Jeffrey P. Naimon extensively quoted in American Banker article, “FHFA leadership structure on shaky ground after CFPB ruling”
American BankerJeffrey P. Naimon
Jeffrey P. Naimon was extensively quoted on July 2, 2020 in an American Banker article, “FHFA leadership structure on shaky ground after CFPB ruling,” which discussed the Supreme Court's ruling that the single-director structure at the Consumer Financial Protection Bureau is unconstitutional, and if the Federal Housing Finance Agency will be treated the same way due to its identical structure. Naimon noted, “FHFA will be like most other executive agencies. If you are not aligned with the White House, it will look for alternatives.”
The article also discussed if the ruling is enough of a basis for a Biden administration to fire Trump-appointed FHFA Director Mark Calabria. Naimon noted, “Even if Calabria and the FHFA maintain that the Seila Law ruling does not affect the agency, he would be left with little choice if the president were to move to replace him. Calabria could try to resist being replaced by taking the position that he can only be fired for cause, but I think that is unlikely. The Department of Justice would point to the Seila Law decision, but more importantly, any additional progress on his agenda would be impossible. Who would ever commit capital in that context? It has the effect of freezing everybody in place.”
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