News & Analysis as of

Richard Cordray Political Appointments

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

by Ballard Spahr LLP on

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

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

by Ballard Spahr LLP on

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

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

by Baker Donelson on

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

by Ballard Spahr LLP on

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

by Ballard Spahr LLP on

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

by Ballard Spahr LLP on

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

by Ballard Spahr LLP on

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

by Ballard Spahr LLP on

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

No takers for CFPB Deputy Director

by Ballard Spahr LLP on

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!

by Ballard Spahr LLP on

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

by Foley & Lardner LLP on

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?

by Morrison & Foerster LLP on

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. Circuit NLRB Decision Casts Doubt on Validity of Cordray Appointment

by Ballard Spahr LLP on

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

by Foley & Lardner LLP on

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!

by Ballard Spahr LLP on

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

by Ballard Spahr LLP on

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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