Cordray

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Three members of the House Committee on Financial Services have sent a letter dated May 2, 2012 to Director Cordray to express their dissatisfaction with Mr. Cordray’s March 26 response to their February 22 written request for budget information. That information was sought as a follow up to Director Cordray’s testimony to the Subcommittee on Oversight and Investigations on February 15, 2012.… Continue Reading

We received an email from one of our readers, reporting on a recent meeting between CFPB Director Cordray and representatives of the South Dakota banking and credit union industries. We very much appreciate the report and encourage other readers to share their observations with us. Topics addressed in the meeting included the impact of consumer regulation on small banks and the ability to provide financial products and services; competition between community banks and credit unions and large banks; regulatory uncertainty regarding new products; the need for payday loans or payday loan alternatives; and preparations for going after payday lenders (presumably only lenders deemed to be in violation of UDAAP or other laws).… Continue Reading

We recently reported on the CFPB’s “industry discussion” scheduled for April 27 in Cleveland, Ohio. We have since learned from Jennifer McClean of the CFPB’s Office of Large Bank Supervision that the CFPB will be repeating the event in New York City on May 4. The featured speakers will again be Director Richard Cordray, Deputy Director Raj Date as well as Steve Antonakes, who serves as Assistant Director of Large Bank Supervision, and Peggy Twohig, who serves as Assistant Director of Nonbank Supervision.… Continue Reading

Appearing before the House Financial Services Committee last week,  Director Cordray offered yet another explanation for why CFPB enforcement lawyers are accompanying CFPB examiners on CFPB exams. According to news reports, Mr. Cordray stated that the practice is intended to allow supervisory and enforcement staffs to learn more about how each other operates. … 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

Recently, 38 Republican Senators signed a document in which they vowed to submit an amicus brief in support of litigation challenging President Obama’s appointments of Richard Cordray and the three new members of the NLRB. Last month, we reported on a case challenging the NLRB appointments that is pending in the U.S.… 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

Lost in all the sturm and drang accompanying the President’s recess appointment of Richard Cordray as Director of the CFPB is the fact that one of Director Cordray’s first official acts was to appoint Raj Date as Deputy Director. Why is that important? Assuming that Cordray’s appointment is not invalidated by a court, he will serve until the end of this session of Congress.… Continue Reading

 Although there has been much discussion during the past week as to the legality of President Obama’s appointment of Richard Cordray as the first Director of the CFPB, there has been little discussion of the President’s appointment at the same time of three individuals to fill vacancies on the National Labor Relations Board (NLRB).… Continue Reading

Today, the full Senate voted (53-45) to block President Obama’s nomination of Richard Cordray as the first Director of the CFPB. Scott Brown, who is facing a challenge for his Senate seat from Elizabeth Warren, was the only Republican to vote in favor of the nomination.

The Senate’s rejection happened despite a strong push by the White House and Treasury Department.… Continue Reading