Last week’s News Flash alerted readers that a second federal appellate court has now invalidated a NLRB recess appointment as incompatible with the meaning of the phrase, “the Recess of the Senate” in the Recess Appointment Clause of the Constitution. The result in the Third Circuit case, NLRB v. New Vista Nursing & Rehabilitation, though identical… More >
Category Archives: CFPB People
Subscribe to CFPB People RSS FeedNLRB v. Noel Canning: confirmation that no brief in opposition to certiorari will be filed
Posted in CFPB Enforcement, CFPB PeopleBased on a Reuters article quoting counsel for Noel Canning, Gary Lofland, I had previously indicated that the Respondent would not oppose certiorari in the case. I have now confirmed that report by telephone conversation with Mr. Lofland, who indicates that he plans later this week to make a filing advising the Supreme Court that Respondent does not… More >
Senate appears to be nearing vote on Cordray renomination
Posted in CFPB PeopleBloomberg has reported that, according to a spokesman for Senate Majority Leader Harry Reid, the Senate will vote next week on whether to advance President Obama’s renomination of Richard Cordray to serve as CFPB Director. As reported by Politico, Senator Reid is expected to file a motion to cut off debate on Mr. Cordray’s renomination before the Memorial… More >
The S.G.’s cert. petition in Noel Canning; no opposition will be filed
Posted in CFPB Enforcement, CFPB PeopleAs reported in last week’s news flash, the Solicitor General (S.G.), as expected, has, on behalf of the NLRB, filed in the Supreme Court a petition for a writ of certiorari to the D.C. Circuit in the Noel Canning case. As we have noted previously, the Noel Canning decision, which invalidated the recess appointments of… More >
CFPB announces new office to liaison with industry and staff changes
Posted in CFPB PeopleEarlier this week, the CFPB announced that it has created a new office intended to “enhance collaboration and communication” between the CFPB and bank and nonbank trade associations, financial institutions, and businesses. Named the “Office of Financial Institutions and Business Liaison,” the new office will be run by Dan Smith who will serve as the… More >
NEWS FLASH: Government seeks Supreme Court review of D.C. Circuit’s Noel Canning decision
Posted in CFPB PeopleA petition for certiorari seeking review of the D.C. Circuit’s January 2013 decision in Noel Canning vs. NLRB has been filed in the U.S. Supreme Court. That decision, which we have blogged about before, held that President Obama’s January 4, 2012 recess appointments of three members to the National Labor Relations Board were invalid under… More >
Cordray nomination goes to full Senate
Posted in CFPB PeopleYesterday, in a 12-10 party line vote, the Senate Banking Committee approved Richard Cordray’s nomination to be CFPB Director. This means the nomination is now headed for a vote by the full Senate. It is expected that Republican Senators will attempt to block a final vote while they push their call for major structural changes to… More >
No fireworks at Cordray nomination hearing
Posted in CFPB PeopleNot only did the Senate Banking Committee hearing this morning on Richard Cordray’s nomination to be CFPB Director produce no fireworks, there were moments when Committee members seemed to forget he was in the hearing room. Mr. Cordray appeared before the Committee together with Mary Jo White, on whose nomination to head the SEC the Committee simultaneously… More >
Hearing on Cordray nomination set for March 12
Posted in CFPB PeopleThe Senate Banking Committee has announced that it will hold a hearing on Richard Cordray’s nomination to be CFPB Director on March 12. While we would like to believe that the setting of a hearing date is a sign that Democratic committee members are making progress in reaching a deal with their Republican colleagues, it seems more… More >
Hearing on Cordray nomination reportedly set for March 11
Posted in CFPB PeopleAccording to a report today from POLITICO Pro Finance, the Senate Banking Committee has tentatively set March 11 as the date for a hearing on Richard Cordray’s renomination as CFPB director. Given that Senator Tim Johnson, the Committee chair, is a Democrat, the scheduling could be a sign that progress is being made on reaching… More >
The political posturing continues….
