#2 in Financial Fraud Law: He Was Confirmed, and He Has Confirmed an Aggressive Approach for 2014

#2 in Financial Fraud Law: He Was Confirmed, and He Has Confirmed an Aggressive Approach for 2014

 Let’s get this out right at the beginning:  #2 in Financial Fraud Law for the year, according to the Financial Fraud Law Blog, is:

#2: Richard Cordray, Director of the Consumer Financial Protection Bureau.

The Consumer Financial Protection Bureau (“CFPB”) was a key part of the Dodd-Frank Act. President Obama first wanted Elizabeth Warren – who had conceived of the CFPB – to serve as director before he determined that she would not be confirmed by the Senate (although Massachusetts voters did elect her to the U.S. Senate). Cordray – initially a recess appointment – had his nomination held up until this past summer, when Senate leaders reached an agreement on a number of nominations, a vote ended the filibuster, and 66 Senators voted to confirm Cordray.

The CFPB took many actions while its director’s status was in limbo, and it has done a lot since his confirmation. In recent weeks alone, it has wielded its enforcement powers over one of the nation’s largest payday lenders, issued a rule subjecting nonbank student loan servicers to its oversight, and released a study that found that consumers typically are barred by arbitration clauses from suing their banks – which, one can anticipate, will lead to the issuance of a new rule and the CFPB then wielding its powers in this new area.  

Indeed, the CFPB is moving full speed ahead on a very wide range of fronts, already having announced an aggressive agenda for 2014.

After Cordray’s confirmation, Senator Warren stated that the “political stalemate” was over and that there was “no doubt the consumer agency will survive beyond the crib.”

There most certainly is not. And its director is #2 in Financial Fraud Law for the year.

The Top 10 in Financial Fraud Law – so far:

- Yes, We Admit It! We Now Have #3 in Financial Fraud Law

- The Rise of the States: #4 in Financial Fraud Law’s Top 10

- The ‘B’ Word is #5 in Financial Fraud Law for the Year

Still Relevant Five Years Later, He Is #6 in Financial Fraud Law for the Year

‘Maybe Just Whistle’: #7 in Financial Fraud Law for the Year

A Clue About #8 in Financial Fraud Law for the Year: Look at Bryan Cave’s Next Firm-Wide Leader

#9 in Financial Fraud Law for The Year Is…

#10 in Financial Fraud Law for the Year Is….

 Contact the author at smeyerow@optonline.net

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