According to Mr. Hensarling, the fact that Richard Cordray served as CFPB Director for 18 months before he was confirmed by the Senate "calls into question the legality of the official actions he took during this time period and may represent a legal risk for the CFPB." The CFPB, as might be expected, downplayed the decision’s significance.
President Obama made these recess appointments despite substantial doubts among Executive Branch lawyers, dating back to the Carter Administration, about whether the Recess Appointment Clause of the Constitution would apply during such a three-day Senate recess. The Supreme Court has definitively answered that question.
· A day before Consumer Financial Protection Bureau (CFPB) director Richard Cordray testified before the Senate Committee on Banking, Housing and.
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The SCOTUS’ decision to strike down President Obama’s recess appointments to the NLRB in NLRB v.Noel Canning gave us another reason to vote in November.. In a unanimous ruling, written by.
CFPB critics say it’s just a matter of time before Cordray’s recess appointment is also overturned. The NLRB is challenging the ruling with the U.S. Supreme Court, while Cordray’s appointment is being challenged as part of a separate lawsuit against several provisions of the Dodd-Frank financial reform law.
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· ”Today, Mr. Cordray and his CFPB don’t just act as a cop on the beat, they act as legislator, prosecutor, judge and jury all rolled into one.” Tuesday’s critical court decision could further complicate Cordray’s future political plans, even though judge pauley ruled in the CFPB’s favor.
The NLRB is challenging the ruling with the U.S. Supreme Court, while Cordray’s appointment is being challenged as part of a separate lawsuit against several provisions of the Dodd-Frank financial.
In this week’s episode of As the CFPB Turns questions remain regarding Director(?) Richard Cordray’s constitutional authority to act as the Director of the CFPB. House financial services committee chairman, Jeb Hensarling, R-Texas, advised Cordray that the D.C. Circuit’s recent decision, which found that President Obama’s recess appointments to the National Labor Relations Board were.