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Recess appointment of CFPB Director — What you need to know now

06 January 2012

Financial Institutions Group Alert

Now that President Obama has made a recess appointment of Richard Cordray as the first Director of the Bureau of Consumer Financial Protection (CFPB), you should expect the CFPB to commence exercise of the full list of authorities granted to it under the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank). Of course, this recess appoint is highly controversial, and, along with the exercise of the CFPB's authorities are very likely to be challenged in the courts, most probably by either or both of Senate Republicans and industry participants affected by the CFPB exercising powers under the new Director.

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