Published Works | BNA Bloomberg | 22 November 2017

Cordray's departure from the CFPB won't halt enforcement

When President Trump took office earlier this year, many predicted the end of the Consumer Finance Protection Bureau (CFPB or the Bureau) as we know it. Nine months later, despite ongoing litigation challenging the structure of the CFPB as unconstitutional, the CFPB has maintained its aggressive enforcement agenda, filing over 30 enforcement actions.

The Bureau has also flexed its regulatory muscles this year by issuing new regulations for the payday lending industry and a controversial rule that would have prohibited financial institutions and credit card companies from employing mandatory arbitration clauses to prevent consumers from joining class actions suits against them. Although Congress and President Trump have successfully repealed the arbitration rule, the CFPB largely held its course under the direction of Richard Cordray, an Obama administration appointee.

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