The Student Borrower Protection Center has sent a letter to CFPB Director Kraninger urging her to designate the National Student Clearinghouse as a “consumer reporting agency,” supervise it as a “larger participant,” and add it to the CFPB’s public list of CRAs. The letter is signed by Seth Frotman, who formerly served as the CFPB’s
CFPB
CFPB issues policy statement on compliance resources
By Alan S. Kaplinsky on
Posted in CFPB, Regulatory and Enforcement
The CFPB published a policy statement in today’s Federal Register to announce that, going forward, it is establishing a new “Compliance Aids” designation for certain Bureau guidance. The policy statement becomes applicable on February 1, 2020.
In the Supplementary Information accompanying the Policy Statement, the Bureau gives examples of compliance resources it has previously released. …
More amicus briefs filed in Seila Law
By Alan S. Kaplinsky on
Posted in CFPB, Regulatory and Enforcement
Amicus briefs have been filed in the U.S. Supreme Court in support of Paul Clement, who was appointed amicus curiae by the Court to defend the Ninth Circuit’s ruling in Seila Law that the CFPB’s structure is constitutional. (Amicus briefs were filed last month in support of Seila Law and the CFPB.)
In his brief…
Seila Law files motion with SCOTUS to enlarge and divide oral argument time
By Barbara S. Mishkin on
Posted in CFPB, Regulatory and Enforcement
Seila Law has filed a motion with the U.S. Supreme Court requesting an enlargement of the time allocated for oral argument (scheduled for March 3) and a division of the time to accommodate “the unusual circumstances for oral argument” that the case presents. Seila Law states that it has consulted with the DOJ and Paul…
CFPB Director Kraninger to speak at University of Utah S.J. Quinney College of Law on Jan. 31
By Alan S. Kaplinsky on
Posted in CFPB, Regulatory and Enforcement
On January 31, the University of Utah S.J. Quinney College of Law will hold a program, “Consumer Protection in the Trump Administration,” at which CFPB Director Kathy Kraninger will deliver remarks. The program, which is part of the University’s 2020 Law and Biomedicine Colloquium, is free and open to the public.
Director Kraninger…
Clement files brief in Seila Law defending CFPB’s constitutionality
By Alan S. Kaplinsky on
Posted in CFPB, Regulatory and Enforcement
Paul Clement, who was appointed amicus curiae by the U.S. Supreme Court to defend the Ninth Circuit’s ruling in Seila Law that the CFPB’s structure is constitutional, filed a brief with the Supreme Court this week in support of the ruling.
As an initial matter, Mr. Clement argues that the Court should deem the dispute…
CFPB seeking applications for membership on advisory groups
By Barbara S. Mishkin on
Posted in CFPB, Regulatory and Enforcement
The CFPB has published a notice in the Federal Register announcing that it is seeking applications for membership on its Consumer Advisory Board, Community Bank Advisory Council, Credit Union Advisory Council, and Academic Research Council. For an applicant to be considered, the Bureau must receive his or her complete application packet by February 27, 2020.…
This week’s podcast: Update on the CFPB’s proposed debt collection rule
By Barbara S. Mishkin on
Our podcast looks at industry and consumer comments and perspectives on key issues, including the proposal’s potential implications for creditors collecting their own debts through UDAAP/UDAP and state collection laws, its approach to electronic communications and “meaningful attorney involvement,” and whether a final rule should address information transfers and file reviews or collecting time-barred debt. …
CFPB announces members of Taskforce on Federal Consumer Financial Law
By Barbara S. Mishkin on
Posted in CFPB, Regulatory and Enforcement
The CFPB has announced the initial four members of its Taskforce on Federal Consumer Financial Law. This past October, the Bureau announced its plans to establish the Taskforce to examine ways to harmonize and modernize federal consumer financial laws.
The four members include Todd J. Zywicki, Professor of Law at George Mason University’s Antonin Scalia…
CFPB and Utah AG announce joint office hours in Salt Lake City as part of ACFIN
By Alan S. Kaplinsky & Anthony C. Kaye on
The CFPB and Utah AG’s Office have announced that they will hold the first joint office hours as part of the American Consumer Financial Innovation Network (ACFIN). The joint office hours will be held on January 30, 2020 in Salt Lake City, Utah.
The CFPB announced ACFIN’s creation last September, in conjunction with finalizing revisions…