American Banker: Supreme Court Case May Have Big Impact on CFPB

Here (but behind a paywall).  Among the points made in the article are that the recess appointment of current CFPB Director Richard Cordray is likely to expire before the Supreme Court rules and that banks could be hurt if Cordray's appointment is ruled unconstitutional because that would leave banks subject to the Bureau but not nonbank lenders. The article also offers speculation about what will happen when Cordray's appointment expired.  Alan Kaplinsky is quoted as saying that the president would be unlikely to make another recess appointment because that would be seen as thumbing his nose at the court (but is that an attempt by Alan to forestall such a recess appointment?). An alternative is for the Secretary of the Treasury to appoint an acting director, but such an acting director would not have the full range of powers accorded a director to protect consumers.

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