Banks Likely To Adopt CFPB Rules While Legal Issues Unfold

Law360, New York (February 1, 2013, 7:44 PM EST) -- Despite questions about the authority of the Consumer Financial Protection Bureau raised by a January appeals court ruling, banks are likely to implement the agency's controversial new mortgage rules rather than wait and risk being caught off-guard if the regulations do come into effect.

The ruling by the D.C. Circuit threw into question President Barack Obama's recess appointment of CFPB Director Richard Cordray, and with that question comes uncertainty over whether the bureau was authorized to promulgate thousands of pages of rules reshaping the mortgage and...
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