CFPB, Federal Agencies, State Agencies, and Attorneys General
House Financial Services Committee Chairwoman Maxine Waters has introduced the “Consumers First Act” (to be designated H.R. 1500), a modified version of a bill she introduced in the last session of Congress when Mr. Mulvaney was still serving as CFPB Acting Director.
The bill calls on the CFPB to “promptly reverse all anti-consumer…
House Financial Services Committee Chairwoman Maxine Waters has announced a series of hearings for next month, including one entitled “Putting Consumers First? A Semi-Annual Review of the Consumer Financial Protection Bureau” scheduled for March 7, 2019.
The CFPB released its Fall 2018 Semi-Annual Report earlier this month. Since no further information about the hearing is…
H.J. Res. 31, the appropriations bill signed into law by President Trump on February 15 that ended the partial government shutdown and provides funding for fiscal year 2019 through September 30, 2019, includes a provision dealing with CFPB funding requests.
Pursuant to Section 1017(a)(1) of the Dodd-Frank Act, subject to the Act’s funding cap,…
The CFPB recently issued its Fall 2018 Semi-Annual Report to Congress covering the period April 1, 2018 through September 30, 2018.
The report represents the CFPB’s first semi-annual report under the leadership of Director Kathy Kraninger. At 43 pages, the new report is only two pages longer than the last semi-annual report issued under the…
“Disclosure Sandbox.” In September 2018, the Bureau proposed significant revisions to its “Policy to Encourage Trial Disclosure Programs” which sets forth the Bureau’s standards and procedures for exempting individual companies, on a case-by-case basis, from applicable federal disclosure requirements to allow those companies to test trial disclosures.
Last week, the CFPB added the following update…
The CFPB recently issued A Regulatory and Reporting Overview Reference Chart for HMDA Data Collected in 2019. As previously reported, the Economic Growth, Regulatory Relief, and Consumer Protection Act created an exemption from the reporting of the new HMDA data categories for smaller mortgage loan volume depository institutions and credit unions. The 2019…
The Fifth Circuit has calendared oral argument in the All American Check Cashing case for March 12, 2019. The case is one of the three cases currently pending in the circuit courts that involve a challenge to the CFPB’s constitutionality.
The other two cases are RD Legal Funding which is pending in the Second Circuit…
The U.S. Supreme Court has denied the petition for certiorari filed by State National Bank of Big Spring (SNB) which, together with two D.C. area non-profit organizations that also joined in the petition, had brought one of the first lawsuits challenging the CFPB’s constitutionality.
Despite agreeing with the petitioners that the CFPB’s structure is unconstitutional,…
As previously reported, in September 2017 the CFPB proposed policy guidance regarding what application-level Home Mortgage Disclosure Act (HMDA) data would be disclosed to the public based on the significant expansion to the HMDA data reporting items that the CFPB adopted in October 2015. Calendar year 2018 was the first year that reporting…
According to an American Banker report, CFPB Director Kathy Kraninger recently sent an email to CFPB staff that provides a window into what her approach to running the CFPB will be.
The report quotes Ms. Kraninger as having said in the email that the CFPB must do its work “with an open mind and without…
