Reform CFPB to Save It

Feb 14, 2013

Richard Cordray, director of the Consumer Financial Protection Bureau (CFPB), attends a Financial Stability Oversight Council meeting in Washington, D.C., U.S., on Tuesday, April 3, 2012. Photographer: Andrew Harrer/Bloomberg.

The Chamber's David Hirschmann penned an op-ed in The Hill yesterday on the path forward for the Consumer Financial Protection Bureau (CFPB) in the wake of the U.S. Court of Appeals for the DC Circuit ruling that the recess appointments of three National Labor Relations Board (NLRB) members were unconstitutional. Hirschmann wrote:

While the new Consumer Financial Protection Bureau (CFPB) and its Director Richard Cordray were not the subject of the opinion, the Court’s decision could well give rise to similar CFPB challenges because Cordray was appointed under the same circumstances as the invalidated NLRB members.

What happens next remains unclear. The NLRB simply shrugged its shoulders and the Obama administration is seemingly sluggish to appeal.  Furthermore, the administration is content to pretend that the decision has no impact whatsoever on the CFPB.

This posture is untenable. Regulatory confusion, caused by the President’s risky and now unsound recess appointments and extended by the administration’s state of denial, is bad for businesses who will be forced to waste time and money trying to comply with rules that could be invalidated, and bad for consumers whose choices could be affected by the uncertainty.

To read more, click over to The Hill.

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