LITIGATION & PUBLIC POLICY CLIENT ALERT: The CFPB: New Director, New Powers, New Threats-Political and Judicial

    View Author 6 February 2012
    Last week, the Senate held its first hearing on the Consumer Financial Protection Bureau (CFPB) following President Obama’s controversial recess appointment of former Ohio Attorney General Richard Cordray to lead the CFPB. The Senate Banking Committee met to review the First Semi-Annual Report of the CFPB, which discussed the CFPB’s near term goals and stated that the CFPB will “intensify” the pace of its efforts to “make consumer financial markets work better” over the next six months. Although Senator Roger Wicker (R-MS) called for a Republican boycott of the hearing, several Republicans, including Ranking Member Richard Shelby (R-AL), attended the hearing to reiterate their legal concerns and questions resulting from the appointment of Mr. Cordray and the CFPB’s attempt to wield powers reserved for a Bureau with a Senate-confirmed Director in place.