A new decision and order from Director Kraninger that, with minor changes, strictly enforces another CFPB civil investigative demand is a further indication that the CFPB’s enforcement activities remain robust under her leadership. The new order and decision follows five …
civil investigative demand
Kraninger sets tone for vigorous enforcement agenda in decisions on five petitions to modify or set aside CFPB CIDs
By Alan S. Kaplinsky on
Posted in CFPB Enforcement, Regulatory and Enforcement
Consumer advocates have heavily criticized Director Kraninger and former Acting Director Mick Mulvaney for taking a much less aggressive attitude towards enforcement than former Director Cordray. While there are fewer lawsuits and consent orders under the Kraninger/Mulvaney leadership than under …
This week’s podcast: A close look at the changes to the CFPB’s civil investigative demand policies
By Barbara S. Mishkin on
Posted in CFPB Enforcement, Regulatory and Enforcement
In this podcast, we discuss the recently-announced changes to the CFPB’s CID policies, how those changes reflect recent court decisions, and the practical implications of the changes (including their utility to companies in responding to CIDs).
Ciick here to listen …
The Eastern District of Michigan affirms the CFPB’s broad authority to issue civil investigative demands
By Daniel L. Delnero on
Posted in CFPB General, Regulatory and Enforcement
A recent decision from the Eastern District of Michigan in CFPB v. Harbour Portfolio Advisors, LLC; National Asset Advisors, LLC; and National Asset Mortgage, LLC serves as a reminder that the CFPB’s authority to issue a Civil Investigative Demand (“CID”) …
D.C. Circuit hears oral argument on CFPB authority to issue CID to college accrediting organization
By Barbara S. Mishkin on
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 …
CFPB denies lead generation company’s petition to modify or set aside CID
By Barbara S. Mishkin on
Posted in CFPB Enforcement, Regulatory and Enforcement
The CFPB has denied the petition of a lead generation company and its employee to modify or set aside a civil investigative demand (CID). As we reported, among the petitioners’ arguments for why the CID should be set aside …
CFPB replies to tribally-affiliated lenders’ opposition to CIDs
By Ballard CFS Group on
Last Friday, the CFPB replied to the arguments made by three tribally-affiliated payday lenders in opposition to the CFPB’s petition in California federal court seeking to enforce the civil investigative demands (CIDs) issued by the CFPB to the lenders. A …
Tribally-affiliated lenders file opposition to CFPB’s petition to enforce CIDs
By Ballard CFS Group on
We recently reported that the CFPB has filed a petition in U.S. District Court for the Central District of California seeking to enforce the civil investigative demands (CIDs) it issued in June 2012 to three tribally-affiliated payday lenders. A hearing …
Payday lender files petition to modify or set aside CID
By Ballard CFS Group on
The CFPB recently posted to its website a petition filed by CheckSmart Financial Company to modify or set aside a civil investigative demand it received from the Bureau.
According to the petition, the CID was issued in connection with a …
Tribal challenge made to Cordray appointment
By Barbara S. Mishkin on
Posted in CFPB Enforcement, Regulatory and Enforcement
According to a Bloomberg report, the Chippewa-Cree tribe in Montana, as grounds for objecting to a Civil Investigative Demand (CID) issued by the CFPB, has challenged the validity of Director Richard Cordray’s recess appointment.
The tribe reportedly has asserted …