For those companies who pay attention to the always evolving regulatory environment as we do at Brownstein Hyatt Farber Schreck, you have likely heard the debate regarding the validity of rules promulgated by organizations with recess appointments at their head. To that end, you have likely questioned whether you need to follow the rules laid out by the Consumer Financial Protection Bureau (CFPB) as its director, Richard Cordray, was a recess appointment. The answer is absolutely “YES.”

The CFPB is continuing to publish and enforce its own rules and regulations and will not be deterred by political infighting. Most recently, the CFPB met its January 21, 2013, deadline for issuing new mortgage rules. On February 13, 2013, the CFPB published how it intends to implement those new rules. Companies have until June 2013 and/or January 2014 to meet the deadlines and will likely need every month to implement the significant systematic changes.