The 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 here.
This is a potentially monumental development for the CFPB, since Director Richard Cordray was appointed during the same “recess” as the NLRB members. Stay tuned for further analysis of how this event may impact the CFPB.