Given its scope of authority, we have been providing hospitality companies with a semi-regular update on the Consumer Financial Protection Bureau.

Today, the CFPB goes live with a nominated, but far from confirmed, director.  President Obama named Richard Cordray as his choice to lead the Consumer Financial Protection Bureau last Sunday evening.  Although we provided some brief insights on the former Ohio attorney general in our January and March CFPB posts, we are fairly certain that more detailed information on the nominee's positions will be forthcoming.  Senate Minority Leader Mitch McConnell (R-KY) made that much clear when he delivered this message to the president from the Senate floor the next day:

I would re­mind him that Sen­ate Re­pub­li­cans still aren't in­ter­ested in ap­prov­ing any­one to the po­si­tion un­til the pres­i­dent agrees to make this mas­sive new gov­ern­ment bu­reau­cracy more ac­count­able and trans­par­ent to the Amer­i­can peo­ple.

The con­cern?  It’s not so much how the CFPB has han­dled re­vis­ing mort­gage dis­clo­sure forms, which the fi­nan­cial ser­vices in­dus­try says it backs.  It is what hap­pens next.  As stated by Jaret Seiberg, a pol­icy an­a­lyst at MF Global's Wash­ing­ton Re­search Group

There's no fore­gone con­clu­sion. The agency doesn't have to ful­fill the night­mares that the banks have, but un­til we start to see con­crete ac­tions, those night­mares are still go­ing to keep bankers up at night.

For the hos­pi­tal­ity in­dus­try, the “night­mares” could in­volve a whole host of rules, in­clud­ing (but in no way lim­ited to) the Tele­mar­ket­ing Sales Rule, the Rule Con­cern­ing Cool­ing-Off Pe­riod for Sales Made at Homes or at Cer­tain Other Lo­ca­tions, and the Real Es­tate Set­tle­ment Pro­ce­dures Act (RESPA).

Take, for ex­am­ple, the In­ter­state Land Sales Full Dis­clo­sure Act.  On July 14, Peggy Twohig hosted a tele­con­fer­ence dis­cussing the tran­si­tion is­sues re­lated to the CFPB’s as­sump­tion of en­force­ment re­spon­si­bil­ity for that law.  As part of the tran­si­tion, Ms. Twohig said the CFPB will take a "fresh look" at the ILSFDA with an eye to­ward mod­ern­iz­ing processes.  At the end of the call, Ms. Twohig was asked how the "fresh look" would ap­ply to the Guide­lines for Ex­emp­tions Avail­able Un­der the In­ter­state Land Sales Full Dis­clo­sure ActThe an­swer - the Guide­lines will go dor­mant.