Rumors have circulated for some time that Director Cordray might be considering a run at becoming Ohio governor. However, Politico has reported that at its Morning Money Breakfast today, Director Cordray indicated that he has set politics aside for the time being and does not plan to run for political office as long as he is… More >
Yesterday we blogged about CFPB Bulletin 2013-09, which examined the CFPB’s expectations of furnishers investigating disputes under the federal Fair Credit Reporting Act (FCRA). The FCRA was also the topic of a panel sponsored by the Consumer Financial Services Committee at the American Bar Association’s Annual Meeting in San Francisco on Friday, August 9. Much… More >
Director Cordray announced today that Steven Antonakes has officially been named CFPB Deputy Director. Mr. Antonakes was appointed Acting Deputy Director in January 2013 following the departure of Raj Date. Director Cordray also announced that Mr. Antonakes will continue to serve as Associate Director for Supervision, Enforcement, and Fair Lending.
The CFPB announced today that the following individuals are joining its leadership team: Cheryl Parker Rose to serve as Assistant Director for the Office of Intergovernmental Affairs. Most recently, Ms. Rose was Deputy Director of U.S. Government Relations for the Bill and Melinda Gates Foundation, and from 2007 to 2010 she was Senior Advisor and Director… More >
CFPB Director Richard Cordray was among the federal financial regulators who attended a closed door meeting yesterday with President Obama. Other regulators attending the meeting included the Chairs of the Fed, FDIC and SEC. At the meeting, President Obama was expected to urge the regulators to complete Dodd-Frank rulemaking. The Dodd-Frank rulemaking still on the… More >
That was the message delivered by CFPB Assistant Director, To-Quyen Truong, at a program entitled “The CFPB’s Amicus Program and Trends in Consumer Litigation” sponsored by the Committee on Consumer Financial Services of the Business Law Section, which took place at the American Bar Association Annual Meeting on Saturday, August 10 in San Francisco. Ms…. More >
We have previously blogged about a number of senior CFPB staff who have left the agency. Politico has reported that yet another senior staff person has left the Bureau. This time it is Sendhil Mullainathan, Assistant Director for Research. He joined the agency in May 2011 after being a Professor of Economics at Harvard. He… More >
Earlier this week, the CFPB announced the addition of the following four people to its leadership team: Sartaj Alag to serve as Chief Operating Officer. Mr. Alag was previously in charge of starting up and managing the CFPB’s Office of Consumer Response. Christopher D’Angelo to serve as Chief of Staff. Mr. D’Angelo previously served as… More >
The Senate voted 71-29 in favor of cloture. That means that the Republicans will not use the threat of the filibuster to block a confirmation vote in the Senate of Richard Cordray’s nomination by President Obama to be Director of the CFPB. The confirmation vote is expected later today.
I heard from many media sources that a “deal” has been struck in the Senate which will result in Richard Cordray being confirmed by the Senate as Director of the CFPB for a 5-year term. Stay tuned for further developments!
The CFPB’s leadership ‘brain drain” seems to be continuing, with Politico reporting that Richard Hackett, the Bureau’s Assistant Director for installment and liquidity lending markets, is planning to leave the CFPB later this summer. Just two weeks ago, we reported about the departures of three top CFPB officials to join the firm founded by former CFPB… More >
Raj Date and Fenway Summer LLC has hit a triple for the ages. In a highly acclaimed move, Fenway Summer added to its depth and its ability to execute on its vision by adding three more top CFPB officials. Garry Reeder, chief of staff; Chris Haspel, senior advisor for mortgage servicing and securitization; and regulatory… More >
We have been following very closely developments in NLRB v. Noel Canning, the case seeking Supreme Court review of the D.C. Circuit Court’s judgment invalidating President Obama’s January 4, 2012 appointment of several NLRB members. This case will likely determine the fate of Richard Cordray, who was appointed as Director of the CFPB on the same… More >
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 >
Based 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 >
Bloomberg 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 >
As 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 >
Earlier 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 >
A 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 >
Yesterday, 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 >
Not 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 >
The 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 >
According 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 >
President 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 >