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Joeseph Lynyak Discusses Richard Cordray's Appointment as Head of CFPB in Los Angeles Times, Politico and American Banker
As mentioned in: Los Angeles Times, Politico, American BankerJanuary 6, 2012
Following President Barack Obama's recess appointment of Richard Cordray to serve as director of the Consumer Financial Protection Bureau, Pillsbury partner Joseph Lynyak explained the impact this move will have on CFPB’s future.
"Things have been proceeding very, very slowly," he told The Los Angeles Times. "Now that the director has been appointed, those [CFPBs] new powers arguably kick in, including the authority to issue a plethora of new regulations."
Lynyak told Politico that the banks are preparing for the bureau to use its new powers to stop "unfair, abusive or deceptive" practices. "The staff there I think did their prep work and have been waiting for the starting gun, and that shot happened yesterday," he told The American Banker.
Lynyak is a member of a Pillsbury team advising clients on the CFPB's emergence and industry impact.
