November 30, 2017

MONTH-IN-BRIEF: Business Regulation & Regulated Industries

Lynette Hotchkiss

Banking Law

CFPB Gets New Director after Richard Cordray Resigns

By David C. Bass, Rabobank, NA

President Trump has appointed Mick Mulvaney as interim director of the Consumer Financial Protection Bureau (CFPB). On November 15, 2017, Richard Cordray, former director of the CFPB appointed by President Obama in 2013, announced his resignation. Before resigning, Cordray named his former chief of staff, Leandra English, as acting director, which set off a legal battle. A federal judge has already denied a restraining order requested by English, and that denial cannot be appealed. Mulvaney now takes the post until President Trump selects, and the U.S. Senate confirms, a permanent placement. Currently, English is considering seeking a preliminary injunction against Mulvaney’s appointment that could be appealed if not granted. Mick Mulvaney is also the director of the Office of Management and Budget.

Lynette Hotchkiss

EVP/General Counsel & Corporate Secretary; Rabobank, N.A

Lynette Hotchkiss is EVP/General Counsel & Corporate Secretary for Rabobank, N.A., where she also previously served as Associate General Counsel. Prior to joining Rabobank, Lynette was with OneWest Bank, N.A, where her responsibilities included monitoring and reporting on regulatory developments impacting the bank’s operations and providing legal support for regulatory compliance matters. Before that, Lynette was an attorney in the Financial Practices Division of the Federal Trade Commission, where she focused on mortgage servicing issues. For much of her career, Lynette used her knowledge and experience in consumer finance laws and regulations to build compliance tools to help financial institutions comply with the complex array of federal and state requirements, first acting as the lead compliance attorney at CFI ProServices Inc. (now Finastra) to develop the Laser Pro® loan documentation system and later leading the legal team at Mavent Inc. (now part of Ellie Mae) to develop the Mavent Expert System, an automated compliance system for mortgage origination.