The National Law Journal quoted Manatt’s Richard Gottlieb, co-chair of the firm’s financial services group, on Consumer Financial Protection Bureau (CFPB) Director Richard Cordray’s recently announced resignation.
After several months of speculation on whether Cordray would complete his five-year term in full, he announced in a Nov. 15 email to his staff that he would step down by the end of the month.
The publication explained that lawyers outside of the CFPB are waiting to see if Cordray’s successor will hit the brakes on pending enforcement actions, delay or roll back regulations and soften the agency’s supervision efforts.
Gottlieb told the publication that some aspects of the bureau will change—for example, “regulated entities will be far more likely to challenge bureau action to the new director” and “the CFPB will reconsider its positions on fair lending, indirect auto, debt collection and, more broadly, its regulation through enforcement.”
“What won’t change immediately: day-to-day supervisory activities; examinations are where current CFPB policy is implemented and enforced,” explained Gottlieb.