Obama illegally appointed Richard Cordray as the head of the CFPB during a senate recess. Recently, appointments during this recess were found to be illegal and unconstitutional. Therefore, this would make any actions the CFPB has taken null and void. Financial institutions have spent billions of dollars on resources and initiatives in order to comply with CFPB rules. If the CFPB is found to be illegally created, all financial institutions will have reason for suit AGAINST the US government for the billions of dollars in damages that they were given. In the end, if the court ruling is upheld, and a like suit comes to be, the American Taxpayer will end up PAYING the banks (through taxation) as a result of the financial crisis. This unacceptable action by Obama deserves due punishment.
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