Ending many months of speculation, former CFPB Director Richard Cordray announced yesterday that he is running for Ohio governor....more
Past and present Democratic Representatives and Senators filed an amicus brief in support of the motion for a temporary restraining order filed by Leandra English to block Mick Mulvaney from exercising the authority of CFPB...more
11/30/2017
/ Administrative Agencies ,
Administrative Appointments ,
Amicus Briefs ,
Banking Sector ,
Consumer Financial Protection Act (CFPA) ,
Consumer Financial Protection Bureau (CFPB) ,
Department of Justice (DOJ) ,
Federal Vacancies Reform Act ,
Motion for Leave ,
Presidential Appointments ,
Recess Appointments ,
Richard Cordray ,
Separation of Powers ,
TRO ,
Trump Administration
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. ...more
The U.S. Office of Special Counsel (OSC) has issued a letter stating that it “found no evidence that [Director Cordray had] engaged in any of the preliminary activities directed toward candidacy that would violate the Hatch...more
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....more
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...more
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. ...more
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...more
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...more
8/8/2017
/ Arbitration ,
Arbitration Agreements ,
Banking Sector ,
Class Action ,
Class Action Arbitration Waivers ,
Consumer Contracts ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Lenders ,
Contempt ,
Dodd-Frank ,
Financial Services Committee ,
Financial Services Industry ,
Richard Cordray
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...more
Despite its long duration (over five hours including a recess for a vote), the House Financial Services Committee’s hearing on April 5 at which Director Cordray was the sole witness provided a strong dose of political theater...more
4/7/2017
/ Administrative Proceedings ,
Banking Sector ,
Constitutional Challenges ,
Consumer Financial Protection Bureau (CFPB) ,
Dodd-Frank ,
ECOA ,
Minority-Owned Businesses ,
PHH Corp. v CFPB ,
Removal For-Cause ,
RESPA ,
Richard Cordray ,
Single Director ,
Statutory Interpretation ,
TILA-RESPA Integrated Disclosure Rule (TRID) ,
Women-Owned Businesses
On April 5, 2017, the House Financial Services Committee will hold a hearing, “The 2016 Semi-Annual Reports of the Bureau of Consumer Financial Protection Bureau.” Since Director Cordray has appeared at all of the...more
3/31/2017
/ Administrative Law Judge (ALJ) ,
Administrative Proceedings ,
Arbitration ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Lenders ,
Debt Collection ,
Department of Justice (DOJ) ,
Enforcement Actions ,
Executive Orders ,
Financial Services Committee ,
Financial Services Industry ,
PHH Corp. v CFPB ,
Regulatory Reform ,
Richard Cordray ,
SBREFA ,
Statute of Limitations ,
Trump Administration
The plaintiffs in State National Bank of Big Spring, Texas, et al. v. Lew have filed a "Motion To Intervene In Any En Banc Proceeding That May Be Granted" in the PHH case. The motion follows the D.C. federal district court's...more
2/27/2017
/ Administrative Proceedings ,
Banking Sector ,
Case Consolidation ,
Constitutional Challenges ,
Consumer Financial Protection Bureau (CFPB) ,
Dodd-Frank ,
En Banc Review ,
Motion To Intervene ,
PHH Corp. v CFPB ,
Recess Appointments ,
Removal For-Cause ,
RESPA ,
Richard Cordray ,
Single Director ,
Statutory Interpretation
The plaintiffs in State National Bank of Big Spring, Texas, et al. v. Lew have filed a “Motion To Intervene In Any En Banc Proceeding That May Be Granted” in the PHH case. The motion follows the D.C. federal district court’s...more
2/16/2017
/ Administrative Proceedings ,
Banking Sector ,
Banks ,
Case Consolidation ,
Constitutional Challenges ,
Consumer Financial Protection Bureau (CFPB) ,
Dodd-Frank ,
En Banc Review ,
Motion To Intervene ,
PHH Corp. v CFPB ,
Popular ,
Removal For-Cause ,
RESPA ,
Richard Cordray ,
Single Director ,
Statutory Interpretation ,
Summary Judgment
As rumors swirl that President-elect Trump is planning to remove Director Cordray immediately after January 20th, conflicting views have emerged about his authority to do so before the appeal in PHH is resolved. We...more
1/17/2017
/ Administrative Proceedings ,
