Here. An excerpt:
As a recess appointee, Cordray can stay in the job only through the end of this year. But even that timetable will likely not be of much significance. After Cordray departs, the agency will be run by the next in line and there is little reason to think the bureau’s agenda would change at that point.
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“We are still going to have a CFPB,” said John Socknat, a partner with the law firm Ballard Spahr. “It’s going to continue to have very broad powers, and there are going to be regulations that [financial institutions] are going to have to deal with. The validity of Cordray’s appointment is not going to undo all of the regulations that have been issued.”
It will be interesting to see what happens when Cordray steps down. The Consumer financial protection bureau is more important than ever and the senate needs to actually get some work done and make an appointment.
thank you to John Socknat for his good words, may they come to pass.
The CFPB must endure.