CFPB General

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This past Thursday, by a  vote of 31-21, the House Appropriations Committee approved the fiscal year 2018 Financial Services and General Government Appropriations bill.  In addition to multiple provisions to reform the CFPB, the bill contains a provision intended to override the Second Circuit’s opinion in Madden v. Midland Funding. … Continue Reading

The CFPB has announced the following new members to its Consumer Advisory Board, Academic Research Council, Community Bank Advisory Council, and Credit Union Advisory Council.  New members to the Consumer Advisory Board and Academic Research Council will serve three-year terms and new members to the Community Bank and Credit Union Advisory Councils will serve two-year terms.… Continue Reading

On July 12, 2017, a subcommittee of the House Financial Services Committee will hold a hearing entitled “Examining Legislative Proposals to Provide Targeted Regulatory Relief to Community Financial Institutions.”  The Subcommittee on Financial Institutions and Consumer Credit will examine nine bills that include bills that would: (1) amend the FDCPA, including by classifying debt buyers as “debt collectors” and subjecting debt collectors for federal agencies to FDCPA requirements, (2) require the GAO to study debt collection practices at the federal, state, and local levels; (3) repeal the CFPB’s UDAAP enforcement authority and raise the CFPB’s large depository institutions supervisory threshold to institutions with assets of $50 billion or more, and (4) amend various TILA mortgage-related provisions such as escrow and appraisal requirements. … Continue Reading

On June 26, 2017, the en banc D.C. Circuit was equally divided on the question of whether SEC administrative law judges (“ALJs”) are “inferior officers.”  This leaves intact the D.C. Circuit panel decision in Lucia which held that SEC ALJs are not officers and do not have to be appointed by the President. … Continue Reading

Today, the House Appropriations Committee’s Subcommittee on Financial Services and General Government will mark up its draft fiscal year 2018 appropriations bill.  The draft bill contains multiple provisions to reform the CFPB, which include:

  • Bringing the CFPB into the regular appropriations process;
  • Eliminating the CFPB’s supervisory authority;
  • Removing the CFPB’s UDAAP authority;
  • Repealing the CFPB’s authority to place restrictions on arbitration; and
  • Creating an exemption from risk retention requirements for nonresidential mortgages.
… 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

At the Comply2017 conference held earlier this week in New York City, Scott Steckel, a member of the CFPB’s Office of Consumer Response, gave a presentation in which he detailed the CFPB’s complaint process and how the CFPB shares complaint data through its complaint database.

Also at the conference, Ballard Spahr attorney James Kim moderated a panel discussion focused on innovation in which the panelists were Paul Reymann, Director for Consumer Compliance Policy at the OCC, and Duane Pozza, Assistant Director, Division of Financial Practices, at the FTC. … Continue Reading

The report issued earlier this week by the U.S. Treasury Department to President Trump in response to his February 2017 Executive Order 13772, “A Financial System That Creates Economic Opportunities-Banks and Credit Unions,” recommends numerous CFPB changes.

Entitled “Core Principles for Regulating the United States Financial System,” the Executive Order was a high-level policy statement consisting of a series of Core Principles designed to inform the manner in which the Trump Administration regulates the financial system. … Continue Reading

On June 7, the CFPB submitted a Rule 28(j) letter to the D.C. Circuit in the PHH case.  In the letter, the CFPB embraced the fact that the Supreme Court’s recent Kokesh v. SEC decision makes the five-year statute of limitations in 28 USC § 2462 applicable to disgorgement remedies in CFPB administrative proceedings. … Continue Reading