Am. Banker: Trump vs. Cordray: The Battle Ahead

Here (free content). The entire article is worth a read, but here are some highlights:

J.W. Verret, an associate law professor at George Mason University School of Law, listed some reasons why he thinks Cordray could be removed for cause: allegations of employee discrimination and retaliation at the CFPB, and a settlement with auto lender Ally Financial that some allege was a false claim.

Others see that as a stretch.

"I don't think there is anything that Director Cordray has done that would constitute cause," [co-blogger Public Citizen's Scott] Nelson said. "Cause doesn't mean you disagree with a person's policies; cause is considered to mean malfeasance."

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"It's important for people who are fighting for consumers to clearly draw the lines that Trump has said he sides with regular Americans against special interests," said Paul Bland, the executive director at the public interest law firm Public Justice.

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[As for the CFPB's pending motion for an en banc hearing in the PHH case, that case] could potentially be decided by 11 judges: four appointed by President Obama, four by former President George W. Bush and three by former President Bill Clinton.

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."The banks are convinced Trump is totally in their pocket, but I think Trump has surprised many of us and is not as predictable a figure as George W. Bush," said Deepak Gupta, the founding principal of Gupta Wessler and a former CFPB senior litigation counsel. "I hold out optimism that legislation does not go through and there is a realistic path for the D.C. Circuit to act just in time for Cordray to leave just before his term expires in 2018."

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