Despite a memo from the Justice Department defending the President’s recess appointment of Richard Cordray, Obama’s actions have raised significant constitutional issues and, in turn, more uncertainty for the banking industry.
The Consumer Financial Protection Bureau had a fitting announcement for Martin Luther King, Jr. Day: the creation of the Bureau’s Office of Minority and Women Inclusion.
The target of the Consumer Financial Protection Bureau’s first nonbank investigation is PHH Corp., one of the nation’s largest nonbank mortgage lenders.
Five-plus months after the official opening of the Consumer Financial Protection Bureau, the bureau finally got to kick off its nonbank supervision program.
President Obama made a recess appointment on Jan. 4, announcing that Richard Cordray will lead the Consumer Financial Protection Bureau.
Eugene A. Ludwig is founder and CEO of Promontory Financial Group. He was U.S. Comptroller of the Currency from 1993 to 1998. Promontory, based in Washington, D.C., is a global financial services consulting firm, with a focus on risk management and compliance. He was interviewed by CFPB Journal writer Justin Dullum
Given that only a basic CFPB organizational chart – without names – exists on the agency’s web site, CFPB Journal did some digging to offer a more thorough look at the other leaders and staff members who will shape the bureau going forward.