Richard Cordray's recess appointment as head of the Consumer Financial Protection Bureau a year ago is being called into question after an appeals court ruling Friday invalidated President Obama's three recess appointments to the National Labor Relations Board.

A three-judge panel of the U.S. Court of Appeals for the D.C. Circuit ruled that Obama did not have the authority on Jan. 4, 2012 when he filled three recess appointments to the NLRB. On that same day last year, Obama appointed Cordray to the CFPB, even though the Senate was still in what is called a "pro forma" session.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.