CFPB, Federal Agencies, State Agencies, and Attorneys General
With many observers expressing surprise that Director Cordray has not yet announced that he plans to run for Ohio Governor as the Democratic candidate, there has been curiosity as to Ohio’s filing deadline for candidates.
According to the 2018 Ohio Candidate Requirement Guide issued by the Ohio Secretary of State party candidates for Governor are subject to a filing deadline of 4 p.m.… Continue Reading
Director Cordray, responding today to a letter from Rep. Jeb Hensarling who chairs the House Financial Services Committee, stated that “I have no further insights to provide” on whether he intends to serve his full term as CFPB Director.
As we reported earlier today, it now appears that Director Cordray will not resign before Labor Day and intends to remain as Director until at least a date in September. … Continue Reading
Despite the various signs suggesting Director Cordray would resign before Labor Day, it now appears that he intends to remain as Director until at least a date in September.
One of those signs was the notice on the CFPB’s website of the Fall 2017 Credit Union Advisory Council Meeting in Washington, D.C.… Continue Reading
Last Friday, we blogged about a new sign that Director Cordray’s resignation may be imminent. That sign was the CFPB’s posting on its website of a notice of a meeting on September 7, 2017 of the Fall 2017 Credit Union Advisory Council Meeting in Washington, D.C. that indicated Acting Deputy Director David Silberman will be present and make remarks. … Continue Reading
On July 20, we reported that Director Cordray is scheduled to give a speech at the September 4 Cincinnati AFL-CIO Labor Day picnic. Assuming the speculation that Director Cordray plans to run for Ohio governor is accurate, that event seemed to be an ideal venue for him to announce his candidacy.… Continue Reading
A report by the majority staff of the House Financial Services Committee concludes that there is a “valid and factual basis” for instituting contempt of Congress proceedings against Director Cordray. The report states that it was issued in furtherance of “the Committee’s on-going investigation into the CFPB’s arbitration rulemaking.”
The report recites the history of what the majority staff calls “the CFPB’s longstanding failure to fully comply with the Committee’s on-going oversight regard pre-dispute arbitration.… Continue Reading
On July 31, I published a blog post in which I suggested that, if Director Cordray resigns, Treasury Secretary Mnuchin would be the obvious and logical person to serve as CFPB Acting Director until President Trump nominates, and the Senate confirms, Director Cordray’s successor. I stated that the President clearly has the authority to appoint an Acting Director under the Federal Vacancies Reform Act of 1998 (the “Vacancies Act”).… Continue Reading
In a statement released today, Acting Comptroller Keith Noreika announced that he will not petition the Financial Stability Oversight Council to stay the effective date of the CFPB’s final arbitration rule.
Earlier this month, Acting Comptroller Noreika and Director Cordray exchanged a series of letters in which Mr. Noreika raised OCC concerns about the arbitration rule’s impact on the safety and soundness of the U.S.… Continue Reading
Given the speculation that Director Cordray will soon resign to run for Ohio governor, we have been pondering whether President Trump could appoint an Acting Director upon his resignation or whether David Silberman, the Acting Deputy Director, would automatically become Acting Director.
Our analysis indicates that under the Federal Vacancies Reform Act of 1998 (Vacancies Act) President Trump could appoint an Acting Director should Director Cordray resign. … Continue Reading
According to news reports yesterday, Ohio Supreme Court Justice Bill O’Neill has told media sources that he was informed by an unnamed mutual friend that Director Corday plans to enter the 2018 Democratic primary for Ohio governor.
Judge O’Neill indicated that the mutual friend had called him to ask whether the Judge planned to abide by prior statements that he would not enter the race if Director Cordray decided to run. … Continue Reading
