CFPB, Federal Agencies, State Agencies, and Attorneys General
Last week, the D. C. Circuit held oral argument in the CFPB’s appeal from the D.C. federal district court’s April 2016 ruling that the CFPB exceeded its statutory authority when it issued a CID to the Accrediting Council for Independent Colleges and Schools (ACICS) in August 2015.
After denying ACICS’s petition to modify or set aside the CID in October 2015, the CFPB filed a petition in D.C.… Continue Reading
On February 3, 2017, the President issued an Executive Order titled “Core Principles for Regulating the United States Financial System.” The Executive Order is a high-level policy statement consisting of a series of Core Principles that are designed to inform the manner in which the Administration regulates the financial system.
On March 6, 2017, Ballard Spahr will hold a webinar: “Leveling the Playing Field: CFPB Regulations and Guidance Targeted for Review by Treasury under President Trump’s February 3 Executive Order.” … Continue Reading
The CFPB and the Virginia Attorney General announced that they had entered into a proposed consent order with Woodbridge Coins and Jewelry Exchange, Inc., a Virginia-based pawnbroker, to settle a lawsuit filed in a Virginia federal court alleging the pawnbroker’s closed-end pawn contracts violated the TILA, the CFPA, and Virginia law.… Continue Reading
We have previously written about the Congressional Review Act (“CRA”), a law that establishes a procedure by which Congress can nullify a covered rule adopted by a federal agency. According to a memorandum prepared by the Congressional Research Service (“CRS”), the CRA “was largely intended to assert control over agency rulemaking by establishing a special set of expedited or ‘fast track’ legislative procedures for this purpose, primarily in the Senate.”… Continue Reading
There has been some debate about President Trump’s authority to designate a replacement for Director Cordray should he resign or be removed by the President.
The Dodd-Frank Act authorizes the CFPB Director to appoint a Deputy Director who shall “serve as acting Director in the absence or unavailability of the Director.” … Continue Reading
I am pleased to announce that under the leadership of my partner Peter Hardy, Ballard Spahr has launched Money Laundering Watch, a new blog focused exclusively on money laundering issues to keep you informed of the latest developments in enforcement, compliance, and policy. Please visit the blog, and subscribe to receive updates. … Continue Reading
The D.C. Circuit panel that issued the PHH decision last October has issued a per curiam order denying the three motions to intervene that were filed in the case last month.
The motions were filed by: a group of Democratic AGs from 16 states and the District of Columbia; Senator Sherrod Brown and Representative Maxine Waters; and Americans for Financial Reform, Center for Responsible Lending, Leadership Conference on Civil and Human Rights, United States Public Interest Research Group, Maeve Brown (who chairs the CFPB’s Consumer Advisory Board), and Self-Help Credit Union.… Continue Reading
Last month, we blogged about reports that a bill (S. 105) has been introduced by three Republican Senators to change the CFPB’s single-director leadership structure to a five-person commission.
Although the bill’s text was not available when we previously blogged, we have now been able to obtain a copy of S.… Continue Reading
PHH has filed a response in opposition to the motion filed with the D.C. Circuit by Democratic lawmakers Senator Sherrod Brown and Representative Maxine Waters to intervene in the PHH appeal. The lawmakers are, respectively, the Ranking Members of the Senate Banking Committee and the House Financial Services Committee.
In opposing the motion, PHH makes the following primary arguments:
The CFPB recently revised the prototype student loan Payback Playbook disclosures it has been developing with the Departments of Education and Treasury. These revisions were based on feedback from nearly 3,500 individual student loan borrowers, student loan market participants, higher education policy experts and other stakeholders in response to the April 2016 Notice and Request for Information Regarding Student Loan Borrower Communications. … Continue Reading
