at 01:18 PM
Earlier today, a unanimous panel for the United States Court of Appeals for the D.C. Circuit held that President Obamas recess appointment of three Members of the National Labor Relations Board (NLRB) is invalid. The basis of the ruling is that the United States Senate, which must give its advice and consent to certain nominees, was not in recess when President Obama made the appointments. As a result, the three NLRB appointees could not take office until the Senate had a chance to vote on whether to confirm them.
Why does this matter to banks? The Consumer Financial Protection Bureaus chiefRichard Cordraywas appointed during the same Senate recess period. This blog
has already profiled a case challenging Mr. Cordrays appointment, and this decision from the D.C. Circuit will give ammunition to the challengers in that lawsuit.
The D.C. Circuits decision does place a cloud over all of the NLRBs actions since the recess appointments. It remains to be seen what impact this will have, and what impact it could have on the CFPBs actions if Mr. Cordrays appointment is ultimately ruled invalid. This blog will continue to cover the fallout as it develops.
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