On December 14, the Financial Stability Oversight Council (FSOC), which was established by the Dodd-Frank Act to analyze and mitigate potential threats to the financial sector, released its first report under the Trump administration (the “Report”). FSOC is comprised of representatives from each of the federal financial regulators, including the CFPB. … 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
I have previously blogged about the constitutional issues raised by the recess appointment of Richard Cordray as CFPB Director, both on their own, here and here, and, in connection with lawsuits that have challenged President Obama’s contemporaneous NLRB recess appointments, here, here, and here. One of the issues flagged in those earlier blogs was that, in contrast to the NLRB actions, there did not yet appear to be a plaintiff that would have standing to challenge the Cordray appointment.… Continue Reading