Lawmakers like Sen. Tim Scott may feel differently about some elements in a Senate regulatory relief bill depending on whether CFPB Director Cordray is remaining in office until his term expires in July.
As Republicans policymakers pursue efforts to revamp the Consumer Financial Protection Bureau and replace its leadership, state agencies are already preparing to fill any vacuum that might ensue if the CFPB steps back.
If CFPB Director Richard Cordray leaves ahead of his July 2018 term expiration, President Trump would be limited in who he could pick as an acting director and may face challenges in rolling back the rule banning mandatory arbitration clauses.
The Consumer Financial Protection Bureau's final rule to formalize guidance on a number of TILA-RESPA Integrated Disclosures compliance points omits an originally proposed fix for the so-called black hole that's created when a mortgage closing is delayed.
The CFPB's decision to drop a requirement that third parties verify a debt's accuracy before collecting on it is likely to speed the agency's efforts to write rules for all parts of the debt collection market.