With the July 16 confirmation of Richard Cordray, the Consumer Financial Protection Bureau is prepared to take an aggressive step forward in its third year.

"Now with Cordray's position being secure, I expect we will see a lot more enforcement activity," said Alan Kaplinsky, who heads the consumer financial services group at Ballard Spahr.

In the agency's first two years, it expanded supervision powers over certain nonbank sectors, issued enforcement penalties against large financial companies and released mortgages rules.

"Not only do observers expect the CFPB to continue progress implementing provisions of the Dodd-Frank Act - with a pending rule to simplify mortgage disclosures high on its agenda - but many anticipate the stream of public enforcement actions will be heavier," writes American Banker's Rachel Witkowski.

For the full piece see "Expect an Even Bolder CFPB in Year Three" (may require subscription).