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Cordray to Step Down as CFPB Director

Consumer Financial Protection Bureau (CFPB) Director Richard Cordray has announced that he will resign as director effective November 30, some seven months shy of the end of his five-year term.

How this will affect CFPB enforcement, examination, and rule-making, how continuity of the directorship will be handled, and how it will impact pending litigation surrounding the director’s authority remains to be seen.

Copyright © 2017 by Morgan, Lewis & Bockius LLP. All Rights Reserved.

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About this Author

Nicholas M. Gess, White Collar Attorney, Morgan Lewis Law Firm
Of Counsel

Nicholas M. Gess is of counsel at Morgan Lewis. He served as a member of Attorney General Janet Reno’s senior staff and as an associate deputy attorney general at the U.S. Department of Justice.He brings considerable experience in assessing impending government enforcement and regulatory actions and their impact on the business community. He advises corporate clients how to achieve results with governmental agencies and how to manage the risks of government action, particularly in the current environment where state enforcement authorities combine with congressional...

202-373-6218
Charles M. Horn, Morgan Lewis Law Firm, Securities Attorney
Partner

Charles M. Horn is a partner in Morgan Lewis's Investment Management and Securities Industry Practice. Mr. Horn focuses his practice on regulatory and transactional matters, primarily in the areas of banking and financial services. He works on behalf of domestic and global financial institutions of all sizes on regulatory, supervisory, enforcement and compliance matters before all major federal financial institutions regulatory agencies, and leading state financial regulatory agencies.

202-739-5951
Associate

David Monteiro focuses his practice on counseling companies facing government investigations and enforcement litigation. A former enforcement attorney with the Federal Trade Commission’s Bureau of Consumer Protection, Division of Financial Practices, David guides financial institutions and other companies in complying with state and federal consumer protection laws and regulations, responding to examinations and investigations, and defending litigation against the government.

214-466-4133
Of counsel

Melissa R. H. Hall is of counsel in Morgan Lewis’s Investment Management and Securities Industry Practice. Ms. Hall represents domestic and non-U.S. banks, financial services companies, and technology companies in regulatory and transactional matters.

202-739-5883