CFPB, Federal Agencies, State Agencies, and Attorneys General
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
The New York Department of Financial Services has announced the creation of a new “powerhouse” Consumer Protection and Financial Enforcement Division. The Division has been created by consolidating the Enforcement and Financial Frauds Division and Consumer Protection Division and will place supervision, enforcement, and consumer education under the same roof.… Continue Reading
The CFPB has announced that it will hold a Debt Collection Town Hall in Philadelphia at the University of Pennsylvania beginning at Noon on May 8, 2019. The event will feature remarks from Director Kraninger as well as comments from community groups, industry representatives, and members of the public.
Although the CFPB did not indicate the purpose of the Town Hall, I strongly believe that the CFPB will use the occasion to announce the issuance of its Notice of Proposed Rulemaking (the “NPRM”) regarding third-party debt collection.… Continue Reading
Last Friday, the CFPB announced several changes in senior leadership. The individuals and their backgrounds as set forth in the CFPB’s press release are as follows:
Today was Kathy Kraninger’s first day at the BCFP. According to her remarks at a press conference this afternoon, she spent most of her day meeting staff.
In answer to questions from the press, she made the following points:
Former CFPB Student Loan Ombudsman Seth Frotman, who abruptly resigned from the Bureau in August, has formed a nonprofit organization to advocate for additional oversight of the student loan industry. Called the Student Borrower Protection Center (SBPC), the group describes itself as “leading a nationwide effort to end the student debt crisis in America.”… Continue Reading
This afternoon the Senate voted 50 – 49 to invoke cloture and proceed to debate and a final vote on the nomination of Kathy Kraninger to be the next Director of the Bureau of Consumer Financial Protection (“BCFP”). The vote was along strict party lines, with Senator James Inhofe (R-OK) not voting. … Continue Reading
