In a legal development that could be pivotal for the tenure of Richard Cordray as director of the Consumer Financial Protection Bureau – as well as the scope of the agency’s authority – the Supreme Court of the United States announced this week that it was taking on Noel Canning v. National Labor Relations Board. In Canning, the D.C. Circuit Court of Appeals ruled earlier this year that President Obama’s three recess appointments to the NLRB were unconstitutional. If the SCOTUS upholds that determination, it could eventually spell the end for Cordray’s tenure at the helm of the bureau, numerous attorneys concur, given that he was named to the CFPB as a recess appointment in the same announcement in which the President revealed his NLRB appointments. There’s more...