Partner John Lynch Quoted Amid CFPB Director Concerns
John Lynch, practice group leader of the financial services litigation practice group at Troutman Sanders, commented to the National Law Journal yesterday regarding the possibility that Consumer Financial Protection Bureau Richard Cordray's recess appointment to the CFPB may be invalid. It remains to be seen how companies that answer to the CFPB will react, as the bureau cannot operate without a director.
Lynch said that while he expects most companies to abide by the guidelines set by the CFPB, those that have civil probes may indeed have "negotiating leverage" if Cordray's appointment is determined to be invalid.
For the latest news and information about the CFPB, please visit Troutman Sanders CFPB Report, a blog that is written and updated by Troutman Sanders attorneys with CFPB expertise. Their focus is to consistently examine how this new stand-alone, independent agency will regulate and enforce consumer financial products and services in compliance with federal law. This online portal serves as a central location for monitoring the latest CFPB news and developments as well as gaining timely insight from Troutman Sanders.