Past and present Democratic Representatives and Senators filed an amicus brief in support of the motion for a temporary restraining order filed by Leandra English to block Mick Mulvaney from exercising the authority of CFPB Acting Director.  The court granted the lawmakers’ motion for leave to file the brief before its denial of Ms.… Continue Reading

Yesterday afternoon, Judge Timothy Kelly of the D.C. federal district court denied Leandra English’s motion for a temporary restraining order (TRO) to prevent President Trump from appointing or recognizing the appointment of a CFPB Acting Director through any mechanism other than as provided in the Consumer Financial Protection Act  (CFPA).

By denying the TRO, Judge Kelly refused to block Mick Mulvaney, President Trump’s appointee as CFPB Acting Director, from exercising the authority of the Acting Director. … Continue Reading

The Department of Education (ED) has apparently declined a request by 39 members of Congress to reinstate the Memoranda of Understanding (MOUs) between ED and the CFPB.  The members of Congress, including Elizabeth Warren, Bernie Sanders, and Senate Health, Education, Labor and Pensions ranking Democratic member Patty Murray, penned a September 14th letter just one week after CFPB Director Richard Cordray made a similar request.… Continue Reading

As we reported, the DOJ’s Office of Legal Counsel (OLC) has issued a memorandum to the President’s Counsel in which it opined that the President has the legal right to appoint Mick Mulvaney CFPB Acting Director under the provision of the Federal Vacancies Reform Act (FVRA) that authorizes the President to temporarily fill an executive agency position requiring confirmation when the position becomes vacant because the person holding it “dies, resigns, or is otherwise unable to perform the functions and duties of the office.” … Continue Reading

The declaratory judgment action and motion for temporary restraining order filed by Leandra English in the D.C. federal district court for a declaration that she, and not Mick Mulvaney, is the CFPB Acting Director has been assigned to Judge Timothy Kelly.  A hearing on the TRO motion has been scheduled for 4:30 p.m.… Continue Reading

As one of his final actions before resigning last Friday from the Consumer Financial Protection Bureau, Director Richard Cordray sent letters to the chief executives of 29 banks, credit unions, and other financial companies urging them to help their customers attain greater control over their financial lives.

“There is enormous value in new technology that makes it feasible, right now, to enable consumers to exert much greater control over their credit cards, debit cards, and other payment methods,” Director Cordray wrote.… Continue Reading

Last Friday, November 24, effective at midnight, Richard Corday resigned as CFPB Director.  Earlier in the day, the CFPB issued a press release announcing that Mr. Cordray had named Leandra English, the CFPB’s Chief of Staff, the CFPB Deputy Director.

Yesterday, Ms. English filed a complaint in D.C. federal district court seeking a declaration that she is the CFPB’s Acting Director and Mick Mulvaney, President Trump’s appointee to serve as Acting Director, is not the Acting Director. … Continue Reading

In an update to its Policies and Procedures Manual (PPM), the Office of the Comptroller of the Currency (OCC) has revised PPM 5310-3, “Enforcement Action Policy,” dated September 9, 2011. The PPM sets forth the OCC’s policies and procedures for taking enforcement actions against banks, federal savings associations, federal branches, and agencies (“banks”). … Continue Reading

The FRB recently hosted a fair lending “hot topics” webinar in conjunction the DOJ, HUD, CFPB, FDIC, OCC, and NCUA. The seven agencies discussed fair lending developments, including the revised HMDA reporting requirements, compliance management for consumer loans, and various issues related to fair lending complaints, investigations, and enforcement.

HMDA and Revised Regulation C:

Eric Wang, Deputy Fair Lending Director of the CFPB’s Office of Fair Lending and Equal Opportunity, emphasized that the CFPB is currently updating its HMDA exam procedures and that the industry should be “on the lookout” for the revised “Getting it Right” guide.… Continue Reading

The CFPB is scheduled to publish a notice in tomorrow’s Federal Register removing the agency’s final arbitration rule from the Code of Federal Regulations (CFR).  The rule was originally published in the Federal Register on July 19, 2017.  However, Congress disapproved the rule under the Congressional Review Act on October 24, 2017, and President Trump signed the joint resolution into law on November 1, 2017. … Continue Reading