Now that the U.S. Senate has confirmed Richard Cordray as Director of the Consumer Financial Protection Bureau, the two-year-old agency that has already become the busiest federal bank regulator in recent memory is poised to get even more aggressive.

The Senate’s confirmation of Mr. Cordray on July 16 finally removed the cloud that had hung over his controversial recess appointment. Many observers expect the CFPB to continue implementing provisions of the Dodd-Frank Act and to intensify its public enforcement actions.

“There’s a lot going on with the CFPB’s enforcement but about 95 percent of it has been behind the scenes,” said Alan S. Kaplinsky, who heads the consumer financial services group at Ballard Spahr. “Now with Cordray’s position being secure, I expect we will see a lot more enforcement activity.”

Related Practice

Consumer Financial Services