signatories to a letter sent to Director Cordray urging the CFPB to “carefully tailor its regulations to match the unique nature of community banks and credit unions.” In...more

8/23/2016 - Banking Sector Banks CFPA CFPB Community Banks Consumer Financial Products Credit Unions Dodd-Frank Financial Institutions Regulatory Oversight Richard Cordray

D.C. federal district court rejects recess appointment challenge

The D.C. federal district court has rejected the plaintiffs’ attempt in State National Bank of Big Spring, Texas, et al. v. Lew, et al. to invalidate the actions taken by Director Cordray while he was a recess appointee. The...more

7/14/2016 - Administrative Appointments Appointments Clause Article II Banking Sector Canning v NLRB CFPB Constitutional Challenges Dodd-Frank Enforcement Actions Recess Appointments Richard Cordray

Ninth Circuit Rejects Director Cordray's Recess Appointment as Defense to CFPB Enforcement Action; Dissenting Judge Disagrees

Since it was filed in a California federal court in July 2012, we have been following Consumer Financial Protection Bureau (CFPB) v. Chance Edward Gordon, a case in which the CFPB alleged that an attorney duped consumers by...more

5/2/2016 - Article III Barack Obama Canning v NLRB CFPA CFPB Corporate Counsel Dodd-Frank Enforcement Actions Federal Jurisdiction Recess Appointments Regulation O Richard Cordray Standing

Ninth Circuit rejects Director Cordray’s recess appointment as defense to CFPB enforcement action; dissenting judge disagrees

Since it was filed in a California federal court in July 2012, we have been following CFPB v. Chance Edward Gordon, a case in which the CFPB alleged that an attorney duped consumers by falsely promising loan modifications in...more

4/20/2016 - Canning v NLRB CFPA CFPB Dodd-Frank Fees Loan Modifications Mortgages Recess Appointments Regulation O Richard Cordray

Republican Congressmen seek CFPB forum on impact of payday lending rule on state and tribal sovereignty

Two Republican members of the House Financial Services Committee, Randy Neugebauer and Mick Mulvaney, have sent a letter to Director Cordray asking him to convene a forum or roundtable of state and tribal officials before the...more

4/12/2016 - CFPB Consumer Lenders Internet Lenders Native American Issues Payday Loans Richard Cordray Sovereign Immunity Tribal Loans

Director Cordray defends CFPB positions in appearance before Senate Banking Committee; comments on small business lending and...

Much of Director Cordray’s testimony in his appearance before the Senate Banking Committee yesterday consisted of his predictable defense of various CFPB positions. While the hearing was much less contentious than last...more

4/8/2016 - Automotive Loans Banking Sector CFPB Disparate Impact Dodd-Frank ECOA Enforcement Actions Finance Lease Contract Lending No-Action Letters Richard Cordray Senate Banking Committee Small Business

Director Cordray appears before House Financial Services Committee

Director Cordray was the sole witness at the hearing held yesterday by the House Financial Services Committee, which was entitled “The Semi-Annual Report of the Bureau of Consumer Financial Protection.” In November 2015, the...more

3/18/2016 - Automotive Loans CFPB Class Action Arbitration Waivers Discriminatory Lending Practices Disparate Impact ECOA Payment Systems Prepaid Payment Products Richard Cordray Rulemaking Process TILA-RESPA Integrated Disclosure Rule (TRID)

Director Cordray to appear at Financial Inclusion Forum hosted by Treasury Dept.

Director Cordray is scheduled to be a panelist at the Financial Inclusion Forum to be held in Washington, D.C. on December 1, 2015. Hosted by the U.S. Department of the Treasury and the U.S. Agency for International...more

12/1/2015 - CFPB Consumer Financial Products Financial Services Industry Richard Cordray

Challenge to CFPB’s constitutionality reemerges

The issue of the CFPB’s constitutionality reemerged last week in court and Congress. On the judicial front, the U.S. Court of Appeals for the D.C. Circuit, in State National Bank of Big Spring, Texas, et al. v. Lew, et al.,...more

7/28/2015 - Banking Sector Banks Canning v NLRB CFPB Dodd-Frank Financial Institutions FSOC Motion to Dismiss Richard Cordray SCOTUS Standing Title II

Director Cordray to appear before Senate Banking Committee on July 15

On July 15, 2015, the Senate Committee on Banking, Housing and Urban Affairs will hold a hearing on “The Consumer Financial Protection Bureau’s Semi-Annual Report to Congress.” Director Cordray is the only scheduled witness....more

7/7/2015 - CFPB Richard Cordray

Community groups want CFPB action on small business lending data collection rules

A recent American Banker article written by officials of three community groups urges President Obama to publicly denounce Director Cordray for failing to issue regulations implementing the small business lending data...more

7/3/2015 - Banks Barack Obama Data Collection Dodd-Frank ECOA Richard Cordray Small Business

Lawmakers urge CFPB to reopen arbitration study

A group of more than 80 House and Senate Republicans have sent a letter to Director Cordray asking the CFPB to reopen its arbitration study. The CFPB released the final results of its empirical study of consumer arbitration...more

6/19/2015 - Arbitration CFPB Consumer Financial Contracts Consumer Financial Products Consumer Lenders Dodd-Frank Richard Cordray Trade Associations

58 members of Congress urge CFPB to ban consumer arbitration

Senator Al Franken and 57 other members of Congress signed a letter sent to Director Cordray last week urging the CFPB “to move forward quickly to use its authority under the Dodd-Frank Act to issue strong rules to prohibit...more

5/26/2015 - Arbitration CFPB Consumer Financial Contracts Consumer Lenders Legislative Agendas Richard Cordray

Liberal and minority caucuses press Director Cordray for payday loan limits

The leaders of four liberal and minority Congressional caucuses have written to Director Cordray to urge the CFPB to adopt “strong protections” for payday loans. The letter was signed by the co-chairs of the Congressional...more

3/6/2015 - CFPB Legislative Agendas Payday Loans Richard Cordray

Director Cordray to testify on March 3 before House Financial Services Committee

The House Financial Services Committee will hold a hearing tomorrow, March 3, entitled “The Semi-Annual Report of the Bureau of Consumer Financial Protection” at which Director Cordray is expected to testify. The most recent...more

3/2/2015 - CFPB Congressional Investigations & Hearings Financial Services Committee Richard Cordray

Director Cordray speaks to the National Association of Attorneys General

As he has done in prior years, Director Cordray spoke earlier this week to the National Association of Attorneys General. His prepared remarks focused on the familiar theme of “the four Ds” that create obstacles for consumers...more

2/26/2015 - Attorney Generals CFPB Consumer Financial Products Debt Discrimination Enforcement Statistics Richard Cordray Unfair or Deceptive Trade Practices

Director Cordray provides update on CFPB’s public library partnerships

In his remarks last week at the Columbus Metropolitan Library, Director Cordray spoke about the partnerships that the CFPB is building with public libraries around the country to promote accessible financial education...more

12/11/2014 - CFPB Libraries Public Private Partnerships (P3s) Richard Cordray

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