the impact of the d.c. circuit’s nlrb ruling on the...

The Impact of the D.C. Circuit’s NLRB Ruling on the CFPB

February 4, 2013

Alan S. Kaplinsky Practice Leader Consumer Financial Services [email protected] 215.864.8544

Richard J. Andreano, Jr. Practice Leader Mortgage Banking [email protected]

Isaac Boltansky SVP and Policy Analyst Compass Point Research & Trading, LLC [email protected] 202.534.1396

Keith R. Fisher Of Counsel Consumer Financial Services [email protected] 202.661.2284

Denise M. Keyser Partner Labor and Employment [email protected] 856.761.3442

Christopher J. Willis Partner Consumer Financial Services [email protected] 678.420.9436

Copyright 2013 by Ballard Spahr LLP

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Moderator – Alan S. Kaplinsky • Practice Leader of the Consumer Financial Services Group at Ballard Spahr

• Devotes his practice to counseling financial institutions with respect to bank regulatory and transactional matters and defending them in individual and class action lawsuits (including CFPB investigations and government enforcement matters)

• First President of the American College of Consumer Financial Services Lawyers

• Former Chair of the American Bar Association Committee on Consumer Financial Services of the Business Law Section

• Co-Chair of the Practising Law Institute’s Annual Consumer Financial Services Institute, now on its 18th year

• Has been named as a tier one banking and consumer financial services lawyer in the 2006 through 2012 editions of Chambers USA

• Has been named in The Best Lawyers in America under financial services regulation law and banking and finance litigation from 2007 to 2013

• Recently named the 2012 Philadelphia Lawyer of the Year for Litigation-Banking & Finance

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Panelist – Denise M. Keyser • Labor and Employment Partner at Ballard Spahr

• Has represented businesses for over 25 years in all types of labor and employment matters, including traditional labor law, OSHA, ERISA, wage and hour, employment-at-will, wrongful discharge, discrimination, management training, executive compensation, and affirmative action

• Denise has experience before the National Labor Relations Board and has litigated cases involving issues such as discrimination, harassment, wrongful discharge, wage and hour issues, breach of contract, and ERISA in both state and federal courts

• Recognized as a leading labor and employment lawyer in the 2003 through 2012 editions of Chambers USA

• Recognized in the areas of labor law and employment in the 2006 through 2013 issues of The Best Lawyers in America

• Named Best Lawyers' 2013 Philadelphia Labor Law - Management "Lawyer of the Year”

• Fellow, College of Labor and Employment Lawyers (2006-present)

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Panelist– Keith R. Fisher

• Of Counsel in the Business and Finance Department and a member of the Consumer Financial Services, Bank Regulatory and Supervision, and Mortgage Banking Groups

• Practice focuses on financial regulatory work, mergers and acquisitions, and appellate work, especially Supreme Court practice

• Recently worked as a consultant advising on a variety of ethics, business, and regulatory projects, including federal banking law compliance

• He has taught law school courses in banking law, payment systems, anti-money laundering, international banking and finance, and legal ethics

• Has substantial experience in U.S. Supreme Court practice arising from his work with former colleagues E. Barrett Prettyman, Jr., and John Roberts, now Chief Justice

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Panelist – Christopher J. Willis

• Partner at Ballard Spahr and a member of the firm’s Consumer Financial Services and Mortgage Banking Groups

• Counsels financial institutions on regulatory matters, advises them on compliance with consumer financial services laws, and defends them in both individual and class action lawsuits, as well as governmental enforcement actions (including CFPB investigations)

• Chairs the firm’s Fair Lending Task Force and Collection Documentation Task Force

• Named in The Best Lawyers in America for banking and finance litigation and commercial litigation for 2013

• Frequent author and speaker on issues relating to consumer financial services regulation and litigation

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Panelist – Richard J. Andreano, Jr.

• Practice Leader of the Mortgage Banking Group and a member of the Consumer Financial Services and Privacy and Data Security Groups

• Has devoted more than 25 years of practice to financial services, mortgage banking, and consumer finance law

• Advises lenders, servicers, brokers, home builders, title companies, real estate professionals, and other settlement providers on regulatory compliance and related matters, including issues concerning Dodd-Frank, RESPA, TILA, ECOA, Fair Housing Act, FCRA, HMDA, and Gramm-Leach-Bliley Act

• Editor-in-Chief of Mortgage Finance Regulation Answer Book 2011-2012, published by the Practising Law Institute

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Panelist – Isaac Boltansky

• As the Policy Analyst for Compass Point Research & Trading, LLC, Isaac focuses his efforts on Washington Policy and the resulting impact on financial services companies with a particular focus on Dodd-Frank implementation, the Consumer Financial Protection Bureau, for-profit education, and tax policy.

