Trump Justice Department could block CFPB appeal to Supreme Court

When the three-judge panel for the DC Circuit issued its opinion in the CFPB v. PHH Corporation case in October, we predicted that a final resolution in the case could be more than a year away. Although we still expect a resolution is more than a year out, we believe that scenarios in which the Bureau prevails in its legal battle with PHH Corporation have decreased dramatically over the past couple months. This is based largely upon two factors:

Cordray plans to stay as CFPB Director

According to a Politico report, CFPB Communications Director Jen Howard indicated in an e-mail that CFPB Director Cordray has no current plans to leave the Bureau. Last week Politico reported that Ms. Howard stated “Director Cordray was confirmed by a bipartisan group of 66 senators to serve a term until July 2018 and has no plans to step down.”

Trump transition team names CFPB landing team member

President-elect Donald Trump’s transition team has selected Paul Atkins, a former Republican member of the Securities and Exchange Commission (SEC) and critic of heavy regulation, as a CFPB landing team member. Atkins is also serving on landing teams for the Federal Deposit Insurance Corporation (FDIC) and the Office of the Comptroller of the Currency (OCC).