The CFPB has published its Spring 2021 rulemaking agenda as part of the Spring 2021 Unified Agenda of Federal Regulatory and Deregulatory Actions. It represents the “new CFPB’s” first rulemaking agenda during the Biden Administration. The agenda’s preamble indicates that the information in the agenda is current as of April 26, 2021 and identifies the regulatory matters that the Bureau “reasonably anticipates having under consideration during the period from May 1, 2021 to April 30, 2021.”… Continue Reading
CFPB Director Kraninger reported to have resigned; President Biden expected to appoint Acting Director
According to media reports, Director Kraninger has submitted her resignation to President Biden. President Biden has nominated Rohit Chopra to serve as the CFPB’s next Director and is expected to appoint an individual to serve as Acting Director pending Mr. Chopra’s confirmation by the Senate.
Several media reports have indicated that Mr.… Continue Reading
Ninth Circuit rules CID issued to Seila Law was validly ratified by Director Kraninger
Less than six weeks after hearing oral argument, a unanimous panel of the U.S. Court of Appeals for the Ninth Circuit ruled that the CID issued to Seila Law was validly ratified by Director Kraninger and affirmed the district court’s decision granting the CFPB’s petition to enforce the CID.
After ruling that the CFPB’s structure was unconstitutional because its Director could only be removed by the President “for cause,” the Supreme Court remanded the case to the Ninth Circuit to consider the CFPB’s argument that former Acting Director Mulvaney’s ratification of the CID issued to Seila Law cured any constitutional deficiency. … Continue Reading
NY federal district court grants CFPB petition to enforce CID ratified by Director Kraninger
On August 18, Judge Kenneth M. Karas of the Southern District of New York, granted the CFPB’s petition to enforce a civil investigative demand that it issued to the Law Offices of Crystal Moroney prior to the U.S. Supreme Court’s Seila Law decision and that was subsequently ratified by Director Kraninger.… Continue Reading
State AGs ask Director Kraninger to withdraw CFPB COVID-19 credit reporting guidance
A group of attorneys general (AGs) from twenty-one states, the District of Columbia, and Puerto Rico has sent a letter to CFPB Director Kraninger requesting that the CFPB immediately withdraw its guidance regarding credit reporting during the COVID-19 pandemic and “resum[e] vigorous oversight of consumer reporting agencies and enforcement of the FCRA.”… Continue Reading
Director Kraninger to appear before Senate Banking Committee on March 10
CFPB Director Kathy Kraninger is scheduled to appear before the Senate Banking Committee tomorrow, March 10, at hearing entitled “The Consumer Financial Protection Bureau’s Semi-Annual Report to Congress.” The Bureau’s Fall 2019 Semi-Annual Report was issued last month.
We would expect the topics about which Senators question Director Kraninger to include the Bureau’s plans for finalizing its proposal to rescind the ability-to-repay provisions of its final payday lending rule and its proposed debt collection rule.… Continue Reading
CFPB and Dept. of Education enter into new MOU on handling complaints; Director Kraninger tells lawmakers negotiations are underway for second MOU on supervision
Last Monday, the CFPB announced that it had entered into a new Memorandum of Understanding with the Department of Education to replace the MOU that was terminated by the ED effective October 1, 2017. The new MOU, which is effective as of January 31, 2020, is limited to the handling of student loan complaints. … Continue Reading
House Financial Services Committee: “rent-a-bank” hearing on Feb. 5; Director Kraninger to testify on Feb. 6
On Wednesday, February 5, the House Financial Services Committee will hold the first part of a two-part hearing on “rent-a-bank” structures. The hearing is titled “Rent-A-Bank Schemes and New Debt Traps: Assessing Efforts to Evade State Consumer Protections and Interest Rate Caps.” (Part Two is scheduled for February 26.)
The Committee Memorandum for Part One discusses the relevant case law, including Marquette and Madden, and the OCC’s and FDIC’s proposals to undo Madden. … Continue Reading
CFPB Director Kraninger to speak at University of Utah S.J. Quinney College of Law on Jan. 31
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.… Continue Reading
Director Kraninger rejects constitutionality challenge as basis for setting aside CID
CFPB Director Kraninger has rejected the argument made by Equitable Acceptance Corp (EAC) that because the Bureau’s structure is unconstitutional, the civil investigative demand it received from the Bureau should be set aside or at least modified to stay the CID’s response deadlines pending the U.S. Supreme Court’s decision in Seila Law.… Continue Reading