• Compass Point Research & Trading, LLC, is a financial services firm that provides equity research, institutional brokerage execution, and investment banking services. Compass Point specializes in mortgage finance, real estate and REITs, home builders, and specialty finance.

• Prior to joining Compass Point, Isaac was a Research Analyst at the Troubled Asset Relief Program (TARP) Congressional Oversight Panel. While at TARP Congressional Oversight Panel, he focused on the largest TARP recipients as well as broader economic issues such as bank lending and commercial real estate. He was also responsible for staff-level relationships with government agencies including the Treasury, Federal Reserve, and FDIC.

• Prior to that, he worked as an Analyst at EJF Capital, LLC.

• Isaac earned a B.A. in Political Science and History from Ohio Wesleyan University.

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Noel Canning v. National Labor Relations Board: The Decision

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Noel Canning v. National Labor Relations Board

• United States Court of Appeals for the District of Columbia Circuit

• Docket No. 12-1115

• Argued: December 5, 2012

• Decided: January 25, 2013

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Three Judge Panel

Opinion written by Chief Judge David Sentelle, appointed by President Ronald Reagan.

• Joined by : - Judge Thomas Griffith, appointed by President George W. Bush

- Karen LeCraft Henderson, appointed by President George H.W. Bush

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Factual/Legal Background • In 2011, President Obama nominated Sharon Block and

Richard Griffin to fill two NLRB vacancies and Richard Cordray to be the First Director of the Consumer Financial Protection Bureau.

• The Senate did not act on those nominations before adjourning for the holidays on December 17, 2011.

• When it adjourned, the Senate provided that it would meet in pro forma sessions twice a week for the entire holiday break. The Senate expressly provided that no business was to be conducted during those sessions. It concluded it’s 111th Session in this manner and began its 112th Session in the same manner on January 3, 2012. It then promptly adjourned until January 23, 2012, continuing its pro forma sessions.

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Factual/Legal Background

• On January 4, 2012, the President announced “recess appointments” to the NLRB and CFPB.

• The President concluded that the pro-forma sessions were not sufficient to interrupt the congressional holiday because: the Senate was not available to exercise its advice and consent duties, and allowing the Senate to prevent recess appointments by holding pro-forma sessions improperly impinged upon the President’s recess appointment power.

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Factual/Legal Background (cont’d) • Initially, recess appointments were made only during

intersession recesses between Congresses. • But, early in the 20th century, as intrasession “recesses”

became longer and more common, a consensus developed that permitted appointments during these periods as well.

• Twelve Presidents have made more than 285 intrasession “recess appointments.”

• Presidents Reagan, Bush I, Clinton, and Bush II all made appointments during intrasession breaks of 20 days or fewer, with some made during breaks of as little as 10 days.

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Factual/Legal Background (cont’d)

• More recent opinions by the Justice Department have concluded that appointments may occur during any “recess” of more than three days. (The Constitution does not permit the Senate to adjourn for more than three days without the approval of the House.)

• Since 2007, under both Presidents Bush and Obama, the Senate has not adjourned for longer than 3 days, holding pro-forma sessions in an express effort to block recess appointments.

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Recess Appointments Clause

• “The President shall have the Power to fill up all Vacancies that may happen during the Recess of the Senate, by granting Commissions which shall expire at the End of the next session.”

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The Court’s Decision

• Two constitutional infirmities with the “recess appointments”: - The words “the Recess” refer only to an intersession recess of

Congress and not to an intrasession recess.

- Second, to qualify for a recess appointment, the vacancy involved must “happen” during the intersession recess. Vacancies that antedate a recess cannot be filled by recess appointments.

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Options & Other Pending Cases

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Recess Appointments Clause (“RAC”)

• U.S. CONST., art. II, § 2, cl. 3. - “The President shall have Power to fill up all Vacancies

that may happen during the Recess of the Senate, by granting Commissions which shall expire at the End of their next Session.” (Key terms emphasized)

• Additional argument re: Cordray appointment not available in NLRB challenges – Unlike the NLRB, the Bureau is a brand new agency that never had the agency head confirmed by the Senate. Arguably, then, no “Vacancy” existed within the meaning of the RAC.

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What are the Government’s Options?

