CFPB, Federal Agencies, State Agencies, and Attorneys General
Despite the various signs suggesting Director Cordray would resign before Labor Day, it now appears that he intends to remain as Director until at least a date in September.
One of those signs was the notice on the CFPB’s website of the Fall 2017 Credit Union Advisory Council Meeting in Washington, D.C.… Continue Reading
On February 6, House Financial Services Committee Chairman Hensarling circulated a memorandum to the House Financial Services Committee Leadership Team describing key revisions to the Financial Choice Act. Last week, he issued in outline form a so-called “Summary of Bill Changes” which identified further revisions to the Choice Act, which he referred to as “Choice 2.0”, some of which address subjects not covered in his February 6 revisions, which he referred to as “Choice 1.0.”… Continue Reading
On Monday, Chairman Hensarling circulated a memorandum to the House Financial Service Committee Leadership Team suggesting key revisions to the CHOICE Act. It only addresses proposed changes to the CHOICE Act; several key features of the original version, including subjecting the CFPB to congressional appropriations, remain in place but are not addressed in the memorandum.… Continue Reading
Republican Congressman Jeb Hensarling, who chairs the House Financial Services Committee, has sent a letter to Director Cordray asking him to provide written assurance by October 26, 2016 that, as a result of the D.C. Circuit’s decision in PHH Corporation v. CFPB, the CFPB will comply with the limits on executive agencies set forth in various executive orders.… Continue Reading
Republican Congressman Jeb Hensarling, who chairs the House Financial Services Committee, released a summary of a bill to replace the Dodd-Frank Act. The bill is entitled “The Financial CHOICE Act,” with “CHOICE” standing for “Creating Hope and Opportunity for Investors, Consumers and Entrepreneurs.” The accompanying press release indicated that the bill would be introduced later this month.… Continue Reading
Republican Congressman Jeb Hensarling, who chairs the House Financial Services Committee, has established a new policy for using his authority to issue subpoenas to the CFPB and other agency’s subject to the Committee’s oversight. According to a letter from Mr. Hensarling to Democratic Congresswoman Maxine Waters, the Committee’s ranking member, an agency will have “two weeks to produce documents requested by the Committee and, if no responsive documents are received, a follow-up letter providing the agency with two additional weeks to comply will be sent.” … Continue Reading
It should be no surprise that the CFPB and Republican Congressman Jeb Hensarling, who chairs the House Financial Services Committee, have different perspectives on the U.S. Supreme Court’s ruling last week that President Obama exceeded his Constitutional recess appointment authority when he filled three vacancies on the National Labor Relations Board in January 2012 . … Continue Reading
Republican Congressman Jeb Hensarling, who chairs the House Financial Services Committee, called on the CFPB this week to end its closed-door meeting policy for its four advisory groups. Those groups consist of the Community Bank Advisory Council, the Credit Union Advisory Council, the Academic Research Council, and the Consumer Advisory Board. … Continue Reading
Earlier this week, by a party-line 34-26 vote, the House Financial Services Committee passed H.R. 4861, a bill seemingly intended to ease restrictions on short-term, small-dollar loans made by depository institutions. The bill is part of the efforts of House Republicans to provide greater regulatory relief to banks than would be provided by S.… Continue Reading
The U.S. Senate on March 14 passed S.2155, the Economic Growth, Regulatory Relief, and Consumer Protection Act (the Act), by a vote of 67 to 31. Although the Act would not make the sweeping changes to the Dodd-Frank Act found in the Financial CHOICE Act of 2017 (CHOICE Act), it, nevertheless, would provide financial institutions welcome relief from a number of specific Dodd-Frank provisions.… Continue Reading
