February 1, 2018
By: Wendy Lee
October 19, 2017 arrived and the first segment of the Consumer Financial Protection Bureau’s (CFPB) promulgated servicing regulations went into effect without much ceremony. The CFPB has other concerns, and a massive leadership change could mark the pivotal point for this controversial agency. For almost a year, the agency had been the subject of speculation regarding the political ambitions of its former director, Richard Cordray, who was rumored to be interested in running for governor of Ohio in the 2018 election. Cordray, after failing to launch the controversial arbitration rule, resigned on November 24, 2017 — cutting short his five-year term by approximately six months.
Acting Director Appointment x 2
In his wake, the former director took a parting shot to the Republican administration and attempted to appoint his chief of staff, Leandra English, to the acting director position. In a November 27th piece in the National Review, author Ronald Rubin indicated that this appointment was an attempt to cover up evidence of employee misconduct related to the arbitration rule, as well as alleged indiscretions against CFPB senior managers. Rubin is a former enforcement attorney at the CFPB; he was also a keynote speaker at the USFN Legal Issues seminar in July 2017.
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