• Judicial Alternatives - Petition for Rehearing & Rehearing en banc

- Petition U.S. Supreme Court for a writ of certiorari to the D.C. Circuit

• Reach legislative compromise for congressional Republicans to pave way for Senate confirmation - Can cover the three NLRB members plus Richard Cordray

- Appointments Clause: art. II, § 2, cl.2 • Advise & Consent

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Rehearing & Rehearing En Banc

• Petition for Rehearing – addressed to panel - Likelihood of success remote

- No dissent – unanimous decision • Judge Griffith (concurring) would not have reached the second

constitutional question (meaning of “happen”) as the first one (meaning of “the Recess”) was dispositive

• Petition for Rehearing en banc – addressed to all active judges in the circuit who are not disqualified - D.C. Cir. Rule 35(a): En banc hearing is generally disfavored

- Granted only (i) when necessary to secure or maintain the uniformity of decisions or (ii) where the proceeding involves a question of exceptional importance

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Presidents Who Appointed Active Judges

• *David B. Sentelle (C.J.) (Reagan)

• *Karen LeCraft Henderson (Bush, Sr.)

• Judith W. Rogers (Clinton)

• David S. Tatel (Clinton)

• Merrick B. Garland (Clinton)

• Janice Rogers Brown (Bush, Jr.)

• *Thomas B. Griffith (Bush, Jr.)

• Brett M. Kavanaugh (Bush, Jr.) - * = panel member. N.B. Chief Judge Sentelle rumored to be

taking senior status effective February 12.

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Review by U.S. Supreme Court

• Slightly higher likelihood of success than seeking rehearing in D.C. Circuit - Only need 4 votes to grant the Petition for Certiorari

- However, it’s difficult to identify 5 votes for reversal of the Canning decision.

• Factors supporting certiorari - Split in the circuits with 11th Circuit case, Evans v. Stephens, 387 F.3d

1220 (11th Cir. 2004).

- Importance of the case • Overturns Executive expectations based on post-FDR history of activist

Presidents

• Need definitive interpretation of key terms in the Recess Appointments Clause (“Recess,” “Happen,” Vacancy”).

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Other NLRB RAC Challenges (Decided)

• Richards, et al. v. NLRB, United Steel, Paper and Forestry, Rubber, Manufacturing, Energy, Allied Industrial and Service Workers Int’l Union, AFL-CIO/CLC, et al., 702 F.3d 1010 (7th Cir. 2012) - In a “Boxing Day” gift to the Respondents and Intervenor-

Respondents, CA7 dismissed for lack of standing, Dec. 26, 2012

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Other NLRB RAC Challenges (Pending)

• Nestle Dreyer’s Ice Cream Co. v. NLRB, No. 12-1684 (4th Cir., filed May 23, 2012) (judicial review of NLRB order), consolidated with NLRB v. Nestle Dreyer ‘s Ice Cream Co., No. 12-1783 (4th Cir., filed June 15, 2012) (application for enforcement of agency order) - Oral argument date to be scheduled

• NLRB v. New Vista Nursing and Rehabilitation, LLC, Nos. 11-3440 (3d Cir., filed Sept. 14, 2011) & 12-3524 (3d Cir., filed Sept. 12, 2012) (applications for enforcement of agency order) - Oral argument scheduled for March

•

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Cases Challenging Cordray Appointment • State Nat’l Bank of Big Spring, Texas, et al. v. Geithner, et al., No. 1:12-cv-

01032(ESH) (D.D.C., filed June 22, 2012) - Bold challenge to constitutionality of the FSOC, the Orderly Liquidation

Authority, the authority of the Bureau to regulate remittance transfers, and the recess appointment of Richard Cordray as Director of the Bureau

- Motion to dismiss for lack of jurisdiction (standing and ripeness) filed Nov. 26, 2012. On January 24, 2013, Judge Huvelle granted an enlargement of the time in which to file a response until February 13.

• CFPB v. Chance Edward Gordon et al., No. 2:12-cv-06147-RSWL-MRW (C.D. Cal., filed July 18, 2012) - Enforcement action against lawyer, who included in his answer the defense that the

proceeding is invalid because Cordray was not lawfully appointed.

- Gov’t obtained a preliminary injunction (including an asset freeze and receivership on Nov. 16, 2012.

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Noel Canning v. National Labor Relations Board: Implications for Supervision and Enforcement

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Back to 2011: The Bureau Without a Director

• If the Bureau lacks a properly-appointed Director (as Noel Canning implies), its powers are the same as those that existed in 2011

• Dodd-Frank § 1066(a): “The Secretary is authorized to perform the functions of the Bureau under this subtitle until the Director of the Bureau is confirmed by the Senate in accordance with section 1011.”

