President Barack Obama recently installed a top executive for the new government agency tasked with protecting consumers from predatory or misleading lending practices, and has drawn considerable fire for doing so. Now, some say the complaints could lead to lawsuits.
The appointment of former Ohio attorney general Richard Cordray to the top role with the new federal Consumer Financial Protection Bureau was likely to be a controversial one even before it happened, and now some analysts believe that the move could lead to a number of lawsuits, according to a blog post from Candi Wolff, Citis executive vice president for global government affairs. Wolffs post came when few other banks would speak out about the controversy, saying that the Cordray appointment would likely lead to legal action from numerous parties, including individuals, labor and community groups and even the U.S. Read more…