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CFPB Director’s Resignation Sparks Conjecture About Future Leadership

By Ashley L. Taylor, Jr., Paige Fitzgerald, Siran Faulders & William Hurd on November 16, 2017
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On November 15, as has been widely reported, the Director of the Consumer Financial Protection Bureau, Richard Cordray, announced by email to his staff that he would be resigning at the end of the month.  While he did not state the reason for his departure, it is believed that Cordray, a former Ohio attorney general, intends to run for governor of that state.

Cordray was a holdover from the Obama administration, appointed in July 2013 for a five-year term slated to end in July 2018.  Since its formation in 2011, the CFPB has been criticized for a structure that centralizes power in the hands of a single director – a radical departure from other independent federal agencies, such as the Federal Trade Commission, which is led by a bi-partisan panel of five Commissioners.  Furthermore, the CFPB is different from many other agencies in that the President can only fire the director “for cause,” engendering a lawsuit still working its way through the courts.  Since President Trump’s election, there have been rumors that Cordray may be fired, although questions about the President’s ability to do so may have prevented this action.

As of November 17, President Trump is expected to announce that Mick Mulvaney, the current Director of the Office of Management and Budget, will serve as CFPB Acting Director.  As for a permanent replacement for Cordray, there is a significant possibility that the President will chose someone from the ranks of Republican attorneys general, many of whom have taken issue with the highly-aggressive role developed at the CFPB under Cordray.

Photo of Ashley L. Taylor, Jr. Ashley L. Taylor, Jr.

Ashley specializes in regulatory and enforcement matters involving the state Attorneys General, CFPB and FTC.

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Photo of Paige Fitzgerald Paige Fitzgerald

Paige specializes in complex federal, state and local regulatory and compliance matters.

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Photo of Siran Faulders Siran Faulders

Siran specializes in single and multi-state enforcement actions by state Attorneys General with over 20 years of experience including a decade of leadership experience in the Virginia Attorney General’s office.

Read more about Siran FauldersEmailSiran's Linkedin Profile
Photo of William Hurd William Hurd
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  • Posted in:
    Financial
  • Blog:
    Consumer Financial Services Law Monitor
  • Organization:
    Troutman Pepper Hamilton Sanders LLP
  • Article: View Original Source

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