Following their announcement last July regarding their plans to coordinate on a range of consumer financial protection issues , the CFPB Director and his European counterpart, the Commissioner for Justice and Consumer Protection of the European Commission, have released a joint statement highlighting some areas those coordinated efforts have identified for ongoing monitoring and particular focus.… Continue Reading

The Consumer Bankers Association has sent a letter to the leadership of the House of Representatives urging the House to enact legislation that replaces the CFPB’s single director leadership structure with a five-person, bipartisan commission.

The CBA advocates for such legislation as a way to avoid the adverse consequences that it believes would result if the Supreme Court were to rule in Seila Law that the CFPB’s current structure is unconstitutional and the appropriate remedy is to sever the Dodd-Frank Act’s provision that only allows the President to remove the CFPB Director “for cause.” … Continue Reading

A bipartisan bill introduced in the House earlier this week, the Financial Product Safety Commission Act of 2018 (H.R. 5266), would create a bipartisan five-member commission to run the CFPB.  The bill was introduced by two Democratic House members and its cosponsors include a Republican House member.  H.R. 5266 would also change the CFPB’s name to the “Financial Product Safety Commission.”… Continue Reading

The Office of Inspector General (OIG) for the CFPB and Fed has issued a report on the results of its evaluation of the effectiveness of the CFPB’s Examiner Commissioning Program (ECP) and On-the-Job Training (OJT) Program.  In conducting the evaluation, the OIG assessed the design, implementation, and execution of the two programs.… Continue Reading

A group of 22 trade associations sent a letter last week to the Chairmen and Ranking Members of the Senate and House Appropriations Committees expressing their “strong support” for the creation of a five-member bipartisan commission to lead the CFPB.  The trade associations include the American Bankers Association, American Financial Services Association, Consumer Bankers Association, Financial Services Roundtable, Mortgage Bankers Association, and the Real Estate Services Providers Council, Inc.… Continue Reading

In a letter sent to Majority Leader McConnell and Minority Leader-elect Schumer, the Consumer Bankers Association, the Credit Union National Association, the Independent Community Bankers of America, and the National Association of Federal Credit Unions urge Congress to pass legislation to create a five-member commission to run the CFPB.

In their letter, the trade groups note that the CFPB “has recently finalized, or is in the process of finalizing, several rules, including arbitration, small dollar, third-party debt collection, and prepaid cards.” … Continue Reading

According to Politico, the Trump transition team has created “landing teams” that will be tasked with going into federal agencies to prepare for the change in Administrations.

Politico has reported that Paul Atkins, who leads the transition team for independent regulatory agencies, will be on the landing team for the CFPB as well as the landing teams for the FDIC and OCC.… Continue Reading

House Republicans are making another attempt to replace the CFPB’s director with a five-member commission.  A similar attempt passed the House early last year but did not reach a vote in the Senate.

H.R. 1266, introduced earlier this week by Republican Congressman Randy Neugebauer, is entitled the “Financial Product Safety Commission Act of 2015.” … Continue Reading

The CFPB soon plans to issue a final rule that would require certain supervised nonbank entities to register with it and provide information about their use of certain terms and conditions in standard-form contracts for consumer financial products or services that seek to waive or limit consumer rights or legal protections (“Covered Terms”).… Continue Reading

On May 20, 2004, the Federal Trade Commission (“FTC”) sent its annual report to the Consumer Financial Protection Bureau (“CFPB”) highlighting its enforcement actions and initiatives in 2023 under the Truth in Lending Act (“TILA”), Consumer Leasing Act (“CLA”), and Electronic Fund Transfer Act (“EFTA”).

While the Dodd-Frank Act (“Dodd-Frank”) provided the CFPB with rulemaking and enforcement authority over the major consumer financial services laws and regulations, the FTC retained authority to enforce TILA and Regulation Z, CLA and Regulation M, EFTA and Regulation E, and CFPB rules applicable to entities within the FTC’s jurisdiction.… Continue Reading