The CFPB has filed a declaration with the Ninth Circuit in which Director Kraninger stated that she has ratified the Bureau’s decisions to issue a civil investigative demand to Seila Law, deny Seila Law’s request to modify or set aside the CID, and file a petition in federal district court to enforce the CID.

The

On July 29, 2020, the CFPB hosted a roundtable discussion, attended by Director Kathy Kraninger and moderated by the Bureau’s Principal Deputy Director of Fair Lending, Frank Vespa-Papaleo, to hear feedback from consumer advocates and industry representatives on how the Bureau can facilitate greater access to financial products and services for consumers with limited English

On July 28, 2020, the CFPB issued a request for information (“RFI”) seeking public input on how best to create a regulatory environment that expands access to credit and ensures consumers and communities are protected from discrimination in all aspects of credit transactions. The Bureau issued the RFI in lieu of a symposium it had

The CFPB and the two trade groups challenging the CFPB’s 2017 final payday/auto title/high-rate installment loan rule (2017 Rule) have filed a joint motion asking the Texas federal district court hearing the trade groups’ lawsuit to lift the stay of the lawsuit, originally entered in June 2018 on the heels of the trade group’s motion

The CFPB has announced that it plans to issue an advance notice of proposed rulemaking (ANPR) later this year on consumer-authorized access to financial records.  The announcement was made concurrently with the Bureau’s release of a report summarizing its February 2020 symposium on this topic.

Section 1033 of the Dodd-Frank Act requires that “[s]ubject to

The CFPB has issued its Spring 2020 Semi-Annual Report to Congress covering the period September 30, 2019 through March 31, 2020.

The report represents the CFPB’s fourth semi-annual report under Director Kraninger’s leadership and continues the practice of the prior three reports of not providing aggregate numbers for how much consumers obtained in consumer relief

On July 29, 2020, the Senate Banking Committee will meet remotely to conduct a hearing entitled “The Consumer Financial Protection Bureau’s Semi-Annual Report to Congress.”  CFPB Director Kraninger is the only scheduled witness.

The next day, July 30, the House Financial Services Committee has scheduled a hearing entitled, “Protecting Consumers During the Pandemic?  An Examination

On July 30, 2020, the House Financial Services Committee will hold a hearing entitled, “Protecting Consumers During the Pandemic?  An Examination of the Consumer Financial Protection Bureau.”

The hearing will convene in a “hybrid” format, which allows Committee members to participate remotely or from the hearing room.

 

The CFPB recently filed suit in the Central District of California against Texas-based GST Factoring Inc. and two of its owners, along with Champion Marketing Solutions, LLC (“CMS”), its owner, and four separate attorneys.

In its complaint, the CFPB alleged that defendants violated the Telemarketing Sales Rule (TSR) prohibition on receiving advance fees for debt-relief