Richard Cordray

No Opposition Expected to SG’s Certiorari Petition in Noel Canning

by Keith R. Fisher | Ballard Spahr LLP on 5/21/2013

As we reported earlier, the Solicitor General of the United States (SG) has filed in the U.S. Supreme Court a petition for a writ of certiorari to the U.S. Court of Appeals for the District of Columbia Circuit in Noel Canning...more

Further Setback for the CFPB Director’s Authority?

by Marc Hearron, Andrew M. Smith, Nancy R. Thomas | Morrison & Foerster LLP on 5/20/2013

A split panel of the U.S. Court of Appeals for the Third Circuit issued a decision yesterday holding that a “recess” appointment to the National Labor Relations Board (NLRB) was unconstitutional and invalid. NLRB v. New Vista...more

NEWS FLASH: Third Circuit agrees with D.C. Circuit reading of Recess Appointments Clause

by Barbara S. Mishkin | Ballard Spahr LLP on 5/17/2013

The dark cloud that has been hanging over CFPB Director Richard Cordray’s recess appointment just got darker. In a 2-1 decision in NLRB v. New Vista Nursing and Rehabilitation, the U.S. Court of Appeals for the Third Circuit...more

Senate appears to be nearing vote on Cordray renomination

by Barbara S. Mishkin | Ballard Spahr LLP on 5/16/2013

Bloomberg has reported that, according to a spokesman for Senate Majority Leader Harry Reid, the Senate will vote next week on whether to advance President Obama’s renomination of Richard Cordray to serve as CFPB Director....more

CFPB announces criminal referral relating to alleged debt-relief scam

by Barbara S. Mishkin | Ballard Spahr LLP on 5/8/2013

At a press conference yesterday in New York City, Director Cordray announced that the CFPB had made a criminal referral to the United States Attorney for the Southern District of New York arising out of the CFPB’s...more

CFPB payday and deposit advance loans white paper draws industry fire

by Alan S. Kaplinsky | Ballard Spahr LLP on 5/7/2013

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

The S.G.’s Cert. Petition in Noel Canning; No Opposition Will Be Filed

by Keith R. Fisher | Ballard Spahr LLP on 5/7/2013

As reported in last week’s news flash, the Solicitor General (S.G.), as expected, has, on behalf of the NLRB, filed in the Supreme Court a petition for a writ of certiorari to the D.C. Circuit in the Noel Canning case. As we...more

Director Cordray urges financial education for young Americans

by Barbara S. Mishkin | Ballard Spahr LLP on 5/3/2013

In remarks given earlier this week at the Investing in Our Future Conference in Washington, D.C., Director Cordray spoke about the need to make financial education a part of the school curriculum for the nation’s children and...more

Senators Raise Concerns About CFPB’s Data Collection

by BuckleySandler LLP on 5/3/2013

On April 23, the Senate Banking Committee held a hearing during which CFPB Director Richard Cordray testified on the CFPB’s semiannual report to Congress. A substantial portion of the hearing focused on the CFPB’s collection...more

CFPB Announces Field Hearing On Student Loan Issues

by BuckleySandler LLP on 4/29/2013

On April 18, the CFPB announced a field hearing about student loan issues, to be held in Miami-Dade County on May 8, 2013. The CFPB has not yet announced witnesses but has stated the event will feature remarks from CFPB...more

CFPB to hold student loan field hearing on May 8

by John L. Culhane, Jr. | Ballard Spahr LLP on 4/22/2013

UniversityThe CFPB has announced that on May 8, 2013, it will hold a field hearing in Miami-Dade County, Florida on student loan borrowers. CFPB Director Richard Cordray will be giving remarks at the event....more

Infobytes - A Weekly In-depth review of news & developments in the financial services industry - April 19, 2013

by BuckleySandler LLP on 4/22/2013

In This Issue: - FEDERAL ISSUES - STATE ISSUES - COURTS - FIRM NEWS - FIRM PUBLICATIONS - MORTGAGES - BANKING - CONSUMER FINANCE - SECURITIES - CREDIT CARDS - Excerpt from Consumer...more

Congressional Research Service issues two reports on Canning decision

by Barbara S. Mishkin | Ballard Spahr LLP on 4/10/2013

The D.C. Circuit’s January 2013 decision in Noel Canning v. NLRB is the subject of two recently-issued reports by the Congressional Research Service. The decision held that President Obama’s recess appointments of three...more

