According to media reports, President Trump is expected to name Mick Mulvaney, the current Director of the Office of Management and Budget, to serve as CFPB Acting Director upon Director Cordray’s resignation.  The President’s announcement may come as soon as today.

Assuming the media reports are accurate, they indicate that the White House has decided that David Silberman, the current CFPB Acting Deputy Director, does not automatically become Acting Director upon Director Corday’s resignation pursuant to the Dodd-Frank Act provision that provides that the Deputy Director shall “serve as acting Director in the absence or unavailability of the Director.” … Continue Reading

According to widespread media reports, Director Cordray informed CFPB staff members today that he expects to resign as CFPB Director by the end of this month.  His replacement with a successor appointed by President Trump will undoubtedly have a significant impact on the agency’s priorities and initiatives.  On December 5, 2017, from 12 p.m.… 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

The CFPB has announced that David Silberman will replace Meredith Fuchs as the CFPB’s Acting Deputy Director beginning next week.  Mr. Silberman has been serving as the CFPB’s Associate Director for Research, Markets, and Regulations since 2011 and will retain that position.

In its announcement, the CFPB stated that Mr. Silberman will serve as Acting Deputy Director “while a search for a replacement is conducted.” … Continue Reading

David Silberman, the CFPB’s Associate Director of Research, Markets and Regulations, made the CFPB’s April 2013 white paper on payday and deposit advance loans the focus of his testimony at the hearing held on July 24 by the Senate’s Special Committee on Aging entitled “Payday Loans: Short-term Solution or Long-term Problem?”  … Continue Reading

Last April, the CFPB announced that it was beginning its study of consumer arbitration as mandated by Section 1028 of the Dodd-Frank Act.  Last week, nearly a year after that announcement, David Silberman, the CFPB’s Associate Director for Research, Markets, and Regulations, sent a letter to four Republican House members responding to their letter inquiring about the arbitration study.… Continue Reading