CFPB, Federal Agencies, State Agencies, and Attorneys General
The Trump transition team has released the names of three more individuals who will be members of the CFPB landing team. “Landing teams” are members of the incoming president’s transition team tasked with gathering information about their assigned agency.
We previously reported that Paul Atkins would be on the landing team for the CFPB as well as the landing teams for the FDIC and OCC. … Continue Reading
The CFPB has issued its fourth report entitled “Report of the Consumer Financial Protection Bureau Pursuant to Section 1017(e)(4) of the Dodd-Frank Act.” That Dodd-Frank section requires the CFPB’s Director to submit an annual report to the House and Senate Committees on Appropriations “regarding the financial operating plans and forecasts of the Director, the financial condition and results of operations of the Bureau, and the sources and application of funds of the Bureau, including any funds appropriated in accordance with [Section 1017(e)].” … Continue Reading
Just before year-end, the U.S. Court of Appeals for the Tenth Circuit, in Bandimere v. United States Securities and Exchange Commission, set aside an SEC decision finding the petitioner liable for violating various securities law on the grounds that the SEC’s administrative law judge (ALJ) who conducted the proceeding was unconstitutionally appointed. … Continue Reading
The CFPB announced that the following individuals are joining its senior leadership team:
The CFPB has released a new report, “Snapshot of older consumers and student loan debt,” that provides statistics on the growing number of consumers age 60 and over (older consumers) who owe student loan debt and the growing amount of such debt. The report also discusses complaints about student loan debt submitted by older consumers to the CFPB from March 2012 to December 2016. … Continue Reading
The Attorneys General for the states of Connecticut, Indiana, Kansas, and Vermont recently took the unusual step of filing a joint motion to intervene to modify the settlement terms of a CFPB enforcement action.
The motion was filed in the CFPB’s action filed in a New York federal district court in December 2014 against Sprint Corporation that alleged Sprint had violated the Consumer Financial Protection Act by allowing unauthorized third-party charges on its customers’ telephone bills. … Continue Reading
The CFPB released two items at year-end: the results of its 2016 annual employee survey and its updated Diversity and Inclusion Strategic Plan (Strategic Plan) for 2016-2020.
Survey. Of the 1,567 CFPB employees surveyed, 1,372 (almost 87.6%) responded to the 2016 survey. We were pleased to see that the survey results appear to show that the CFPB has made progress in improving its work environment. … Continue Reading
The CFPB has published a notice in the Federal Register announcing that it is seeking applications from persons interested in becoming members of its Academic Research Council (ARC). Appointments to the ARC are typically for four years.
The CFPB seeks “tenured academics with a world class research and publishing background, and a record of public or academic service.” … Continue Reading
The CFPB has filed an amicus brief in the U.S. Supreme Court in support of the respondent/consumer in Midland Funding, LLC v. Aleida Johnson, a decision of the Eleventh Circuit that held Midland’s alleged filing of an accurate proof of claim in the consumer’s bankruptcy case on a time-barred debt violated the FDCPA.… Continue Reading
PHH has filed a reply to the CFPB’s opposition to PHH’s motion for leave to file a supplemental response to the CFPB’s petition for rehearing en banc. On December 22, PHH and the United States filed responses to the CFPB’s petition with the D.C. Circuit. The D.C. Circuit had invited the Solicitor General to file a response expressing the views of the United States.… Continue Reading
