Obama Appoints CFPB’s First Director
PRIVACY LAW—U.S.January 5, 2012
President Barack Obama yesterday appointed Richard Cordray as the first director of the Consumer Financial Protection Bureau (CFPB). The recess appointment of the former Ohio attorney general will allow the consumer agency to oversee non-bank organizations such as mortgage brokers, debt collectors, credit reporting agencies and payday lenders, The New York Times reports. Morrison & Foerster Partner Andrew Smith told the Daily Dashboard that the recess appointment of Cordray has some questioning the move's legality. Editor's Note: Smith will be a presenter during the breakout session, Who's on First? New Roles and Authority for the CFPB, FTC, Banking Agencies and Securities, at the IAPP Global Privacy Summit.