The Senate Republicans officially weigh in on Cordray’s nomination

more+
less-

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 they will oppose Mr. Cordray or any other nominee until major structural changes are made to the CFPB. While the administration might still believe that the D.C. Circuit Court’s opinion in Canning v. NLRB will be overturned, I doubt that belief will be fulfilled. As I stated in another blog post a few days ago, the Acting Secretary of the Treasury should immediately take appropriate action under Section 1066 of Dodd-Frank to ratify all of Mr. Cordray’s actions that the Secretary is empowered to take when there is no Director of the CFPB. While this is not a permanent solution, it will at least provide some comfort that the regulations issued by the Bureau are in full force and effect. The permanent solution will only occur when the President and House and Republican leadership are willing to make a deal which will eliminate the cloud hanging over the Bureau.


DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

© Ballard Spahr LLP | Attorney Advertising

Written by:

more+
less-

Ballard Spahr LLP on:

Reporters on Deadline

"My best business intelligence, in one easy email…"

Your first step to building a free, personalized, morning email brief covering pertinent authors and topics on JD Supra:

Sign up to create your digest using LinkedIn*

*With LinkedIn, you don't need to create a separate login to manage your free JD Supra account, and we can make suggestions based on your needs and interests. We will not post anything on LinkedIn in your name. Or, sign up using your email address.
×
Loading...
×
×