The CFPB recently joined in the filing of a motion to dismiss a case that includes a legal challenge to President Barack Obama’s controversial recess appointment of Richard Cordray as the bureau’s director.The eventual outcome of State National Bank of Big Spring, Texas, et al. v. Geithner, et al., could be significant in that it might affect not only Cordray’s appointment but an entire new level of regulatory oversight at the bureau that was inaugurated by, and in fact dependent upon, the appointment of a director at the bureau. Most notable among them would be nonbank mortgage lending...