CFPB, Federal Agencies, State Agencies, and Attorneys General
On October 5, the CFPB published the list of new members appointed to serve on the Consumer Advisory Board and each Council group.
As background, Dodd-Frank requires the CFPB to maintain and work with a Consumer Advisory Board, comprised of industry leaders who are recommended by the presidents of each Federal Reserve Bank across the country.… Continue Reading
On April 11, 2023, Consumer Financial Protection Bureau Director Rohit Chopra spoke with the Washington Post regarding the banking industry after the failure of Silicon Valley Bank. Director Chopra, who is also a board member of the Federal Deposit Insurance Corporation, focused his messaging on the need to better educate consumers regarding when their deposits are and are not insured by the FDIC. … Continue Reading
CFPB Director Rohit Chopra recently gave opening remarks at the joint meeting of the Community Bank and Credit Union Advisory Councils. In them, he expressed a desire to re-direct the CFPB’s attention to the needs of financial institutions used by local businesses and to make relationship banking a key priority for the CFPB.… Continue Reading
Two leaders of the CFPB’s Fair Lending Office – Patrice Ficklin, Fair Lending Director, and Charles Nier, Senior Fair Lending Counsel – recently published an article advocating for broader use of special purpose credit programs (“SPCPs”) by creditors. The article, entitled “The Use of Special Purpose Credit Programs to Promote Racial and Economic Equity” and framed as an essay, can be found in the Poverty & Race Research Action Council’s (“PRRAC”) May 2021 edition of its series on new directions in racial justice in housing finance and is available here. … Continue Reading
The CFPB announced that the following people have joined its executive team:
The CFPB’s fourth biennial report on the credit card market was issued at the end of August.
The Credit Card Accountability Responsibility and Disclosure Act of 2009 (CARD Act) requires the CFPB to perform periodic market reviews. The CFPB’s first CARD Act report was issued in October 2013, its second report was issued in December 2015, and its third report was issued in December 2017. … Continue Reading
Dan Smith, who serves as Assistant Director for the CFPB’s Office of Financial Institutions and Business Liaison, will be leaving the Bureau in June. The American Bankers Association has announced that Mr. Smith has been named senior vice president and executive director of its Card Policy Council.
The announcement regarding Mr.… Continue Reading
The CFPB has published its Spring 2019 rulemaking agenda as part of the Spring 2019 Unified Agenda of Federal Regulatory and Deregulatory Actions, which is coordinated by the Office of Management and Budget (OMB). It represents the CFPB’s first rulemaking agenda under Director Kraninger’s leadership. The agenda’s preamble indicates that the information in the agenda is current as of March 6, 2019 and identifies the regulatory matters that the Bureau “reasonably anticipates having under consideration during the period from May 1, 2019 to April 30, 2020.”… Continue Reading
According to American Banker, Kristen Donoghue, who has served as the CFPB’s Assistant Director of Enforcement since November 2017, has resigned.
American Banker also reports that Cara Petersen, the CFPB’s Principal Deputy Enforcement Director, has been named Acting Director of Enforcement, and that Jeffrey Ehrlich, the CFPB’s Deputy Enforcement Director, will become Principal Deputy Enforcement Director. … Continue Reading
CFPB Director Kraninger has announced that Brian Johnson will serve as the Bureau’s Deputy Director. Mr. Johnson first joined the Bureau in December 2017 as Senior Advisor to the Director and was named Principal Policy Director in April 2018 by former Acting Director Mulvaney. Mr. Johnson has served as Acting Deputy Director since he was appointed to that position by Mr.… Continue Reading
