A recent court ruling filed by a three-judge panel of the U.S. Court of Appeals for the D.C. Circuit has casted doubt over whether renominated Richard Cordray will continue to serve as director of the Consumer Financial Protection Bureau.
"The White House is expected to appeal the ruling to the Supreme Court, meaning an actual ousting from office is not imminent. But, even prior to the decision, Cordray's status at the CFPB remained murky. His recess appointment expires at the end of this year and the road to a second confirmation was expected to be just as contentious as the first," writes American Banker's Jeanine Skowronski.
Republicans oppose the idea of a single director for the CFPB, created under the 2010 Dodd-Frank Act. Observers speculate whether the court ruling will cause Democrats to strike a deal with Republicans and replace the director with a five-member commission.
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