CFPB, Federal Agencies, State Agencies, and Attorneys General
The CFPB announced today that the following individuals are joining its leadership team:
CFPB Director Richard Cordray was among the federal financial regulators who attended a closed door meeting yesterday with President Obama. Other regulators attending the meeting included the Chairs of the Fed, FDIC and SEC. At the meeting, President Obama was expected to urge the regulators to complete Dodd-Frank rulemaking.
The Dodd-Frank rulemaking still on the CFPB’s “to do” list includes rules to implement the Dodd-Frank amendments to the Equal Credit Opportunity Act that require financial institutions to collect and maintain certain data in connection with credit applications made by women- or minority-owned businesses and small businesses and to the Home Mortgage Disclosure Act that greatly increase the types of information that financial institutions must report. … Continue Reading
That was the message delivered by CFPB Assistant Director, To-Quyen Truong, at a program entitled “The CFPB’s Amicus Program and Trends in Consumer Litigation” sponsored by the Committee on Consumer Financial Services of the Business Law Section, which took place at the American Bar Association Annual Meeting on Saturday, August 10 in San Francisco.… Continue Reading
We have previously blogged about a number of senior CFPB staff who have left the agency. Politico has reported that yet another senior staff person has left the Bureau. This time it is Sendhil Mullainathan, Assistant Director for Research. He joined the agency in May 2011 after being a Professor of Economics at Harvard.… Continue Reading
Earlier this week, the CFPB announced the addition of the following four people to its leadership team:
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 Director of the CFPB. The confirmation vote is expected later today.… Continue Reading
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. Stay tuned for further developments!… Continue Reading
The CFPB’s leadership ‘brain drain” seems to be continuing, with Politico reporting that Richard Hackett, the Bureau’s Assistant Director for installment and liquidity lending markets, is planning to leave the CFPB later this summer. Just two weeks ago, we reported about the departures of three top CFPB officials to join the firm founded by former CFPB Deputy Director Raj Date. … Continue Reading
Raj Date and Fenway Summer LLC has hit a triple for the ages. In a highly acclaimed move, Fenway Summer added to its depth and its ability to execute on its vision by adding three more top CFPB officials. Garry Reeder, chief of staff; Chris Haspel, senior advisor for mortgage servicing and securitization; and regulatory senior counsel Mitchell Hochberg will join the firm founded by former CFPB deputy director Raj Date.… Continue Reading
We have been following very closely developments in NLRB v. Noel Canning, the case seeking Supreme Court review of the D.C. Circuit Court’s judgment invalidating President Obama’s January 4, 2012 appointment of several NLRB members. This case will likely determine the fate of Richard Cordray, who was appointed as Director of the CFPB on the same day and through the same assertion of “recess” appointment authority as the NLRB members in Noel Canning.… Continue Reading