Posted in CFPB PeoplePresident Obama’s renomination of Richard Cordray to serve as CFPB Director is now official. On February 13, the White House announced that his nomination was sent to the Senate. The official announcement (predictably) coincided with a press release on the same day from Senator Elizabeth Warren stating that she, together with Democratic Senators Jack Reed… More >
Director Cordray to appear before Congress on February 14
Posted in CFPB PeopleThe Senate Banking Committee has announced that it will hold a hearing on February 14 on “Wall Street Reform: Oversight of Financial Stability and Consumer and Investor Protections.” CFPB Director Cordray is among the scheduled witnesses. The hearing will be Mr. Cordray’s first appearance before Congress since the D.C. Circuit’s decision in Canning v. NLRB. … More >
No takers for CFPB Deputy Director
Posted in CFPB PeopleIt is not surprising to me that Director (yes, he is still the Director until a court rules otherwise) Cordray has had difficulty finding a Deputy Director to fill Raj Date’s position. (Last Thursday, he appointed Steven Antonakes to serve temporarily in that position.) Mr. Date was a highly qualified individual with lots of gravitas. To his… More >
The Senate Republicans officially weigh in on Cordray’s nomination
Posted in CFPB General, CFPB People, CFPB Rulemaking, Hot IssuesWhatever hope President Obama may have had that his nomination of Richard Cordray to serve a five-year term as Director of the CFPB vanished today when 43 Republican Senators joined in a letter to the President saying that they will oppose Mr. Cordray or any other nominee until major structural changes are made to the… More >
Let the political posturing begin!
Posted in CFPB PeoplePredictably, political posturing in reaction to the D.C. Circuit’s Canning decision has already begun. According to media reports, South Dakota Senator Tim Johnson, a Democrat who heads the Senate Banking Committee, is calling upon the Senate to confirm Richard Cordray as CFPB Director without delay. On the other side of the aisle, Nebraska Senator Mike… More >
New CFPB Deputy Director about to be appointed
Posted in CFPB People, CFPB RulemakingThe word on the street is that tomorrow Richard Cordray will appoint a new Deputy Director to replace Raj Date who has been serving in that capacity since Jan. 6 of 2012. I hope Mr. Cordray uses the occasion to inform the public about the Bureau’s contingency plan in the event the D.C. Circuit’s decision… More >
Keeping a stiff upper lip is no answer here!
Posted in CFPB PeopleWhile the CFPB has not yet issued a formal written statement about the impact of the D.C. Circuit’s recent opinion in Canning v. NLRB on the Bureau, the Wall Street Journal reported in its weekend edition that a CFPB spokesperson has said that the Bureau “is not a party in the case decided today and… More >
D.C. Circuit NLRB decision casts doubt on validity of Cordray appointment
Posted in CFPB PeopleFive-time “Jeopardy!” champion Richard Cordray is now facing a different kind of jeopardy. The validity of his recess appointment on January 4, 2012 as CFPB Director is under a dark cloud as a result of last Friday’s decision by the U.S. Court of Appeals for the D.C. Circuit holding that the President’s contemporaneous recess appointments of… More >
NEWS FLASH: DC Circuit holds NLRB recess appointments invalid
Posted in CFPB People, Hot IssuesThe D.C. Circuit has just released its decision in Noel Canning v. NLRB, holding that the NLRB lacked a quorum to take action against the company. The Court of Appeals held, in a unanimous decision, that President Obama’s recess appointments to the NLRB were invalid because there was no “recess.” You can read the opinion… More >
Richard Cordray renominated as CFPB Director
Posted in CFPB PeopleRichard Cordray was renominated today by President Obama to serve as CFPB Director for a five-year term. The President’s recess appointment of Mr. Cordray only allows him to serve as CFPB Director until the end of this year. Instead of waiting until later this year to renominate Mr. Cordray, the President may have decided to… More >
CFPB General Counsel named adviser to ALI consumer contracts restatement project
Posted in CFPB PeopleThe American Law Institute’s launch of a project to create a “Restatement of the Law Third, Consumer Contracts” could have major consequences for providers of consumer financial services and other companies that contract with consumers. The project’s premise is that because ALI’s existing Restatement Second of Contracts generally takes a “one-size-fits-all” approach that does not… More >
Raj Date to leave CFPB
Posted in CFPB PeopleSo much for my speculation that Raj Date would succeed Richard Cordray as CFPB Acting Director should Mr. Cordray leave the Bureau next year to run for Ohio governor as expected by many pundits. Bloomberg has reported that a CFPB spokeswoman confirmed that Mr. Date, who currently serves as CFPB Deputy Director, plans to leave… More >
Cordray appears before Senate Banking Committee
Posted in CFPB PeopleRichard Cordray testified yesterday before the Senate Banking Committee about the CFPB’s Semi-Annual Report covering activities for the first half of this year. We previously blogged about the Report. Cordray’s written testimony states: “As of September 3, we have received 72,297 consumer complaints about credit cards, mortgages, and other financial products and services, and the pace… More >
CFPB announces staff changes
Posted in CFPB PeopleLast week, we reported that Leonard Chanin was leaving his position as Assistant Director for Regulations at the CFPB to return to private practice. His departure has now been officially announced by Director Cordray, together with a series of staffing changes. Among those changes is that Kelly Thompson Cochran, who has been serving as the CFPB’s… More >
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