Showdown in Washington: Obama Appoints CFPB Chief under Legal Cloud

Last July, President Obama appointed Richard Cordray of Ohio to lead the Consumer Financial Protection Bureau, which was established in 2010 as part of the Dodd-Frank Act. In the following months, the Senate refused to act on Cordray’s appointment, mostly due to Republican opposition to the mission of the new agency. On January 4th of this year, the President sought to break the deadlock by making a “recess appointment” of Cordray while the Senate was not in session.

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Consumer Financial Protection Bureau releases its first examination manual

The Consumer Financial Protection Bureau (“CFPB”) has released the first version of its Supervision and Examination Manual. The Manual is organized into three parts and is intended to be a guide for examiners regarding how financial service providers should be examined for compliance with consumer financial laws.

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