CFPB will examine businesses without signs of potential wrongdoing

The legitimacy of Richard Cordray’s recess appointment as head of the CFPB will continue to be debated in stump speeches and lawsuits across the country.   The number of press articles on the story is overwhelming.  However, its important to keep an eye on what he and the Bureau will be doing while the legalities of his appointment are sorted out.

 

Already, Cordray has made it clear that he will be focusing on non-bank activities.  The next question is, how so?  A Time Magazine article gives us some insight into that:  

 

“Instead of relying on “after-the-fact” investigations of potential wrongdoing, the CFPB will be empowered to conduct examinations of businesses as it sees fit.”

 

This seems more like “rule of man” instead of “rule of law.”