To comply or not to comply? That’s the question now facing companies involved in proceedings before the Consumer Financial Protection Bureau.
The much-feared new regulator was dealt a devastating—if indirect—blow last week, when the U.S. Court of Appeals for the D.C. Circuit ruled that three recess appointments to the National Labor Relations Board were invalid. Although CFPB Director Richard Cordray was not named in the suit, his recess appointment was made on the same day and under the same assertion of executive power, and lawyers assume that it too cannot survive judicial review.
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