Five-time “Jeopardy!” champion Richard Cordray is now facing a different kind of jeopardy.   The validity of his recess appointment on January 4, 2012 as CFPB Director is under a dark cloud as a result of last Friday’s  decision by the U.S. Court of Appeals for the D.C. Circuit holding that the President’s contemporaneous recess appointments of three National Labor Relations Board members violated the U.S. Constitution’s Recess Appointments Clause.  The significance of this decision cannot be overstated as it raises a host of questions about the potential impact of a judicial ruling that Mr. Cordray’s recess appointment was similarly invalid. For a fuller description of the decision, see our legal alert. 

On February 4, 2013, from 12:00 p.m. to 1:30 p.m. ET, Ballard Spahr will hold a webinar on “The Impact of the D.C. Circuit Court NLRB Ruling on the CFPB.”  More information on the webinar and a link to register can be found here.