The U.S. Senate's confirmation of Richard Cordray as Director of the Consumer Financial Protection Bureau (CFPB) appears to clear the way for the consumer watchdog organization to enforce its regulation of credit cards, mortgages, and other financial products.

The CFPB's rules and enforcement actions designed to protect consumers from risky and questionable financial practices were in danger of being overturned because of legal questions surrounding Mr. Cordray's recess appointment in 2012 by President Obama.

"It finally removes the cloud that's been hanging over the agency since he got appointed a year and a half ago," said Alan S. Kaplinsky, Practice Leader of Ballard Spahr's Consumer Financial Services Group.

Related Practices

Bank Regulation and Supervision
Consumer Financial Services
Mortgage Banking