What Trump election means for the CFPB

The future of the CFPB in a post-Obama era is as precarious as it is uncertain. Many observers believe that a Trump Administration signals the end of the CFPB’s run as what some have called “the least accountable regulatory agency in the federal government” and “the most powerful agency that’s ever been created in Washington.” During his campaign, President-elect Donald Trump announced that he would work to repeal the Dodd-Frank Act – the financial reform legislation that established the CFPB.

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.”