It is hard to deny Richard Cordray's hiring to run the Consumer Financial Protection Bureau (CFPB) nearly four months ago is a flash point in continuing debates over regulatory appointments and implementing the Dodd-Frank Act.
But with all the angst surrounding his recess appointment, one can almost overlook the massive to-do list he inherited. Cordray is responsible for launching and overseeing an entire regulatory regime — over nonbanks — that never before existed. After an excruciatingly slow start during the months without a permanent director, the CFPB is now moving quickly. Under Cordray's watch, it has designated nonbanks for formal supervision, expanded its processing of consumer complaints and will soon try to succeed where other regulators have failed in streamlining mortgage forms.