News & Analysis as of

Administrative Appointments Consumer Financial Protection Bureau

Cordray's Departure Will Mean Big Changes at the CFPB

by Pepper Hamilton LLP on

One of two scenarios will likely occur in the near future at the CFPB. Either Director Richard Cordray will be fired by President Trump (for cause), or Cordray will resign to enter the 2018 Ohio gubernatorial race. If either...more

Why David Silberman, the CFPB’s Acting Deputy Director, will not succeed Richard Cordray (if and when he resigns)

by Ballard Spahr LLP on

On July 31, I published a blog post in which I suggested that, if Director Cordray resigns, Treasury Secretary Mnuchin would be the obvious and logical person to serve as CFPB Acting Director until President Trump nominates,...more

Can President Trump appoint an Acting Director upon Director Cordray’s departure?

by Ballard Spahr LLP on

Given the speculation that Director Cordray will soon resign to run for Ohio governor, we have been pondering whether President Trump could appoint an Acting Director upon his resignation or whether David Silberman, the...more

Your Daily Dose of Financial News

by Robins Kaplan LLP on

The CFPB made waves yesterday by adopting a rule that would prohibit financial firms from forcing customers to arbitrate their disputes over bank and credit card accounts (and by allowing class actions on those same issues)....more

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

by Ballard Spahr LLP on

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

CFPB announces senior leadership changes

by Ballard Spahr LLP on

The CFPB announced that the following individuals are joining its senior leadership team: - Leandra English is returning to the CFPB to serve as the Chief of Staff. Ms. English previously served in several senior CFPB...more

Dodd-Frank and Other Laws Facing Indefinite Future in 2017

As 2017 begins, financial markets and the regulators that oversee them are facing significant uncertainty. When President-elect Donald Trump assumes the Oval Office on Jan. 20, all indications suggest that it will mark a...more

Trump transition team names former SEC commissioner to CFPB landing team

by Ballard Spahr LLP on

According to Politico, the Trump transition team has created “landing teams” that will be tasked with going into federal agencies to prepare for the change in Administrations. Politico has reported that Paul Atkins, who...more

The Trump Administration: Change By Appointment

The election of Donald J. Trump as the 45th President of the United States, along with the Republican control of the majority of both the House of Representatives and the Senate, will likely result in significant changes in...more

"Looking Ahead: The U.S. Legal and Regulatory Environment Under a Trump Administration"

Election Day brought an end to a long period of uncertainty that caused market fluctuations and delayed business planning decisions. As we navigate the post-election landscape, many questions remain regarding the potential...more

CFPB announces senior leadership changes

by Ballard Spahr LLP on

The CFPB has announced the following senior leadership changes: Stacy Canan will serve as the CFPB’s Assistant Director for the Office for Older Americans. Ms. Canan had been serving as the deputy assistant director for...more

CFPB announces leadership changes

by Ballard Spahr LLP on

The CFPB has announced the following senior leadership changes: - Chris D’Angelo will serve as the CFPB’s Associate Director for Supervision, Enforcement and Fair Lending. He will replace David Bleicken. Mr. D’Angelo...more

D.C. federal district court rejects recess appointment challenge

by Ballard Spahr LLP on

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

CFPB hires Assistant Director for Office of Small Business Lending Markets; announces other senior leadership additions

by Ballard Spahr LLP on

Earlier this week, the CFPB announced the addition of several new members to its senior leadership team. The announcement included the news that the CFPB has filled the position of Assistant Director for the Office of...more

New Acting Deputy Director David Silberman of the CFPB Appointed Without Advice and Consent

Last week, the Consumer Financial Protection Bureau (CFPB) Director, Richard Corday, appointed David Silberman as the new Acting Deputy Director of the CFPB. Silberman will replace Meredith Fuchs, who previously served as...more

David Silberman to serve as CFPB acting deputy director

by Ballard Spahr LLP on

According to Politico, David Silberman will replace Meredith Fuchs as the CFPB’s acting Deputy Director beginning next week. Mr. Silberman has been serving as the CFPB’s Associate Director for research, markets, and...more

New CFPB General Counsel named

by Ballard Spahr LLP on

According to Politico, the CFPB has named Mary McLeod, formerly the State Department’s top lawyer, to be the CFPB’s new General Counsel. Ms. McLeod will replace Meredith Fuchs, the CFPB’s current General Counsel who has also...more

SEC Administrative Law Judges Ruled Unconstitutional

by Dorsey & Whitney LLP on

A recent decision from the U.S. District Court for the Southern District of New York concludes that the manner in which Administrative Law Judges (“ALJs”) of the U.S. Securities and Exchange Commission (“SEC”) are appointed...more

CFPB Announces New Set of Advisory Board Members

by McGuireWoods LLP on

On September 18, 2015, the CFPB announced that it was appointing new members to the Consumer Advisory Board, Community Bank Advisory Council, and the Credit Union Advisory Council. These three bodies advise CFPB leadership on...more

House Financial Services Committee Passes Bill to Change Management Structure of CFPB

by Ballard Spahr LLP on

Wednesday, the House Financial Services Committee passed by 35 to 24, H.R. 1266, which would replace the CFPB’s sole director with a bipartisan, five-member Commission. Also, the Committee passed 56 to 3, H.R. 957, which...more

CFPB announces new appointments to advisory groups

by Ballard Spahr LLP on

The CFPB announced the appointment of new members to its Consumer Advisory Board, Community Bank Advisory Council, and Credit Union Advisory Council. New members to the Consumer Advisory Board will serve three-year terms and...more

Financial Regulatory Developments Focus - August 2015 #3

by Shearman & Sterling LLP on

In this week's newsletter, we provide a snapshot of the principal US, European and global financial regulatory developments of interest to banks, investment firms, broker-dealers, market infrastructure providers, asset...more

Former CFPB Deputy Director joins Eastern Bank

by Ballard Spahr LLP on

The American Banker reported earlier this week that Steven Antonakes, the former CFPB Deputy Director, has joined Eastern Bank in Boston as a senior vice president and chief compliance officer. According to the article, the...more

More on the CFPB’s administrative law judge job posting

by Ballard Spahr LLP on

We reported earlier this week that the CFPB had recently posted a job opening for an administrative law judge (ALJ) and that the government jobs website indicated that the position was closed. We saw this as suggesting that...more

Meredith Fuchs named today as Acting Deputy Director of the CFPB

by Ballard Spahr LLP on

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

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