CFPB Director Richard Cordray resigned at midnight on November 24 after appointing Leandra English as Deputy Director and after telling his staff that she would succeed him as Acting Director. President Trump then appointed Mick Mulvaney, the Director of OMB, to be the Acting Director until the Senate confirms the President’s nominee for Director. English then sued the President and Mulvaney to seek a determination that she, and not Mulvaney, is the lawful Acting Director. On November 28, the Court denied English’s motion for a TRO. The litigation is ongoing and at some point will likely end up in the D.C. Circuit Court of Appeals and perhaps the U.S. Supreme Court. A dark cloud looms heavily over the CFPB.

At this webinar we will discuss:

• The up-to-date status of the litigation dealing with Cordray’s immediate successor and where the litigation is headed

• Can banks and companies subject to CFPB jurisdiction enter into consent orders and other agreements with the CFPB before there is a final non-appealable judgment in the litigation?

• What is the significance of Mulvaney’s 30-day moratorium on hiring, issuing regulations and making payments from the civil money penalty fund?

• Will Mulvaney be able to repeal or modify existing regulations, including the small dollar lending rule, the prepaid account rule and certain mortgage regs? Will he need to wait until there is a final judgment in the litigation?

• Will Mulvaney be able to repeal the guidance issued by the CFPB under Cordray, including the auto finance fair lending guidance?

• Will Mulvaney be able to drop pending enforcement lawsuits and investigations?

• Will Mulvaney change the CFPB consumer complaint process or portal?

• Will Mulvaney change the CFPB’s supervision and examination process?

• Have the prospects for legislative reform of the CFPB increased?

Date & TIme

Tuesday, December 5, 2017
12:00 PM - 1:00 PM ET

Moderator

Alan S. Kaplinsky
Practice Leader
Consumer Financial Services

Speaker(s)

Christopher J. Willis
Practice Leader
Consumer Financial Services Litigation

John L. Culhane, Jr.
Consumer Financial Services

Stefanie H. Jackman
Consumer Financial Services

James Kim
Consumer Financial Services

Bowen Ranney
Consumer Financial Services

This program is open to Ballard Spahr clients and prospective clients. There is no cost to attend. This program is not eligible for CLE credits.

Please register at least two days before the webinar. Login details will be sent to all approved registrants. For more information, contact Daniel Martin at martind@ballardspahr.com.

Register