• So the powers of the CFPB are limited in two ways: they must be “under this subtitle” (Subtitle F of Title X), and they must be performed by the Secretary of the Treasury

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Subtitle F Powers of the Bureau

• Almost all of the CFPB’s powers are set forth elsewhere in Title X

• The only authority in Subtitle F relates to powers transferred from the federal banking agencies

• Section 1061 provides that the “consumer financial protection functions” of the federal banking agencies are transferred to the Bureau, as they existed on the day before the designated transfer date

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“Consumer Financial Protection Functions”

• There are two provisions that define the transferred functions:

1. “all authority to prescribe rules or issue orders or guidelines pursuant to any Federal consumer financial law” (i.e., rulemaking and enforcement authority)

2. “the examination authority described in subsection [1061](c)(1), with respect to a person described in subsection 1025(a)” (i.e., examination authority over large banks)

• Notably, § 1061 only deals with authority transferred from the federal banking agencies – so if the agencies did not have such authority prior to the CFPB, the CFPB does not have that authority under § 1061

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Supervision: Who’s In and Who’s Out?

• Without a Director, the CFPB can supervise large banks (over $10 billion in assets) through the Secretary of the Treasury

• But there is no non-bank supervision authority:

- Non-bank supervision authority (mortgage, student lending, payday lending, “larger participants” and entities posing “risks to consumers”) is created by § 1024, which is not in Subtitle F

- Federal banking regulators did not have general examination authority over non-banks, so no authority was transferred to the CFPB

- Even service providers to large banks are not covered -- § 1061 only provides for transfer of exam authority for the banks themselves (“a person described in section 1025(a)”)

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Enforcement: Who’s In and Who’s Out?

• The situation with enforcement is similar – but not identical – to supervision

• The CFPB inherited the authority of the federal banking agencies to “issue orders,” which extends both to banks and their service providers (“institution-affiliated parties”) under 12 U.S.C. § 1818

• But, other than large bank service providers, the CFPB cannot engage in enforcement activity against non-banks without a Director

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Involvement of the Secretary of Treasury

• Section 1066 of Dodd-Frank allows the Secretary of the Treasury – not the CFPB, and not an unconfirmed Director – to exercise the transferred functions of the federal banking agencies

• The Secretary cannot delegate to a CFPB employee – 31 U.S.C. § 321(b)(2) allows the Secretary to “delegate duties and powers of the Secretary to another officer or employee of the Department of the Treasury.”

• In order for the Secretary to delegate, the person must be an “officer or employee” of the Department of Treasury

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Practical Implications of Noel Canning

• For now, the CFPB is continuing to exercise all of its functions as if nothing had happened

• Targets of those activities (i.e., examinations and enforcement actions) will have to cooperate with the CFPB unless they wish to litigate the authority issue immediately

• There will be an opportunity for every non-bank subject to examination or enforcement activity to challenge the CFPB’s authority

• One non-bank – a law firm in California – is already raising this argument in a court case brought by the CFPB

• If the recess appointment issue is resolved fairly quickly through a political compromise, fighting over it now may not be worthwhile

• But if the issue lingers, non-banks will have more and more incentive to raise and litigate the issue

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Noel Canning v. National Labor Relations Board: CFPB Mortgage and Other Rules

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Enumerated Consumer Laws Under Dodd-Frank 1002(12)

• Alternative Mortgage Transactions Parity Act. • Consumer Leasing Act—TILA. • Electronic Funds Transfer Act. • Equal Credit Opportunity Act. • Fair Credit Billing Act—TILA. • Fair Credit Reporting Act, except Red Flags and Disposal

of Consumer Records. • Fair Debt Collection Practices Act. • Federal Deposit Insurance Act section 43(b)-(f), disclosure

requirements for institutions lacking federal deposit insurance.

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Enumerated Consumer Laws Under Dodd-Frank 1002(12)

• Gramm-Leach-Bliley Act sections 502-509, excludes Safeguarding.

• Home Mortgage Disclosure Act. • Home Ownership and Equity Protection Act—TILA. • Home Owners Protection Act. • Real Estate Settlement Procedures Act. • S.A.F.E. Mortgage Licensing Act. • Truth in Lending Act. • Truth in Savings Act. • Omnibus Appropriations Act of 2009, section 626. • Interstate Land Sales Full Disclosure Act.

