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CFPB Rules Overturn Seen as Unlikely

Although the District of Columbia Circuit Appeals Court invalidated President Barack Obamas recess appointments to the National Labor Relations Board and potentially overturned the boards decisions since early 2012, credit unions shouldnt assume the ruling means the CFPB will meet the same fate, said NAFCU President/CEO Fred Becker.

By Heather Anderson | Updated on February 06, 2013

Although the District of Columbia Circuit Appeals Court invalidated President Barack Obama’s recess appointments to the National Labor Relations Board and potentially overturned the board’s decisions since early 2012, credit unions shouldn’t assume the ruling means the CFPB will meet the same fate, said NAFCU President/CEO Fred Becker.

CFPB Director Richard Cordray was appointed the same day as the NLRB leaders during a period in which the Senate was in pro-forma session. The NLRB decision sets a precedent that could potentially invalidate Cordray’s appointment and CFPB regulations that were finalized last year.

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