CFPB, Federal Agencies, State Agencies, and Attorneys General
Democratic Senator Dianne Feinstein announced that she and three other Democratic Senators have introduced a bill, the “Accountability for Wall Street Executives Act of 2017,” that would allow state attorneys general to issue investigative subpoenas to national banks in connection with suspected violations of state law.
The bill appears intended to overturn the U.S.… Continue Reading
According to media reports, Mick Mulvaney, President Trump’s designee as CFPB Acting Director, has told CFPB staff that he plans to add six new staff members who currently work in the Trump administration. The new staff members reportedly include:
In notices published in today’s Federal Register, the CFPB adjusted the thresholds of the asset-size exemptions for collecting HMDA data and establishing an escrow account for certain mortgage loans under TILA.
Pursuant to Regulation C, which implements HMDA, depository institutions with assets below an annually adjusted threshold are exempt from HMDA data collection requirements. … Continue Reading
The CFPB announced last Thursday that it expects to issue a final rule amending its final prepaid accounts rule “soon after the new year.” In June 2017, the CFPB issued proposed amendments to the rule.
In its announcement, the CFPB also stated that, as part of that process, it expects to further extend the rule’s effective date. … Continue Reading
On December 22, 2017, the U.S. District Court for the District of Columbia held oral arguments on Leandra English’s preliminary injunction motion through which she seeks to block Mick Mulvaney from continuing to serve as the Acting Director of the CFPB. Judge Timothy Kelly presided over the hearing. Deepak Gupta argued for English.… Continue Reading
Leandra English filed a response to the DOJ’s opposition to her motion for a preliminary injunction in her action seeking a declaration that she, rather than Mick Mulvaney, has the legal right to serve as CFPB Acting Director.
In our view, Ms. English has not advanced any persuasive new arguments in support of her claim.… Continue Reading
The CFPB has announced that with regard to the collection in 2018 of the expanded data fields under the revised Home Mortgage Disclosure Act (HMDA) rules, the CFPB does not intend to require data resubmission unless data errors are material, and does not intend to assess penalties with respect to errors in the data collected in 2018.… Continue Reading
Three amicus briefs have been filed in support of President Trump and Mick Mulvaney, who are opposing the motion for a preliminary injunction filed by Leandra English in her action in D.C. federal district court seeking a declaration that she, rather than Mr. Mulvaney, has the legal right to serve as CFPB Acting Director.… Continue Reading
On December 14, the Financial Stability Oversight Council (FSOC), which was established by the Dodd-Frank Act to analyze and mitigate potential threats to the financial sector, released its first report under the Trump administration (the “Report”). FSOC is comprised of representatives from each of the federal financial regulators, including the CFPB. … Continue Reading
The DOJ has filed its opposition to Leandra English’s motion for a preliminary injunction in her action seeking a declaration that she, rather than Mick Mulvaney, has the legal right to serve as CFPB Acting Director.
Ms. English’s preliminary injunction motion relies primarily on the same argument she made in support of her unsuccessful motion for a temporary restraining order (TRO)—namely, the provision of the Federal Vacancies Reform Act (FVRA) that authorizes the President to temporarily fill a vacancy in an executive agency position requiring confirmation is superseded by the provision in the Consumer Financial Protection Act (CFPA) that provides the CFPB Deputy Director “shall…serve as acting Director in the absence or unavailability of the Director.” … Continue Reading
