February 16, 2017

Bloomberg quotes Jonathan Pompan on appeals court ruling over CFPB director's authority

1 min

Venable partner Jonathan Pompan was quoted in a February 16, 2017, Bloomberg article on the DC Court of Appeals' decision to reconsider an October ruling declaring that Consumer Financial Protection Bureau (CFPB) director Richard Cordray had too much power because he could be fired only for cause. The earlier ruling by a three-judge panel wiped out $109 million in penalties against a New Jersey mortgage company being investigated by the CFPB but did not address the agency’s constitutionality. Both issues will be back on the table when the full court hears the case.

"This stretches out the timeline for the next chapter of the CFPB and its director," said Pompan. "The CFPB has so far been acting like 'business as usual,' and we'd expect to continue to see that."