Financial Services Report – Spring 2017

In like a lion, out like a lamb—it works for weather; does it work for new administrations? We'll have to wait and see. We'll have to wait and see about the length of CFPB Director Richard Cordray's tenure and the fate of Dodd-Frank, as it appears the Trump administration is focusing on other priorities. So the focus shifts to the D.C. Circuit, which agreed to reconsider the ruling by the federal trial court that the CFPB's structure is unconstitutional. Or not, since the circuit court specifically asked the parties to brief whether it can avoid the constitutional question altogether.

In the meantime, CFPB enforcement is at an all-time high—a five-fold increase in cases from January 1, 2017, as compared to the same period last year. Coincidence? You make the call.