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Future Leadership of Regulatory Agencies at Stake in Election

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"Leaders of several banking regulators, including the Consumer Financial Protection Bureau, Federal Deposit Insurance Corp. and Federal Housing Finance Agency, are likely to see their jobs greatly affected by the outcome of the presidential election," writes American Banker's Joe Adler.

CFPB Director Richard Cordray is expected to stick out his recess appointment term through 2013 regardless of who wins the presidency.

After that, Romney could face a challenge nominating a successor as "Senate Democrats are likely to oppose any Republican appointee to the CFPB in part because Republicans refused to vote on Cordray’s nomination," writes Adler.

Some observers anticipate Cordray will run for office in his home state of Ohio. In choosing a nominee the Obama administration "would be viewed more as an ally of the CFPB than as a new hall monitor trying to take away its privileges."

For the full piece see "Regulatory Leadership in Limbo as Election Looms" (may require subscription).

 

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As Dodd-Frank's impact continues to be felt far beyond banks' compliance departments, American Banker is your eyes and ears. In addition to our award-winning coverage, we now also scour a range of resources to aggregate even more of the news you need on this vital topic.
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