Cordray’s five-year term is to end in 2018, and congressional Republicans have made it clear that they want to see a change in the leadership of the CFPB (Consumer Financial Protection Bureau).

Last year, the Chamber’s Financial Services Committee approved the replacement of the CFPB director with a bipartisan committee of five members. This change will continue to be focused on throughout the year.

Furthermore, assuming a Republican administration in November, the independence of CFPB could be minimized by the bureau being pulled into Congress’s annual appropriations process.

CFPB Rule Making Timeline

Guggenheim Securities analyst, Jaret Seiberg remarks that the rule makings of CFPB are not likely to  take effect until 2017 or beyond.

It generally takes 18 months or longer for CFPB rule makings to take effect. For example, the issue of debt collection was placed on the bureau‘s list of initiatives in 2013, and still has not taken effect. On the other hand, the most recent agenda was issued in November, and the practice under scrutiny is still in pre-ruling stage.
Practically all initiatives that the CFPB is considering will have no impact until the new administration, Republican or Democrat, is ushered in this November.  Its shaping up to be a very interesting election year.
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