Leonard Chanin, a senior official at the Federal Deposit Insurance Corp., has been tapped to serve on a part-time basis as the No. 2 official at the Consumer Financial Protection Bureau, according to a news report.
Fed makes emergency cut, JPMorgan tests contingency plan; the justices appeared divided on whether to give the president power to fire the agency’s director.
The court’s liberal bloc and Chief Justice John Roberts, who holds a crucial swing vote, appeared reluctant to remove a contentious provision that limits a president’s ability to fire a sitting director of the bureau.
The Supreme Court will hear arguments on the agency’s structure; the company, desperate after losing Costco’s business, allegedly pressured and misled applicants.
How New York became Wells Fargo's new center of power; banks walk fine line in preparing for a coronavirus outbreak in U.S.; bankers on Bernie's electoral chances and whether a Sanders presidency would pose a threat; and more from this week's most-read stories.
The release of Richard Cordray's retrospective of his tenure will come one day before the Supreme Court hears a pivotal case about the leadership structure of the agency.
Discover Financial Services is being investigated by the agency over student loan-servicing practices and its compliance with a 2015 consent order involving the business.