Banking Sector ,
Constitutional Challenges ,
Consumer Financial Protection Bureau (CFPB) ,
Dodd-Frank ,
PHH Corp. v CFPB ,
Removal For-Cause ,
RESPA ,
Richard Cordray ,
Single Director ,
Statutory Interpretation ,
Trump Administration
Battle lines over Director Cordray’s future at the CFPB are predictably forming along party lines. Earlier this week, two Republican senators sent a letter to Vice President-elect Pence urging Director Cordray’s removal by...more
1/13/2017
/ Banking Sector ,
Constitutional Challenges ,
Consumer Financial Protection Bureau (CFPB) ,
Dodd-Frank ,
En Banc Review ,
Financial Services Committee ,
PHH Corp. v CFPB ,
Political Appointments ,
Recess Appointments ,
Removal For-Cause ,
Richard Cordray ,
Trump Administration
Just before year-end, the U.S. Court of Appeals for the Tenth Circuit, in Bandimere v. United States Securities and Exchange Commission, set aside an SEC decision finding the petitioner liable for violating various securities...more
1/9/2017
/ Administrative Law Judge (ALJ) ,
Administrative Proceedings ,
Appointments Clause ,
Article II ,
Banking Sector ,
Constitutional Challenges ,
Consumer Financial Protection Bureau (CFPB) ,
Financial Institutions ,
Political Appointments ,
Richard Cordray ,
Securities and Exchange Commission (SEC)
Earlier this week, we blogged about reports that Director Cordray has no plans to leave the CFPB before his term expires in July 2018. Yesterday, several national civil rights groups issued a joint statement applauding the...more
Politico has reported that CFPB Communications Director Jen Howard has indicated in an e-mail that Director Cordray has no current plans to leave the CFPB. According to Politico, Ms. Howard stated “Director Cordray was...more
Last month, a bipartisan group of 70 senators were signatories to a letter sent to Consumer Financial Protection Bureau (CFPB) Director Richard Cordray urging the CFPB to “carefully tailor its regulations to match the unique...more
9/6/2016
/ Banking Sector ,
Banks ,
Community Banks ,
Consumer Financial Products ,
Consumer Financial Protection Act (CFPA) ,
Consumer Financial Protection Bureau (CFPB) ,
Covered Person ,
Credit Unions ,
Dodd-Frank ,
Exemptions ,
Financial Institutions ,
HMDA ,
HOEPA ,
Mortgages ,
Qualified Mortgage Rule ,
Real Estate Market ,
Regulatory Oversight ,
Richard Cordray ,
Rural Areas ,
SBREFA
Last month, a bipartisan group of 70 Senators were signatories to a letter sent to Director Cordray urging the CFPB to “carefully tailor its regulations to match the unique nature of community banks and credit unions.” In...more
8/23/2016
/ Banking Sector ,
Banks ,
Community Banks ,
Consumer Financial Products ,
Consumer Financial Protection Act (CFPA) ,
Consumer Financial Protection Bureau (CFPB) ,
Credit Unions ,
Dodd-Frank ,
Financial Institutions ,
Regulatory Oversight ,
Richard Cordray
The D.C. federal district court has rejected the plaintiffs’ attempt in State National Bank of Big Spring, Texas, et al. v. Lew, et al. to invalidate the actions taken by Director Cordray while he was a recess appointee. The...more
7/14/2016
/ Administrative Appointments ,
Appointments Clause ,
Article II ,
Banking Sector ,
Canning v NLRB ,
Constitutional Challenges ,
Consumer Financial Protection Bureau (CFPB) ,
Dodd-Frank ,
Enforcement Actions ,
Recess Appointments ,
Richard Cordray
Since it was filed in a California federal court in July 2012, we have been following Consumer Financial Protection Bureau (CFPB) v. Chance Edward Gordon, a case in which the CFPB alleged that an attorney duped consumers by...more
5/2/2016
/ Article III ,
Barack Obama ,
Canning v NLRB ,
Consumer Financial Protection Act (CFPA) ,
Consumer Financial Protection Bureau (CFPB) ,
Corporate Counsel ,
Dodd-Frank ,
Enforcement Actions ,
Federal Jurisdiction ,
Recess Appointments ,
Regulation O ,
Richard Cordray ,
Standing
Since it was filed in a California federal court in July 2012, we have been following CFPB v. Chance Edward Gordon, a case in which the CFPB alleged that an attorney duped consumers by falsely promising loan modifications in...more
Two Republican members of the House Financial Services Committee, Randy Neugebauer and Mick Mulvaney, have sent a letter to Director Cordray asking him to convene a forum or roundtable of state and tribal officials before the...more