News & Analysis as of

Supreme Court Unanimously Strikes Down Recess Appointment

On June 26, 2014, the United States Supreme Court unanimously struck down three appointments President Obama made to the National Labor Relations Board on January 4, 2012, purportedly under the U.S. Constitution’s Recess...more

Who's Who in the CFPB: Key Players in the New Agency

Richard Cordray became the first Director of the CFPB over the summer when President Obama named him to the post through a controversial recess appointment. This came after the Senate blocked Cordray's nomination in 2011....more

D.C. federal court grants CFPB’s motion to dismiss in State National Bank of Big Spring

Yesterday, the CFPB’s motion to dismiss was granted in State National Bank of Big Spring, Texas, et al. v. Lew, et al., the case filed in federal district court in Washington, D.C. that included a challenge to President...more

Financial Services Legislative and Regulatory Update -- July 15, 2013

In This Issue: Leading the Past Week; Legislative Branch; Executive Branch; International; and Upcoming Hearings. Excerpt from Leading the Past Week - Although there were several hearings and major...more

Senate appears poised to confirm Richard Cordray as Director of the CFPB

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

Senate votes in favor of cloture for confirmation of Richard Cordray as Director of the CFPB

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

Will Senator Reid “go nuclear”? Observers see even odds

According to Isaac Boltansky of Compass Point, “the rubber will hit the road” tomorrow morning on whether Senator Harry Reid will “go nuclear” and seek to change Senate filibuster rules to only require 51 rather than 60 votes...more

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

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

Senate Banking Committee Approves Nominees For Top CFPB, SEC Spots

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

No takers for CFPB Deputy Director

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

Let the political posturing begin!

Predictably, political posturing in reaction to the D.C. Circuit’s Canning decision has already begun. According to media reports, South Dakota Senator Tim Johnson, a Democrat who heads the Senate Banking Committee, is...more

Raj Date Steps Down at CFPB; Steve Antonakes Named as Acting Deputy Director

On January 31, 2013, Deputy Director Raj Date officially stepped down from his position as the second-highest official in the CFPB. Date was the first deputy director of the agency, and was closely involved with Elizabeth...more

D.C. Circuit Hands the CFPB a Setback?

At the end of last week, the U.S. Court of Appeals for the District of Columbia Circuit issued its decision in Noel Canning v. National Labor Relations Board, holding that President Obama’s recess appointments to the National...more

D.C. Court Holds President's Recess Appointments "Constitutionally Invalid," Raising Questions About CFPB's Exercise of Authority...

The U.S. Court of Appeals for the District of Columbia issued an opinion Jan. 25, 2013, that overturns President Barack Obama's recess appointments of three National Labor Relations Board members and opens the door to...more

D.C. Circuit NLRB Decision Casts Doubt on Validity of Cordray Appointment

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

CFPB Powers Could Be Invalidated Following Ruling on NLRB Recess Appointments

On January 25, 2013, the U.S. Court of Appeals for the D.C. Circuit ruled that President Obama’s purported “recess appointments” to the NLRB last year are constitutionally invalid....more

Keeping a stiff upper lip is no answer here!

While the CFPB has not yet issued a formal written statement about the impact of the D.C. Circuit’s recent opinion in Canning v. NLRB on the Bureau, the Wall Street Journal reported in its weekend edition that a CFPB...more

D.C. Court of Appeals may soon invalidate President Obama’s NLRB recess appointments: implications for CFPB

Earlier today, we reported on the panel discussion of the lawsuit filed by State National Bank of Big Spring that took place at the ABA Committee on Consumer Financial Services in Naples, Florida during a session entitled...more

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