Baker said, "Richard Cordray's announcement will have many speculating about what this means for the Bureau's Enforcement agenda. It is quite possible that there will not be significant changes to the Enforcement agenda that soon. And, in any event, other law enforcement agencies, especially at the State level, will remain extremely active in the consumer finance space, as we have seen for the last year."
Sachs added, "Rich Cordray's announcement begs the question – what's next? We will know if he is going to run for Governor of Ohio soon. What we don't know is how much the next Director will change the CFPB. Will there be a freeze of supervision, enforcement, and regulatory activity? Will there be a partial or complete rollback of regulations? Regardless, one thing is certain: many state attorneys general offices are poised to pick up any lull in CFPB activity."