Although scores of law firms are grinding out client alerts on last Friday's recess appointment kerfuffle and its potential impact on the CFPB, I'm already growing tired of the issue, largely because I'm easily bored and thinking about it also cuts into my Miller Time (or, more accurately in my case, Shiner Bock Time). Before putting it to bed for a nap, however, I thought I'd provide links to some decent discussions of the issue.
The first is put out by Pillsbury, and authored by Joseph T. Lynyak III, Rodney R. Peck and Michael J. Halloran. It expands on many of the themes Joe Lynyak communicated to me last week and that I included in a post from a couple of days ago. It does a good job of outlining the issues and potential consequences in terms even lesser lights in the bank law space (such as this author) find comprehensible. It states that it's intended only as a starting point. If so, you'll be off to a good start by reading it.
The folks at Ballard Spahr also issued a cogent preliminary analysis. Although the firm is conducting a webinar on February 4 on the topic (link provided in the client alert), and they'll save most of the "good stuff" for that, I especially liked the following observation, with which I agree:
We believe Canning’s political reverberations will extend beyond the fight over President Obama’s renomination of Mr. Cordray to include the revival of proposed legislation to convert the CFPB’s leadership from a single director to a board or commission. The legislation also calls for the Financial Stability Oversight Council to oversee CFPB regulations and would subject the CFPB to the Congressional appropriations process.
Finally, DavisPolk's client memorandum on the subject contains a section that discusses some interesting "wrinkles," including various arguments that might be offered to uphold the regulations issued under Cordray's watch. It's a worthwhile read, as you would expect, given that firm's consistently high quality output.
I'll be moving on to other topics in future posts, reserving the right to revist this burning issue as it slowly evolves.