CFPB Director

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On February 25, the Financial Literacy and Education Commission (FLEC) held a field hearing as part of America Saves Week to discuss financial education in the workplace, including how to deliver financial education to employees. During the field hearing, CFPB Director Richard Cordray, who also serves as the FLEC vice chair, delivered remarks encouraging employers to voluntarily implement financial education programs for their employees.… Continue Reading

The CFPB showed its strong support for the Consumer Federation of America (CFA) during the first day of the CFA’s 2013 Financial Services Conference entitled, “The Consumer in the Financial Services Revolution.” CFPB Director Richard Cordray delivered a keynote address during which he stated that, “The Consumer Federation of America has been one of our foremost and fiercest allies for consumers … It is a special treat for me to speak today with a group that is so closely aligned to our own goals.”… Continue Reading

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

Whatever hope President Obama may have had that his nomination of Richard Cordray to serve a five-year term as Director of the CFPB vanished today when 43 Republican Senators joined in a letter to the President saying that they will oppose Mr. Cordray or any other nominee until major structural changes are made to the CFPB.… Continue Reading

On Tuesday April 17, Senate Minority Leader Mitch McConnell (R-Ky.) announced that he and other Senate Republicans intend to file a brief amicus curiae in a case challenging the validity of President Obama’s January 4 recess appointments to the National Labor Relations Board. The case, Noel Canning v. NLRB, challenges an NLRB cease and desist order relating to a purported refusal to bargain, and is currently pending before the United States Court of Appeals for the D.C.… Continue Reading

Until someone has standing to challenge President Obama’s recess appointment of Richard Cordray as Director of the Bureau, people with an interest in the issue have been following challenges to Obama’s three contemporaneous recess appointments to the NLRB. Last week, in the first of two cases making such a challenge, Judge Amy Berman Jackson avoided deciding the constitutional question, which she characterized as a “political dispute” without invoking the political question doctrine, and relied instead on procedural and substantive labor law grounds.… Continue Reading

As Alan Kaplinsky recently noted, a challenge brought against the NLRB could well become an indirect vehicle for calling into question the validity of President Obama’s recess appointment of Richard Cordray to head the CFPB. Even as he wrote that blog, a case was pending in federal district court before Judge Amy Berman Jackson in the District of Columbia that may now become that vehicle.… Continue Reading

Two days after President Obama’s January 4 recess appointments to the NLRB and the CFPB, DOJ’s Office of Legal Counsel (“OLC”) issued a 23-page opinion (not publicly released until January 12) on the legality of those appointments (the “Opinion”). Written against a backdrop of pro forma Senatorial sessions which began in 2007 in the Bush administration and continue during the current administration, the Opinion addresses two issues: (1) whether the President had authority to make recess appointments during the recess that included January 4, 2012, and (2) whether the pro forma sessions disabled him from making such recess appointments.… Continue Reading

According to an article appearing last week in The Hill, consumer groups are urging President Obama to end-run the Senate’s failure to confirm his nominee for Director of the CFPB, Richard Cordray, by using the presidential recess appointment power. The exercise of such a power has been made problematic by the use of “pro forma” sessions in the House to keep Congress in session and avoid any period in which there is a recess.… Continue Reading