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CFPB Interim Rules

Regulation B—ECOA Interim Final Rule Published: December 21, 2011. Interim Final Rule Effective: December 30, 2011.

Regulation C—HMDA Interim Final Rule Published: December 19, 2011. Interim Final Rule Effective: December 30, 2011.

Regulation D—Alternative Mortgage Transactions Parity Act

Interim Final Rule Published: July 22, 2011. Interim Final Rule Effective: July 22, 2011.

Regulation E—EFTA Interim Final Rule Published: December 27, 2011. Interim Final Rule Effective: December 30, 2011.

Regulation F—FDCPA, State Exemption Procedures

Interim Final Rule Published: December 16, 2011. Interim Final Rule Effective: December 30, 2011.

Regulation G—SAFE Act, Federal Registration


Regulation H—SAFE Act, State Compliance


Regulation I—Disclosure Requirements for Institutions Lacking Federal Deposit Insurance


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CFPB Interim Rules

Regulations J, K & L—Interstate Land Sales Full Disclosure Act


Regulation M, Consumer Leasing Act—TILA


Regulation N, Mortgage Acts and Practices—Omnibus Appropriations Act of 2009


Regulation O, Mortgage Assistance Relief Services—Omnibus Appropriations Act of 2009


Regulation P—GLBA Interim Final Rule Published: December 21, 2011. Interim Final Rule Effective: December 30, 2011.

Regulation V—FCRA Interim Final Rule Published: December 21, 2011. Interim Final Rule Effective: December 30, 2011.

Regulation X—RESPA Interim Final Rule Published: December 20, 2011. Interim Final Rule Effective: December 30, 2011.

Regulation Z—TILA Interim Final Rule Published: December 22, 2011. Interim Final Rule Effective: December 30, 2011.

Regulation DD—Truth In Savings Act


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CFPB Final Mortgage Rules

Dodd-Frank TILA/RESPA Disclosures Temporary Exemption

Final Rule Posted: November 13, 2012. Final Rule Effective: November 23, 2012.

Ability to Repay; Qualified Mortgage—TILA

Final Rule Posted: January 10, 2013. Final Rule Published: January 30, 2013. Final Rule Effective: January 10, 2014 (applications received on or after that date). Concurrent Proposal Comments Due: February 25, 2013.

HOEPA/ Counseling-Related Requirements—TILA and RESPA

Final Rules Posted: January 10, 2013. Final Rules Published: January 31, 2013. Final Rules Effective: January 10, 2014 (applications received on or after that date).

Escrows for Higher-Priced Mortgage Loans—TILA

Final Rule Posted: January 10, 2013. Final Rule Published: January 22, 2013. Final Rule Effective: June 1, 2013 (applications received on or after that date).

Servicing—RESPA and TILA

Final Rules Posted: January 17, 2013. Final Rules Effective: January 10, 2014.

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CFPB Final Mortgage Rules

Appraisals

Higher-Risk Mortgages—FIRREA and TILA

Joint Final Rule Posted: January 18, 2013. Joint Final Rule Effective: January 18, 2014.

Appraisal Copy—ECOA Final Rule Posted: January 18, 2013. Final Rule Published: January 31, 2013. Final Rule Effective: January 18, 2014 (applications received on or after that date).

Loan Originator Compensation and Qualifications—TILA and SAFE Act

Final Rules Posted: January 20, 2013. Final Rules Effective: June 1, 2013, mandatory arbitration and financing of single-premium credit insurance (applications received on or after that date)/January 10, 2014, everything else (apparently, applications received on or after that date).

Integrated Disclosures—RESPA and TILA

Comments on Proposed Rules Due: November 6, 2012. Final Rules Status: CFPB targeting 9/2013. (CFPB requested comment on mandatory compliance date based on extent of changes required.)

Expanded Finance Charge—TILA Comments on Proposal Due: November 6, 2012 (comment deadline extended from September 7, 2012). Final Rule Status: CFPB deferred action and will assess in connection with Integrated Disclosures proposal. (Although proposal was included in Integrated Disclosure proposal, CFPB considered adoption along with HOEPA rule.)

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Certain Other CFPB Final Rules

Remittances--EFTA Final Rule Initially Published: February 7. 2012, with February 7, 2013 effective date. Corrections to Final Rule Published: July 10, 2012. Supplement to Final Rule Published: August 20, 2012. Proposed Amendments to Final Rule Published: December 31, 2012. Rule Delaying Final Rule Posted: January 22, 2013.

