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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 calling upon the Senate to confirm Richard Cordray as CFPB Director without delay.  On the other side of the aisle, Nebraska Senator Mike Johanns, a Republican, on January 25 (the same day the Canning decision was issued) sent a letter to Mr.… Continue Reading

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 spokesperson has said that the Bureau “is not a party in the case decided today and the court’s ruling has no direct effect on the Bureau.”… Continue Reading

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.… Continue Reading

The D.C. Circuit has just released its decision in Noel Canning v. NLRB, holding that the NLRB lacked a quorum to take action against the company.  The Court of Appeals held, in a unanimous decision, that President Obama’s recess appointments to the NLRB were invalid because there was no “recess.”  You can read the opinion here.… Continue Reading

Richard Cordray was renominated today by President Obama to serve as CFPB Director for a five-year term.  The President’s recess appointment of Mr. Cordray only allows him to serve as CFPB Director until the end of this year.

Instead of waiting until later this year to renominate Mr. Cordray, the President may have decided to act now because of concerns about the outcome of  the case pending before the U.S.… Continue Reading

The American Law Institute’s launch of a project to create a “Restatement of the Law Third, Consumer Contracts” could have major consequences for providers of consumer financial services and other companies that contract with consumers. The project’s premise is that because ALI’s existing Restatement Second of Contracts generally takes a “one-size-fits-all” approach that does not distinguish between commercial and consumer contracts, it is inadequate, and a separate restatement of rules applicable to consumer contracts is needed.… Continue Reading

So much for my speculation that Raj Date would succeed Richard Cordray as CFPB Acting Director should Mr. Cordray leave the Bureau next year to run for Ohio governor as expected by many pundits.  Bloomberg has reported that a CFPB spokeswoman confirmed that Mr. Date, who currently serves as CFPB Deputy Director, plans to leave the CFPB on January 31, after the mortgage rules mandated by Dodd-Frank are finalized.  … Continue Reading

Richard Cordray testified yesterday before the Senate Banking Committee about the CFPB’s Semi-Annual Report covering activities for the first half of this year.  We previously blogged about the Report.

Cordray’s written testimony states:  “As of September 3, we have received 72,297 consumer complaints about credit cards, mortgages, and other financial products and services, and the pace of complaints has been increasing over the past year.”… Continue Reading

Last week, we reported that Leonard Chanin was leaving his position as Assistant Director for Regulations at the CFPB to return to private practice. His departure has now been officially announced by Director Cordray, together with a series of staffing changes.  Among those changes is that Kelly Thompson Cochran, who has been serving as the CFPB’s Deputy Assistant Director for Regulations, will assume Leonard’s responsibilities and serve as the Acting Assistant Director for Regulations. … Continue Reading