We are joined by Prentiss Cox, a University of Minnesota Law School Professor who formerly worked in the MN AG’s office and served on the CFPB’s Consumer Advisory Board. After discussing whether the CFPB’s structure should change in the wake of SCOTUS’s Seila Law decision, we look at the different approaches of the CFPB’s past and current leadership to the use of its authorities, the merits and drawbacks of such approaches, and the skill sets of possible candidates to serve as the next Director in a Biden Administration.… Continue Reading
The CFPB currently has a job posting for the position of Associate Director for Research, Markets, and Regulations.
Thomas Pahl, who was named CFPB Deputy Director earlier this month, has held the position of CFPB Policy Associate Director for Research, Markets, and Regulations since April 2018. The Bureau’s press release announcing his appointment as Deputy Director did not specifically state whether Mr.… Continue Reading
By a five to four vote, the U.S. Supreme Court ruled this morning in Seila Law that the CFPB’s single-director-removable-for-cause leadership structure violates the separation of powers in the U.S. Constitution. Seven of the justices agreed that the provision in Title X of the Dodd-Frank Act that gives the Director for-cause removal protection can be severed, thereby leaving the remainder of Title X in place.… Continue Reading
Five amicus briefs have been filed in the U.S. Court of Appeals for the D.C. Circuit in support of Leandra English. Ms. English has appealed the district court’s denial of her preliminary injunction motion in her action seeking a declaration that she, rather than Mick Mulvaney, has the legal right to serve as CFPB Acting Director.… Continue Reading
A group of 22 trade associations sent a letter last week to the Chairmen and Ranking Members of the Senate and House Appropriations Committees expressing their “strong support” for the creation of a five-member bipartisan commission to lead the CFPB. The trade associations include the American Bankers Association, American Financial Services Association, Consumer Bankers Association, Financial Services Roundtable, Mortgage Bankers Association, and the Real Estate Services Providers Council, Inc.… 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.