Non-Bank Larger Participant

Consumer Reporting Market—Dodd-Frank Title X

Final Rule Published: July 20, 2012. Final Rule Effective: September 30, 2012.

Consumer Debt Collection Market—Dodd-Frank Title X

Final Rule Published: October 31, 2012. Final Rule Correction Published: December 7, 2012. Final Rule Effective: January 2, 2013.

Procedure Relating to Rulemaking Final Rule Published: December 28, 2012. Final Rule Effective: December 28, 2012.

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The De Facto Officer Doctrine

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What Is the De Facto Officer Doctrine?

• A working definition: The de facto officer doctrine confers validity upon acts performed by – but not the appointment of – a person acting under color of official title, even though it is later discovered that the legality of his or her appointment or election to office is deficient.

• Policy justification: Fear of the chaos that would ensue from multiple lawsuits challenging every action taken by every official whose claim to office could be open to question, and protection of the public by insuring the orderly functioning of the government notwithstanding technical defects in title to office.

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Limitations on the Doctrine

• The Supreme Court has interpreted the de facto officer doctrine narrowly and has limited it to instances of statutorily improper appointments.

• In the last Supreme Court case to consider the doctrine, the Court unanimously held it inapplicable to constitutionally invalid appointments. Ryder v. United States, 515 U.S. 177 (1995) (per Rehnquist, C.J.)

• Important countervailing policy considerations to those animating the doctrine support the Court’s holding in Ryder.

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Noel Canning v. National Labor Relations Board: Political Implications

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Political Implications

• Republicans will renew their calls for structural changes to the CFPB.

• Senate Democrats and the White House are unlikely to deal unless courts force action.

• Next move left to the courts as the Hill retrenches.

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Senate Republican Opposition

• February 1, 2013 Letter from 43 Senate Republicans stated that they “will continue to oppose the consideration of any nominee, regardless of party affiliation, to be the CFPB director until key structural changes are made to insure accountability and transparency at the Consumer Financial Protection Bureau.” - Similar to May 2, 2011 letter from 44 Senate Republicans

• The letter demanded 3 specific reforms: - Establish a bipartisan board of directors to oversee the Consumer

Financial Protection Bureau.

- Subject the Consumer Financial Protection Bureau to the appropriations process.

- Establish a safety-and-soundness check for the prudential regulators.

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Opposition Has Softened…

• Shelby replaced by Crapo as Ranking Member on SBC

• CFPB rulemaking has been received well on Capitol Hill - Sen. Corker (R-TN): “Richard Cordray…has shown

thoughtfulness in writing regulation.”

• Election results cemented the Dodd-Frank Act

Richard Shelby (R – AL) Mike Crapo (R – ID)

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…But Not Nearly Enough

• Senate Banking Committee - Sen. Mike Crapo (R-ID) stated that the “decision to renominate

Richard Cordray to be director of the Consumer Financial Protection Bureau after using an unconstitutional recess appointment is premature, given the outstanding concerns about the bureau and the legal challenge to the recess appointment.”

• House Financial Services - Rep. Jeb Hensarling (R-TX) stated that the NLRB ruling

illustrates that Cordray’s recess appointment was: “unlawful or unconstitutional or both.”

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What Now?

• Increased leverage for structural changes to the CFPB. - The “Restoring the Constitutional Balance of Power Act”

• Senate Republicans will renew push for changes. - Look for the primary focus to be the commission structure given

Sen. Warren’s reported support during the legislative process.

- Other requests are farther down the priority list.

• White House still views CFPB as crown jewel of the Dodd-Frank Act and is unlikely to deal.

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Questions / Resources

If you have questions about anything we covered today, please contact:

Visit Ballard Spahr’s blog, CFPB Monitor, at www.CFPBMonitor.com.

Subscribe to our e-alerts and Mortgage Banking Update at www.ballardspahr.com.

Alan S. Kaplinsky Practice Leader Consumer Financial Services [email protected] 215.864.8544

Richard J. Andreano, Jr. Practice Leader Mortgage Banking [email protected] 202.661.2271

Isaac Boltansky SVP and Policy Analyst Compass Point Research & Trading, LLC [email protected] 202.534.1396

Keith R. Fisher Of Counsel Consumer Financial Services [email protected] 202.661.2284

Denise M. Keyser Partner Labor and Employment [email protected] 856.761.3442

Christopher J. Willis Partner Consumer Financial Services [email protected] 678.420.9436

the impact of the d.c. circuit’s nlrb ruling on the...

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