The Supreme Court is set to hear the Noel Canning v. National Labor Relations Board case, which calls into question several recess appointments President Obama made last year. The Supreme Court's decision on the Canning case could have a significant impact on Richard Cordray, who was recess appointed as director of the Consumer Financial Protection Bureau on the same day that NLRB appointments were made.

"Senate Republicans, many of whom agree Cordray is qualified to lead the agency, have refused to consider his nomination until the structure of the agency is changed, including replacing the single director with a five-member board," writes American Banker's Rachel Witkowski.

Two conservative groups and a Texas community bank have challenged the constitutionality of the Dodd-Frank Act, specifically the creation of the Consumer Financial Protection Bureau and the recess appointment of its director.

Cordray's appointment is not directly a part of the NLRB case and would likely require a separate legal challenge to overturn, however the case still holds ramifications for the legality of Cordray's tenure.

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