CFPB, Federal Agencies, State Agencies, and Attorneys General
Today was Kathy Kraninger’s first day at the BCFP. According to her remarks at a press conference this afternoon, she spent most of her day meeting staff.
In answer to questions from the press, she made the following points:
The BCFP has issued proposed revisions to its 2016 final policy on issuing “no-action” letters (NAL), together with a proposal to create a new “BCFP Product Sandbox.” Comments must be received on or before February 11, 2019.
Proposed NAL policy revisions. The revisions are intended to address the 2016 policy’s many shortcomings.… Continue Reading
On September 12, the Bureau of Consumer Financial Protection (Bureau) issued a final rule that amends the procedures used by the public to obtain information from the Bureau under the Freedom of Information Act (FOIA), the Privacy Act of 1974, and in legal proceedings.
A number of the rule’s amendments simply align policy with practice. … Continue Reading
The BCPB has historically taken the position that it can use investigations to conduct compliance “sweeps” of entire industries. Indeed, a version of the BCFP’s Enforcement Policies and Procedures Manual made available to the public through a FOIA request in 2016 stated that: “It is not necessary to have evidence that a law has in fact been violated before opening a formal investigation.… Continue Reading
It appears that Acting Director Mulvaney’s BCFP is about to settle a case that former Director Cordray’s CFPB filed in 2015 against D&D Marketing, which allegedly engages in lead generation for payday, tribal, and offshore lenders under the name T3 Leads. Based on the docket, the case appears to have been in active, heated litigation from the time it was filed until just recently. … Continue Reading