Six Things to Know about the CFPB

by Jonathan L. Pompan | Venable LLP on 4/10/2013

Since opening for business in July 2011, the Consumer Financial Protection Bureau (“CFPB” or the “Bureau”) has focused on regulating consumer financial markets and protecting consumers through studying markets, educating...more

CFPB expanding public complaint database

by Barbara S. Mishkin | Ballard Spahr LLP on 3/28/2013

The answer to the mystery of what the CFPB would be announcing at its field hearing today in Des Moines, Iowa has now been revealed. At the hearing, Director Cordray will be announcing that the CFPB is expanding the...more

House Financial Services Committee Chair Challenges CFPB Funding

by Michael Mallow, Michael Thurman | Loeb & Loeb LLP on 3/27/2013

House Financial Services Committee Chairman Jeb Hensarling (R-Texas) sent a letter March 8 to Federal Reserve Board Chairman Ben Bernanke challenging the Fed's funding of the Consumer Financial Protection Bureau. Hensarling's...more

Senate Banking Committee Approves Nominees For Top CFPB, SEC Spots

by BuckleySandler LLP on 3/27/2013

On March 19, the Senate Banking Committee approved Mary Jo White to serve as SEC Commissioner/Chair through June 2014, and Richard Cordray to serve a five-year term as CFPB Director. The vote on Ms. White was 20-1. Senator...more

Financial Services Legislative And Regulatory Update -- March 25‚ 2013

by Abby Matousek, Jason M. Rosenstock | Mintz Levin - Public Finance on 3/26/2013

In This Issue: Leading the Past Week; Legislative Branch; Executive Branch; and Upcoming Hearings. Excerpt from Leading the Past Week - Members rushed out of town at the end of last week for a two-week...more

Senate Banking Committee Holds Confirmation Hearing For CFPB Director, SEC Commissioner

by BuckleySandler LLP on 3/25/2013

On March 12, the Senate Banking Committee held a confirmation hearing for Richard Cordray to serve as CFPB Director, and for Mary Jo White to serve as SEC Commissioner/Chairman. While majority and minority committee members...more

Federal Government Plans Appeal Of Recess Appointment Ruling

by BuckleySandler LLP on 3/25/2013

On March 12, the National Labor Relations Board (NLRB) announced that it will seek, in consultation with the Department of Justice, U.S. Supreme Court review of the D.C. Circuit Court’s decision invalidating the appointment...more

CFPB To Hold Field Hearing On Consumer Complaints

by BuckleySandler LLP on 3/21/2013

On March 11, the CFPB announced a field hearing about its Consumer Complaint Database, to be held in Des Moines, IA on March 28, 2013. The CFPB has not yet announced witnesses but has stated the event will feature remarks...more

You Need to Pay Attention to the Consumer Financial Protection Bureau

by Rich Benenson, Eric Berg, Jeffrey Rugg, Jonathan Sandler | Brownstein Hyatt Farber Schreck on 3/21/2013

For those companies who pay attention to the always evolving regulatory environment as we do at Brownstein Hyatt Farber Schreck, you have likely heard the debate regarding the validity of rules promulgated by organizations...more

Breakfast with Mitch McConnell

by Timothy Lupinacci | Baker, Donelson, Bearman, Caldwell &... on 3/20/2013

Today I had the pleasure of having breakfast with Senate Minority Leader Mitch McConnell (R-KY) at Baker Donelson's Washington, D.C. office. ...more

Consumer Financial Protection Bureau Remains In Limbo

by Lloyd B. Chinn, Harris M. Mufson, Steven J. Pearlman | Proskauer - Whistleblowing & Retaliation on 3/19/2013

The authority and leadership of the Consumer Financial Protection Bureau (CFPB), a body created by Dodd-Frank to regulate consumer protection of financial products and services, continues to remain in limbo in the wake of the...more

Financial Services Legislative And Regulatory Update -- March 18‚ 2013

by Abby Matousek, Jason M. Rosenstock | Mintz Levin - Public Finance on 3/18/2013

In This Issue: Leading the Past Week; Legislative Branch; Executive Branch; and Upcoming Hearings. Leading the Past Week - It was another busy week on the Hill and in the Administration, but it may have...more

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